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ANNUAL • REPORT'
SECRETARY OF. THE TREASURY
I-
STATE OF THE F m A N C E S
THE
YEAR
1885.
m TWO VOLUMES.
VOLUME
I:
. .- F I N A N C E . -
WASHINGTON:
,
GOVERNMENT P R I N T I N G O F F I C E .
1885.
ML.
TBEASURY DEPARTMENT,
Document No. 724, 3ded,
Secretary. •
CO
OODSTTENTS.
Receipts and Expenditures
Sinking-Fund
,...
United {States Bonds
Conversion of Refunding Certificates
The Public Debt and t h e Condition of t h e Treasury
Currency Reform—Taxation Reform
1
Treasury Purchases and Coinage of Silver
,
Monometallism and Bimetallism
The Monetary Unit of t h e United States
:
Table giving Analysis of the History of the United States Monetary U n i t . .
Taxation Reform
Revenue from Customs
Internal Revenue
Public Moneys
Unavailable Eunds
.^
Uuited States Mints—Coins and Coinage
Bureau of Engraving and Printing
National Banks
Immigration
'
XLIV
Revehue Marine . Life-Saving Service
Marine-Hospital Service
Steamboat-Inspection Service
J
Light-House Service
Coast and Geodetic Survey
Public Buildings
Hall of Records
District of Columbia
Statute of Limitations
Tables accompanying Report
Appendix:
Report of t h e Supervising Special Agent
Report of the Commissioner of Internal Revenue
Report of t h e Comptroller of t h e Currency
Report of the Director of the Mint
Report of t h e Bureau of Engraving and Printing
Report of t h e First Comptroller
Report of t h e Second Comptroller.
Report of t h e Commissioner of Customs
Report of the First Auditor
..„
Report of t h e Second Auditor
Report of t h e Third Auditor
,
Report of the Fourth Auditor
Report of t h e Fifth Auditor
Report of t h e Sixth Auditor.
Report of the Treasurer of the United States
Report of the Register
Liabilities of the United States t o Indian Tribes
. Page.
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xix
xxi
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xxxiv
xxxvi
XXXVII
xxxvm
xxxix
XL
XLI
XLII
,
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<..
-«.
--..
-
.,
in
07S
XLVII
XLVIII
L
v LI
LIV
LV
LVI
LVi
LVII
LVII
Lix
1
II
83
1G5
305
325
341
347
359
371
387
407
,,429
467
475
545
711
REFORT.
TREASURY DEPARTMENT,
Washington^ B, 0,, December 7, 1885.
S I R : I liave tlie lionor to submit the following report:
RECEIPTS AND EXPENDITURES.
Fiscal year 1885.
The ordinary revenues of the Governinent from aU sources for the
fiscal year ended June 30, 1885, were:
From customs
$181,471,939 34
From internal revenue
112,498, 725 54
From sales of public lands.
5, 705,986 44
From tax on national banks
2,914,222 25
From profits on coinage, bullion deposits, and assays..
6,051,284 96
From customs fees, fines, penalties, &c
'.
907,464 27
From fees—consular, letters-patent, and lands
3, 714, 613 58
From repayment of interest by Pacific Eailway Companies
1,608,071 58.
From sinking-fund for Pacific Eailway Companies
2,476, 707 78
From deposits by individuals for surveying public
lands
594,414 34
From proceeds of sales of Government property
302, 882 07
From Indian trust-fands
76,942 08
From immigrant fund
.....=
177,002 50
From Soldiers' Home, permanent fund
333, 735 05
' From sale of condemned naval vessels
55, 541 80
From tax on toimage
400,342 46
From revenues of the District of Columbia
1,929,298 11
From iniscellaneous sources
2,471,532 23
Total ordinary receipts
323,690,706 38
TI
REPORT OF THE SECRETARY OF THE TREASURY.
The ordinary expenditures for the same period were:
Por civil expenses
,
$23,826,942 11
For foreign intercourse
5,439,609 11
For Indians
',
6,552,494 63
Forpensions
56,102,267 49
For the inilitary establishment, including rivers and
harbors and arsenals .^....
>
42,670,578 47
For the naval establishment, including vessels, ma, chinery, and improvements at navy-yards
16,021,079 67
Por miscellaneous expenditures, including public
buildings, light-houses, and collecting the revenue.. 54, 728,056 21
For expenditures on account of the District of"Columbia..
3,499,650 95
For interest on the public debt
51,386,256 47
For the sinking-:fund
45,604,035 43
Total ordinary expenditures
Leaving a surplus of
305,830,970 54
I
17,859,735 84
Which was applied to the redemption—
^Of Oregon war debt
..,
Ofloanof July and August, 1861
Of five-twenties of 1862
Of five-twenties of 1864
Of five-twenties of 1865
Of loan of 1863
Of ten-forties of 1864
Of consolsof 1865
Of consolsof 1867
\
Of consols of 1868
Of funded loan of 1881
Of loan of February, 1861
Of old demand, compound-interest, and other notes..
A n d to the increase of cash in the Treasury
Total
,
$2, 800
53,800
15,400
750
22,800
36,600
79,500
48,350
74,100
10,350
, 35,000
1,000
8,260
17,471,025
00
00
00
00
00
00
00
00
00
00
00
00
00
84
^ 17,859,735 84
REPORT OF THE SECRETARY OF THE TREASURY.
vn
As compared with the fiscal yestr 1884, the receipts for 1885 have decreased $24,829,163.54, as foUows:
Decrease.
Source.
(Justoros
—
Internal revenue
'.
Sales of publiciands-.
;
Tax on national b a n k s . .
Sales of Government propierty
,
Marine-hospital tax
Surveying Indian lands
Sale of condemned naval vessels
Surveying public lands
Steamboat fees
Registers' and receivers' fees..:
Fees on letters-patent
Sale of military barracks
Revenues of Districtof Columbia
Soldiers' Home permanent fund
Miscellaneous items
Profits on coinage
Repayment of interest by Pacific Railroads
Sinking-fund for Pacific Railroads
Consular fees
Customs fees, fines, penalties, &c
Reimbursement of sundry Indian appropriations.
Salesof Indian lands
Chinese indemnity fund
Sales pf District of Columbia bonds
Tax oh seal-skins
Shipping fees
$13,595,550
9,087.346
4,104,718
194,507
243,752
•235,977
310,406
144,458
69, 697
71, 870
58: 258
92, 325
60,643
41,428
33,356
129,834
Increase.
Net decrease.
42
97
57
88
67
50
95
20
44
85
31
25
76
02
99
72
$1,800,675 66
236,708 37
430,932 73
342,955 67
109,873 50
114,38^1 27
253,028 70
151,970 80
77,431 83
65,525 25
61,484 12
28,474,134 50
3,644,970 96
24,829; 163 54
There was an increase in the expenditures of $16,100,690.78, as follows:
Object
War Department
Interior Department—Indians...
Interior Department—PensionsCivil and miscellaneous....
Navy Department
Interest on the public debt
Increase.
$3,240,975
76,495
673,039
16,573,824
Decrease.
11
34
43
68
20,56^1,334 56
Netincrease.
$1,271,521 77
3,102,122 01
4,463,643 78
16,100,690 78
Fiscal year 1886.
For the present fiscal year the revenue, actual and estimated, is i
follows:
Source.
Quarter ended September 30,1885.
Remaining
three-fourths
of the year, i
Actual.
Estimated.
Total.
$52,203,853 12 $122,796,146 88 $175,000,000 00
Customs
28,600,281 06
Internal revenue
87,390,718 94
116,000,000 00
1,173,574 87
Sales ofpublic lands
3,826,425 13
5,000,000 00
1,354,386 72
Tax on national banks
1,645,613 28
3,000,000 00
Repayment of interest and sinking-fund. Pacific
1,037,732 88
Railway Companies
462,267 12
1,500,000 00
231,801 28
Custonis fees, fines, penalties. <fcc
668,198 72
900,000 00
796,731 12
Fees—consular, letters-patent, and lands
2,203,268 88
3,000,000 00
Proceeds of sale of Government property
71,089 37
228,310 63
300,000 00
Profits on coinage, .ass.ays, <fec
724,358 01
3,275,641 99
4,000,000 00
Deposits for snrveying public hands
,
25,553 62
374,406 38
400,000 00
Revenues ofthe District of Columbia
"
272,033 03
1,627,966 97
1,900,000 00
84(5,670 07
3,153,329 93
Miscellaneous sources
4,000,000 00
Total receipts
86,763,179 39
228,236,820 61
315,000,000 00
YIII
, REPORT OF THE SECRETARY 0^ THE TREASURY.
The expenditures for the same period, actual and estimated, are as
follows:
Object.
Quarter ended September 30,1885.
Reraaining
three-fourths
of the year.
Actual.
Estimated.
Civil and miscellaneous expenses, including public
buildings, light-houses, and collecting the revenue
.
$18,606,166 33 $60,893,833 67
4,368,752 27
1,631,247 73
Indians
20,986,820 58 33,013,179 42
Pensions
Military e.stablishment, including fortifications,
9,718,806 23 27,281,193 77
river and harbor improvements, and arsenals
Naval establishment, including vessels andmachin3,985,104 33 11,014,895 67
Expenditures on account of the District of Colum1,973,355 93
1,526,644 07
bia
r
59
For interest on the public debt
13,439,623 41 36,560,376
45,560,600 00
For the sinking-fund
189,400 00
70,083,812 68 220,666,187 32
Total ordinary expenditures
Total receipts, actual and estimated
:
Total expenditures, including sinking-fund.
Estimated surplus.....
Total.
$79,500,000 00
6,000,000 00
54,000,000 00
37,000,000 00
15,000,000 00
3,500,000 00
50,000,000 00
45,750,000 00
290^ 750,000 00
$315,000,000 00^
290, 750,000 00
24,250,000 00
Fiscal year 1887.
The revenues of the fiscal year ending June 30, 1887, are thus estimated upon the basis of existing laws—
From customs
\
$175,000,000 00
From internal revenue
116,000,000 00
5,000,000 00
From sales of public lands
From tax on national banks,
3,000,000 00
From repayment of interest and sinking-fand. Pacific
1,500,000 00
Eailroad Companies
900,000 00
From customs fees, fines, penalties, &c
3, 000, 000 00
From fees—consular, letters-patent, and lands
300,000 00
From proceeds of sale of Government property
From profits on coinage, assays, &c.
^ 4,000, 000 00
400, 000 00
From deposits for surveying public lands
1,900,000 00
From revenues of the District of Columbia
4, 000, 000 00
From miscellaneous sources
Total estimated ordinary receipts
315,000, 000 00
The estimates of expenditures for the same period, received from the
several Executive Departments, are as follows:
^Legislative
Executive
$3,275,828 92
18,491,311 70
REPORT OF THE SECRETARY OF THE TREASURY.
Judicial
Foreign intercourse
Military establishment
Naval establishment
Indian affairs
Pensions
Public Avorks—
Legislative.
Treasury Department
War Department
]^avy Department
Interior Department
Department of Justice
....
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..
Miscellaneous
$6,000
4,823,869
16,572,630
4,968,337
411,880
77,300
IX
$408,300
1,604,961
25,680,495
30,836,357
6,051,259
75,830,200
00
60
51
74
84
00
26,860,016
7,443,914
20,356,082
3,839,868
76
25
03
99
00
17
18
41
00
00
,
48,500, 000 00
46,659,000 00
13,152,400 00
5,500, 000 00
5,099,555 00
— 118,910,955 00
Total estimated expenditures, including sinking-fund
339,589,552 34
Or an estimated deficit of
$24,589,552 34
Excluding the , sinking-fund, the estimated expenditures will ^be
$292,930,552.34, showing ai surplus of $22,069,447.66.
SINKING-FUND.
The act of February 25, 1862, (E. S., 3688, 3689,) requires one per
centum of the entire debt of the Dnited States to be annually set apart
as a sinking-fund and applied to the purchase or payment of-the public
debt, in such manner as the Secretary of the Treasury may from time to
time direct, together with a sum equal to the interest on/all bonds so
redeemed; and the actof April 17, 1876, (19 Stat., 33,) providesthat
fractional currency redeemed by the Treasury shall also form a part of
the sinking-fund.
K
REPORT OF THE SECRETARY OF THE TREASURY. '
Under the above xirovisions of law. United States bonds and frae
tional currency to the amount of $45,604,035.43 were redeemed and
applied to the fund during the past fiscal year.
The requirements of the fund for the present fiscal year, computed
upon the same basis as in former years, will aggregate $49,000,000. It
is believed, however, that the intent of the law will be fully complied
witii if, in determining the amount to be applied to the fund, the aggregate bf the various coin and currency certificates which are held in
the Treasurer's cash, as well as the cash in the Treasury available for
the reduction of the debt and the amount held as a reserve for the redemption of United States notes under the resumption act, shall b e
deducted from the outstanding principal of the debt, and the bonds issued to the several Pacific Eailroads added thereto. The amount required
tp be applied under this method, including interest on bonds previously
redeemed, is estimated at $45,750,000.
UNITED STATES BONDS.
On November 1, 1884, the outstanding bonds of the 3 per cent, loan
of the act of July 12, 1882, amounted to $204,519,250. Of this amount,
$10,000,000 had been called September 26, 1884, and ceased to bear
interest ^N'ovemher 1, 1884.
The following table shows the changes in the interest-bearing debt
during the year ended October 31, 1885:
R a t e of i n terest.
T i t l e of l o a n .
L o a n of J u l y 12, ]882
F \ i n d e d l o a n of 1891
F u n d e d loan of T.X)7
Relundino" certificates
. ...
S o n d s i s s u e d t o Pacific R a i l r o a d s
Total
Ontstanding I s s u e d
November
during
the year.
1,1884.
Redeemed
duringthe
year.
Outstanding
O c t o b e r 31,
1SS5.
f*$ll]01,600
1 9,227,150 1 $194,190,500
250,000.000
737,740^35^
$41,000
''"3 HOO
14,000,000
3 p e r c e n t . ... $204,519,250
43^ p e r cent.. 250,000,000
4 p e r c e n t . ... 737,691,550
4 p e r c e n t . ...
204,800
3 p e r c e n t . ...
14,000,000
t$^18,800
1,206,475,6(0
6^1,62.3,512
48,800
10,369,7r0
1, ion, 151.050
04 023 512
1,271,099,112
48, SOU
10,369,750
1,260,778,162
6 p e r cent....
•Ceased to bear interest during the year,.but not yet presented for payment,
f Of this issne, $7,800 Avas on account of accrued interest on $41,000 refunding certificates converted into 4 per cent, bonds.
X Redeemed by conversion into 4 per cent, bonds.
The reduction in the annual interest charge by reason of the changes>
during the year ended October 31,1885, is as* follows:
On bonds redeemed or interest coased
Deduct for interest on 4 per cent, bonds issued
I^et reduction
,.
,.,
$309, 862 50^
312 ,00
309,550 50^
REPORT OF THE SECRETARY OF THE TREASURY.
XI
CONYERSION OF REFUNDING CERTIFICATES.
Since November 1, 1884, refunding certificates issued in 1879, under
the act of February 26, 1879, have been presented for conversion into
4 per cent, bonds as follows:
Principal....
Accrued interest due
$41,000 OO
9, 826 OO
Total..
50,826 00-
For which settlement was made as follows:
Four per cent, bonds issued
Interest paid in cash
[
Total..
$48,800 OO
2,026 00=
50,826 OO
The certificates still outstanding amount to
$223,800 OO
The redemptions and cancellations of United States bonds and seven-.
thirty notes during the tAvelve months eiided October 31, 1885, were a^
follows:
•
»
Seven-thirty notes of July 17, 1861
$50
Seven-thirty notes, 1864-1865.
,
2,150
Loan of February 8, 1861
1,000
Oregon-Avar debt
1,650
Five-twenties of February 25, 1862
23,950
Five-twenties of 1865, (May and JSTovember)
800
Five-twenties of June 30, 1864
800
Ten-forties of 1864
,
52,300
Consolsof 1865...
.^
51,850
Consols of 1867
;
55,.70O
Consols of 1868..
.^
7,100
Loan of July and August, 1861, (6 per cent.)
44,50O
Loan of March 3, 1863, (6 per cent.)
33,500
Funded loan of 1881, (5 per cent.)
27,450
Loan of July and August, 1861, (continued at 3 J per cent.)
85,450
Loan ofMarch 3, 1863, (continued at Si per cent.)
,
17,100
Funded loan of 1881, (continued at 3 J per cent.)
264,150
Loan of July 12, 1882, (3 per cent.)'"18,465,900Total
19,135,450
^ Part of which had matured hefore Novemher 1, 1884*
Xll
REPORT OF THE SECRETARY OF THE TREASURY. :
THE PUBLIC DEBT AND THE CONDITION OF THE TREASURY.
The indebtedness of the United States on March 4, i885, including
^therein the bonds issued to the Pacific Eailroad Companies, was as follows:
Interest-bearing debt
$1,260,772,612
-Accrued interest to date
;
9,666,376
Matured debt not yet presented, and
accrued interest
5,493,735
:Debt bearing no interest
608,945,443
Total
.'
Cash in Treasury
00
00
37
67
1,884,878,167 04
379,166,353 40
Amount of debt less cash inTreasury
$1,505,711,813 64
T h e indebtedness of the United States on JSTovember 1,
1885, including therein the bonds issued on accountof the Pacific Eailroad Companies was as follows:.
laterest-bearing debt
$1,260,778,162 00
Accrued interest to date
9,595,948 10
Matured debt not yet presented and
accrued interest
3,953,689 76
Debt bearing no interest
,
574,012,535 88
Total
Cash in Treasury.^
1,848,340,335 74
400,682,767 65
Amount of debt less cash in Treasury
1,447,657,568 09
Eeduction of debt during above period
58,054,245 55
The assets of the Treasury on the 4th of March, 1885, excluding
•factional coin and other unavailable items, were as foUows:
^Gold coin and bullion
Less certificates outstanding
$240,501,182 29
114,143,140 00
$126,358,042 29
Silver coin and bullion
Ijess certificates outstanding
157,914,956 10
111,694,881 00
46,220,075 10
REPORT OF THE SECRETARY OF THE TREASURY.
Legal-tendernotes
Less certificates outstanding
XIII
$47,980,004 33
29,400, OOOOO
,
$18,580,004 33;
10,150,036 90
9,355,462 53;
Deposits in national banks
JSTational-bank notes
210,663,621 15>
The liabilities ofthe Treasury upon the same date were
as follows:
Matured debt and interest
Interest due and unpaid
Accrued interest to date
Disbursing officers' balances....
Outstanding drafts and checks
]^ational-bank redemption fund
Post-Oface Department
Legal-tender reserve
$5,493,735 37
3,136,940 63
6,529,435 37
26,123,546 05
6,249,573 07
51,331,161 04
3,034,639 51
100,000,000 00
—
•—
Net balance in Treasury
c
201,899,031 m
8,764,590 1 1
The assets of the Treasury on the 1st of November, 1885, excluding:
fractional coin and other unavailable items, were as follows:
Gold coin and buUion
Less certificates outstanding
Silver coin and buUion!
Less certificates outstanding
Legal-tendernotes..
Less certificates outstanding
$251,359,349 29
109,020, 760 00
:
$142,338,589 2 ^
167,657,878 45
93,146, 772 00
"
74,511,106 45^
45,695,3A 31
18,145,000 00
^
National-bank notes
Deposits in national banks
27,550,34131
1,441,843 27
13,595,550 9^
259,437,431 25
XIV
REPORT OF THE SECRETARY OF THE TREASURY.
The UabiUties of the Treasury upon the same date were
as follows:
Interest due and unpaid
Accrued interest to date
^Matured debt and interest......:
National-bank redemption fund.
Disbursing officers'balances
Post Office Department
Outstanding draffcs and checks
liegal-tender reserve
* $2, 270,556
* 7,223, 779
3,953,689
48,055,654
22,774,534
3, 706,081
4, 634, 843
100, 000, 000
75
49
76
06
08
52
21
00
$192,619,138 87
Net balance in Treasury
$66,818,292 38
TTie balance in the Treasury has therefore been increased within the
:above period by the sum of $58,053,702.27.
CURRENCY REFORM—TAXATION REFORM.
L
A review of the several groups of laws which it is the duty of the
Secretary of the Treasury to administer, manifests, as inquiry into the
business of the country does, the grave need of reform in the state of
our currency and in the present scheme of our taxation. Both are
legacies of war. They are unaccountable except by the light of the
events which afforded their origin and their excuse. Their continuance
for so long a time since, though discreditable, is perhaps explained
h j that degree of prosperity continuing despite them which is so far
beyond the prosperity possible wherever large standing armies and
costly war-fleets are an annual expense, and where more restricted
fi-eedom of activity and trade entails heavier burdens. To many our
prosperity might well seem satisfactory, although in fact, ever since
the war it has been intolerably abridged by an unwise financial
policy. But the continuing depression universal in varying degrees
over the world obliges us all now to consider and undertake some re
forms which our surplus revenues make feasible.
These reforms invite and exact the best efforts of American statesmanship. Neither party has escaped the danger of defending, as good,
evils which both parties were merely getting used to. Men of both
parties, pubUc men conversant with public affairs, and men absorbed in
*T}i€ aggregate of these amounts is |101,611.86 less than the amount stated ahove as occi'ued iiiterest on the same date, for ihe reason that the latter amount, taken from the public^
debt stateinent, includes $101,611.86 interest items paid, and appears in the amount stated as
cash held for matured deht and inierest.
REPORT OF THE SECRETARY OF THE TREASURY.
XV
earning their Uvelihood, have been liable to influence from the great force
of examj)le which all governments carry; and so the beUef has spread that
the disorder of our currency is a kind of order, that the mixtiu?e of
private jobs and past public needs in our tariff, is a system of protection '
to American labor.
^
CURRENCY REFORM.
Currency reform is first in the order of importance and of time, and
fitly precedes other reforms, even taxation reform, because it will facilitate all other reforms, and because it cannot safely be deferred. The
coinage act of 1878 is overloading the inints with unissued, the subtreasuries with returned silver dollars, and will unavoidably convert
the funds of the Treasury into those depreciated and depreciating
coins.
The disorders of our currency chiefly arise from the operation of two
enactments:
1. The act of February 28, 1878, which has been construed as a permanent apj)ropriation for perpetual Treasury purchases of at least
$24,000,000 worth of silver per annum, although from causes mostly
foreign that metal is now of mutable and falUng value, which must be
manufactured into coins of unlimited legal tender and issued to the
people of the United States as equivalents of our monetary unit.
2. The act of May 31, 1878, which indefinitely postponed fulfilment
of the solemn pledge (March 18, 1869) not only of ^^redemption'' but
also of ^^ payment" of aU the obligations ofthe United States not bearing interest, legaUzed as $346,000,000 paper money of unlimited legal
tender, and required the post-redemption issue and reissue of these
promises to pay doUars, as equivalents of our monetary unit.
But these two evils, which are each a separate menace to the public
tranquillity and injurious to the public morals and the pubUc faith, do
not double the difficulties of a reform of the currency. Their concurrence may even assist Congress to provide the people of the United
States with a better currency than the best now possessed by any
nation y—a currency in which every dollar note shall be the representative certificate of a coin dollar actually in the Treasury and payable on demand 5 a currency in which pur monetary unit coined in
gold ($550,000,000) and its equivalent coined in silver ($215,000,000)
shall not be suffered to part company.
,
Such a reform of the whole currency of the United States (setting
aside the national bank-notes, which are diminishing and well secured)
. can be undertaken and finished subject to the foUowing conditions:
XVI
REPORT OF T H E SECRETARY OF THE
TREASURY.
THE CONDITIONS OF CURRENCY REFORM.
1. Without shock or disturbance to the industries, the business en«
terprise, the domestic trade, or foreign commerce of the country.
2: Without degrading the United'States monetary unit of value to a
cheaper dollar, and avithout raising the United States monetary unit
of value to a costlier dollar.
3. Without loss to any who now hold the jgromise of the United States
to pay a dollar.
4. Without reduction of the present volume of the currency, or hindrance to its free increase hereafter when every dollar note shall be the
certificate of a coin dollar in the Treasury payable on demand.
5. Without pause in the reduction of the public debt, but paying
more than three-fifths of all that part of the debt now payable at the
option ofthe United States prior to September, 1891.
6. Without increase of taxation.
7. Without the sale of any silver bought and coined since February,
;1878.
8. Without the disuse of the 215,000,000 coined silver dollars of unUmited legal tender, or any fall or discount in their present received
value J and without the disuse ofthe 550,000,000 coined gold dollars of
unlimited legal tender, or any rise or premium on their present received
value.
9. Without prejudice to the adoption hereafter of an international
bimetallic union, with free coinage of both metals for all comers, at a
fixed ratio of weights, into coins of unlimited legal tender.
10. Without the coins of the two metals parting company from each
other, whatever may be the temporary fall, if any, in the market price
of silver buUion after stopping Treasury purchases.
I would most respectfully commend to the consideration of Congress
the question whether such a reform of the cuirency ought not now to
be endeavored; whether these are not among the prudent and just con: ditions of its reform ,• and whether such a reform might not be promoted-, with immediate advantage to all our industries and trade, by
Eepeal of the clause requiring Treasury purchases of silver bulUon, and
Eepeal of the act making compulsory Treasury issues and reissues of
the legal-tender notes.
TREASURY PURCHASES AND COINAGE OF SILVER.
It is with deference suggested, that there are several points of agreement which may be reached, and differences of opinion removed or
narrowed, by a preliminary understanding as to the use of terms.
REPORT OF THE SECRETARY OF THE TREASURY.
XVII
We are all paper-money men if it but be understood that our paper
money shall lye a representative pai^er money, a certificate that actual
coin is honestly borrowed and safely stored by the Treasury, doUar for
dollar, and payable to its owner on demand. No one disputes the
superior convenience of paper money. Its use in large multiples
without increase of weight, its economy in saving the heavy and irreparable loss of the i3recious metals by abrasion, are indisputable advantages over other kinds of money.
Demonetization may sigmiy legal disuse of either metal as coin. Gold
is demonetized in India.' But where is silver demonetized? There are
varying degrees of its use in different nations. Nowhere is it entirely
disused. Nowhere is it then demonetized if denionetization means
legal disuse. It is used in England for fractional coins of a limited legal
tender. It is used in France, Germany, and the United States for fractional coins, and also for larger coins of an unlimited legal tender. It is
used in India and Mexico for fractional coins, and for coins of an un-,
limited legal tender, and of these the coinage is free to all owners of
silver. In speaking of the demonetization of, silver, the degree of its
disuse should be specified by those who would avoid being, understood
to recommend free coinage to private silver owners, which nowhere now
co-exists with the use of gold as a part of the currency.
Everybody is a two-metallist, and wishes the use of silver in fractional coins of at least a Umited legal tender. BimetalUsts desire a
larger use of silver for coins of unlimited legal tender; but they also
wish the use of gold in coins of unlimited legal tender. If, however, a
gold coin and a silver coin must each be received for a dollar, and are
both an unUmited legal tender in any number, some ratio in their
weights must also be fixed by law. Yet no law can cross national boimdaries as commerce does; so that any nation having a ratio not the
same as the ratio of other nations traded with, is liable to be drained,
in time, of one of its two metals. Thus bimetallism in any nation deX^ends upon a fortunate balanceof demands for the two metals from
without, such as France enjoyed from 1785 to 1871; or else upon concurrence with a sufficient number of other nations in coining the unit
of value in the two metals at one and the same ratio of weight. Bimetallism is essentiaUy-an international affair; but it does not exist: the
fortunate balance in Europe was upset by Germany, and the international agreement, twice attempted, has failed. In but one way now
can any nation retain in use coins of both metals which are both unUmited legal tender; namely, by stopping the coinage of the metal unacceptable to other nations. France has done so. The United States
must likewise stop coining silver. Stop, wait, negotiate. And whether
2673 F
II
XVIII
REPORT OF THE SECRETARY OF THE TREASURY.
negotiations shall succeed or fail, there is still no (ther way than to stop
where we are, namely at the point where a risk begins to appeai* of
difficulty in retaining silver in our home circulation iii full equivalence
with our gold unit of value which has an international circulation.
. SILVER—GOLD.
^ Silver in fractional coins is the most convenient desirable metal for
use in the payment of petty sums. These are the bulk of human transactions where money passes. It has- no rival-. Who does not deem it
indispensable'? Silver cannot profitably be discarded from large use by
any civilized nation in the world, even where, as in Great Britain and
the Scandinavian countries, it is.used only for fractional coins, mad(i
legal tender for small sums, and gold alone is cut into coins of unlimiteci
legal tender. Silver alone is coined by some nations; is the mone
tary metal of enormous Asian populations. We know little of China,
but computing what they fairly may as to the rest of the world, th( \
statisticians all agree that silver is 54 per cent, of the monetary metal i
of mankind.
Gold, however, is indispensable also, though its high value makes i;
impossible to be used anywhere as small change. Gold is fairly computed
to be about 46 per cent, of the two monetary metals of mankind. Gold
is the standard of value in the foreign commerce, not only of the United
States, but also of every nation in Europe. Foreign exchange is calculated as between the different gold coins. Gold is the standard in the
domestic trade of England and of Germany, and of all the countries
which, like France, have been bimetalUc, but which have now ceased
from silver coinage in order to prevent the fall of the silver already
coined as legal tender for all sums. Gold is, in fact and by law, the
standard of value in the domestic trade of the United States, and has
been since March, 1873, under the act of Congress making 25.8 troy
grains of standard gold our monetary ^^unit of value," which, as will be
CAplained below, had theretofore been safely and justly placed alike in
coins of gold and coins of silver.
Gold is 66 per cent, of the metallic circulation of the United States at
the present moment; although it may need ^explaining that with free
coinage for everybody's silver into full legal-tender silver dollars, the
people of the United States asked for only 8,045,838 in eighty years,
but that Congress required the coinage of 215,000,000 in about eight
years.
^
Gold is the standard of value in nationsfr-omwhich we in the United
States, took 87 pei* cent.- last yeax of all our imports and to which wo sent
REPORT OF THE SECRETARY OF T E E TREASURY.
XIX
more than 92 per cent, of all our exports. And with most of the
countries having silver as a standard, or in nearly exclusive use, where
we do the siaall remainder of our foreign trade, settlements are effected
by the gold standard through sterling bills on London.
Gold from, the mines of all the world has doubled in quantity within
thirty-five years; silver about doubling in the last one hundred years.
Gold, like sUver, is a principal product of mines in the United States,
which have yielded of the two precious metals:
"
. Gold.
For the last 40 years
For the lavSt 14 years.
Lately as 4 years ago...
Lastyear.....
72 per cent.
50 + per cent.
50-+-per cent.
39 —percent.
Silver.
28 per cent.
50 — per cent.
50 —percent.'
61 + percent.
Who, then, would propose the disuse of gold, or ask the enactment
or the continuance of laws likely to promote the expulsion of gold, or
its use at a premium instead of as the standard of value, to which,
by stopping the coinage of silver now, the legal-tender value of the
215,000,000 silver dollars already coined may beheld up and made to
conform, until these troubles be overpast.
But our 215,000,000 silver dollars are here, and cannot be expected
sensibly to decrease, as our gold may. Nobody will export or melt
them. The reasons are plain. They will not flow abroad, for the legaltender quaUty given them by act of Congress cannot procure their reception elsewhere; not in Germany, just as her legal-tender laws, appUed
to her equally depreciated 400 or 500 million silver marks in thalers of
unlimited legal tender, cannot promote their reception here or in France;
not in France, just as her legal-tender laws, applied to her 600 million
five-fr-anc pieces of unlimited legal tender, cannot promote their reception
here or in Germany. Ceasing to coin more, our 215,000,000 silver dollars will re^main. Nobody wiU melt them, since the silver melted is
worth 20. or 25 per cent, less than the silver minted, while they remain
a legal'tender for aU sums. Therefore, no silver to be used in the arts
or Industrie's, or for exportation, will be drawn from this stock. It is
not to be expected that Congress will withdraw from these 215,000,000
silver dollars their full tender quality; it is not to be expected that Congress will I'cdeem and melt them and sell the metal. The fact, then,
is that we c^annot but be two-metalUsts.
METALLISM—MONO AND BI.
'
.
But do not bimetallists and monometalUsts agree mor© than they
differ, so far as the known facts of our situation oblige us to be con
XX
REPORT OF THE SECRETARY OF THE TREASURY.
cerned with them. Both demand mints, which are public institutions for the exclusive manufacture of bullion iuto coins, open, ori the
rule of first come first served, to all persons bringing any amount of
the one received metal, or in the other case, both of the received metals,
all such i)ersons having the right to receive back their metal cut into
coins of specified weight, fineness, size and inscrii^tion, consisting of
the monetary unit itself, and its multiples, (and its fractions,) and being
-full tender by law in iiayment of all sums due and payable, the said '
monetary unit, if bimetallic, in coins ofsilver and in coins of gold having
a uniform ratio of weight. The metal minted and the metal melted
having thus an equal value in fact, men of both schools regard the
monetary mass of either gold or silver, or in the other case, of both gold
and silver, as consisting at any moment, actually, of the whole metallic
coinage ofthe world, (gold, $3,300,000,000; sUver, $2,200,000,000,) plus
potentially all extant stores of the one metal, or in the other case, of the
two metals. This plus enVdrges enormously the great sum to nearly the
bulk of the product of all mines of the one, or the two metals, in all
past time, comj)uted at not far from the half of, in the other case, the
whole of $16,540,000,000. Not to be varied in amount by legislation,
its immense superiority appears as a kind and amount of wealth suited
to be the standard measure of all wealth; for it is a mass, of which the
annual increment, (four years ago being $205,000,000, divided about
equally between silver and gold, and last year being from both metals,
$220,000,000,) however large or variable, is a petty percentage, say 1-^^^
per cent. This relation between the small annual increment and the
huge accumulation of the precious metals by mankind in all time is a
circumstance of the last importance, especially if all the economists are
right in computing, the total wealth of the world, stored, saved, and
consuming, to be of less value at any moment than five times the world's
gross income for the one previous year.
If the facts of our own monetary situation have been correctly ascertained and stated above, then it is now obvious, that gold and silver monometallism may, without prejudice to their high rank as monetary theories, be set aside at once as theories practically inapiDlicable, at the
present moment, for. the guidance of the United States. Silver moriometaUism, though current in India and Mexico, has few advocates
among us, and, at any rate, is inadmissible. Gold monometallism
has some able advocates among us, but, at any rate, is inadmissible.
We are in the presence of 550,000,000 full tender dollars of gold, and
215,000,000 full tender silver dollars, the latter number now practically irreducible.
REPORT OF THE SECRETARY OF THE TREASURY.
XXI
As metallists of both schools condemn all efforts by laws to manufacture a legal-tender equivalent of .any nation's monetary unit^out of
the paper record of a promise to pay that unit, it here suffices to allude
to that episode in our history before showing what the procedure of the Congress of the United States has been in making our monetary unit
reside in coin, formerly in two metals, latterly of one metal, and the
relation of the bimetallic theory and practice thereto, and to our immediate problem, • the silver-dollar coinage. Indeed, the disparity
between the two (285:100= 100 :35) in July, 1864, when Congress
tried to compel their equality, is comment enough, from a financial point
of view, upon the legal-tender laws of February 25, 1862, July 11, 1862,
March 3, 1863, and the law of May 31, 1878; though I cannot myself
believe the voters of the several States will ever decide that, their
Federal Government holds as sovereign a power to issue and reissue
Treasury notes and make them a legal tender in payment of private
debts, as it lias to coin money and borrow it.
T H E MONETARY UNIT OF THE UNITED STATES.
A completie history of the United States coinage laws would include
many unimportant as well as important details. Eeference is here made
only to those parts which in every principal coinage law have prescribed
.. either a single unit of value, or what weight of fine gold should be
equal to what Aveight of fine silver in the monetary unit and its multiples, so that the least imperfect equivalence, the utmost attainable
stability therein, might be had, and eveiy exchange of j)i*oduct or
service pass under a convenient, and just standard and measure of
value. A table given on page x x i i i is an analysis of the history of
theUnited States monetary unit, including every coinage act that has
dealt with the unit from 1789 until now. Setting aside the exigencies and the errors of the war period when paper expelled coin, that
history is a record of proud integrity, of uniform good faith.
Congress has established justice, and maintained it in a chief article
and instrument of justice, the monetary unit. The good faith dictating
every chang<3 is demonstrable. Marked by errors from the first act
to the last, none of them is an error without excuse. Perhaps the
worst error of all is in the act of 1834 changing the ratio, when Congress omitted tp be guided by its ablest living adviser, the most eminent
of my predecessors in this office, Albert Gallatin, the friend and peer
of Jefferson and Madison, their counsellor in finance, the originator
of the Ways and Means Committee, during three Presidential terms
Secretary of the Treasury, and the originator of its present system and
best traditions.
XXII
REPORT OF THE SECRETARY OF THE TREASURY.
It wiU first be convenient to indicate what the table does not show.
It makes no account of subsidiary, coinage—that is, the coinage of
silver for small change, disparaged and not full tender. Such facts and
metric changes in them are irrelevant to the monetary'unit. It makes
^no accountof alloys, but deals only with the weights of pure gold and
pure silver. These alloys have changed, are decimal, of minor imjDortance and irrelevant. It makes no account of the trade-dollar, the
history of which here would be confusing and irrelevant. It makes no
account of the deductions from full legal tender proportional to loss of
weight by abrasion or otherwise. It makes no account of changes fr'om
gratuitous to compensated coinage which, though capable of great
importance, not actually having been, may be neglected.
It does not show what things have had at any time the full legal-tender
quality conferred upon them, whilst not an embodiment of the monetary unit,—for example, silver dollars of the present coinage. It
does not show what things have had at any time a full legal-tender
quality conferred upon them by the Supreme Court but only a limited
legal-tender quality conferred by Congress—for example. United States
notes which were not made legal tender from private citizens to collectors for duties, on imports, nor fr-om the Treasurer of-the United
States to private persons for interest on the pubUc debt. It does not
show the six br more different certificates, notes, demand notes, etc.,
which, being received at the offices of the United States or elsewhere
by law or custom, are a part of oui- cuiTency, but not in immutable
equivalence with the monetary unit.
Periods between dates
w h e n c o i n a g e a c t s of
the U n i t e d
States
t o o k effect.
C o i n a g e of t h e i r
gold into dollars,
free t o a l l .
Coin gold dollar
a n d its multiples
a n unlimited or
full Ie""al t e n d e r .
T M E
U.
S.
MO:5fETARY'
IT M I T .
C o i n a g e of t h e i r
silver into doll a r s , free t o a l l .
jRatioof w e i g h t
of m o n e t a r y
Coin silver dollar
u n i t in p u r e
an unlimited or
gold to ditto
full leeral t e n d e r .
i n p u r e silver.
R a t i o of s a m e
w e i g h t s in
F r a n c e all t h e
while, a n d in
the
'^reat
coinages
of
Europe now.
P u r e Gold,
P u r e Silver,
Troy G r a i n s . Troy Graiixs.
2d of A p r i l , 1792,)
to
y
S l s t of J u l y , 1834. J
F r e e coinage..
F u l l tender...
24.75 =
371.25
Free coinage-
Full tender..
S l s t of J u l y , 1834,1
=• t o
•
V
18th of J a n . , 1837. J
Free coinage-
Full tender..
2il.20 =
371.25
Free coinage..
Full tender-
f
t
1 : 16.002)
1 :1G-|: IG/
18th of J a n . , 1837,)
to
v....
1st of A p r i l , 1853. j
F r e e coinage...
F u l l tender..,
23.22 = .
371.25
F r e e coinage..
Full tender..
f
I
1:15.9881
1:16/
F u l l tender...
23.22 =
Free coinage
Full tender..
Full tender-
23.22.
N o t fi-ee.
Full tender-
1 : 15.5 .
F r e e coinage..
Full tender..
23.22
1 N o t free .
/ L i m i t e d t o So,)
t , §3586, U . S . . . . /
1 :15;5
F r e e coinage..
Full tender-
oq» c»r»
Not free.
F u l l tender...
1:15.5
1st of A p r i l , 1853,)
to
}-..... F r e e c o i n a g e
1st of A p r i l , 1873. j
1st of A p r i l , 1873^)
to
^... Free coinage20th of J u n e , 1874. j
.371.!
20th of J u n e , 1874,)
to
•
> ...
28th of F e b . , 1878. j
2 8 t h o f F e b . , 1878,)
to
D e c , 1885.
Y
J
XXn^
REPORT OF, THE SECRETARY OF THE TREASURY^c
The history of the monetary unit shows that from 1792 to 1873 that
unit was embodied by law in either metal. The arrangement is such
as is now called bimetallic. From 1873 t^ll now, gold has been made
by law the sole embodiment of our ^^unit of value.'' But, what is
most notable is not that historical fact. Most notable is the fact exhibited from 1792 to 1885 in a variety of historical circumstances,—the
seeking after i^erfect equivalence in contemiDoraneous and successive
coin embodiments of the monetary unit.
'
o ,
Equivalence in the contemporaneous coin embodiments of our mone-^
tary unit was the purpose of the coinage laws of 1792, 1§34, 1837, an&
1853.
Equivalence in the successive coin embodiments of oiir monetary unit
was the purpose of the coinage laws of 1834,'1837, 1853, 1873, and
1878.
During the time when the '371.25 troy grains of fine silver continued
to be a coin embodiment ofthe monetary unit, there was no aj)pTeciable
fluctuation in its value as compared with the mass of commodities, services and savings measured thereby. Slight variations in the gold coiUj
therefore, made solely for the purpose of retaining both metals in use,
and for reaching a more perfect equivalence in order to retain botli
metals in use, afe only confirmations added to proof in the uniformity
(371.25) from 1792 to 1873. During the time when 23.22 grains of pure
gold have been either a concurrent or the single coin embodiment of
our monetary unit, there has been no demonstrable fluctuation in its
value as compared with the mass of commodities, services and savings
measured thereby. Whatever may be speculated, it is not within the
wit of man to name any monetary unit more stable.
THE COINAGE LAWS FROM 1792 TO 1878.
1792.—Pure gold 24.75 — 371.25 pure silver; ratio 1:15. Equivalence was the purpose avowed in the celebrated Misit Eeport of Hamilton,
and intended in the adoption of his ratio and recommendation by the
Second Congress. And if the original error shortly disclosed-, or disclosed by later requirements ofgold for England's resumption, can at all
be traced to a defective appreciation of the effect iDroduced by the legaltender impartment to coin, concurrent with commercM causes in the
nature of demand, upon the rating of either metal, it is to be observed
that the masterly paper of Hamilton.has an excuse not shared by later
documents in which that effect is sometimes equaUy overlooked, and
sometimes strained to cover all the crudities of a proposed ^ ^fiatmoney.''
1834. —Pure gold 23.20 =^ 371.25 pure silver; ratio 1:16+. Equivalence contemporaneous, equivalence successive, was the practical object
REPORT OP THE SECRETARY OF THE TREASURY.
XXV
of the change in the ratio of the two metals niade in 1834. An error in
the ratio had expelled gold coin from the country, as an error in our
proceeding may do now. Senator Benton said ^^tlie extinction is complete." In order, therefore, to recover the exx)elled metal sb as to^
embody in two metal s again the monetary unit, it was necessary to change
the ratio, and to change it by a change in the grains of the metal not
then iiossee^sed, and thereafter to be attracted and coined, rather than of
the grains in the metal then coined and in daily use. For one adequate
reason, not to mention causes contributory, viz., the preponderant coinage of both metals b^^ France whose mints were then open, like our ow:n
to all comers, at a fixed ratio, (1:15.5,) more favorable to the owners of
gold than our own ratio, (1:15,) the United States had lost their gold
circulation both in domestic trade and foreign commerce. The profit
in exj)orting gold was iDalpable.
The Congress of 1834, therefore, sought to recall gold and to keep
gold while also retaining silver. Nothing else but equivalence in the
rw^o forms of the monetary unit could retain both. But their object was
to retain both, and if the commerce of the world had had the same geogTaphical li mits as the laws ofthe United States, the statute of 1834 would
have retained both; but bimetallism is nothing if not international, and
the failure was disastrous. The ratio of 1834 sufficed to expel silver as
the ratio of 1792 sufficed to expel gold. Overlooking the advice, the experience, the expert knowledge of Gallatin, Congress in 1834 adopted a
ratio as far from correct onthe one side as the ratio of 1792 had been on
the other side. For the ratio of 1:15 the United States substituted the
i-atio of 1:16. Again, as before, the x)reponderant coinages of France,
(not to mention those of other nations of Europe,) whose mints were
then open Uke our own to all comers at a fixed ratio (1:15.5) being now
more favorable to the owners of silver than our new ratio, 1.: 16.002, the
United States began to lose their silver circulation. The iDrofit in exporting silver was pali3able.
The act of 1834 has been described as contriving inequivalence in the
monetary unit, and then cited as a precedent of financial integrity.
The preced€^,nt is misunderstood. That Congress sought a j ust equivalence
and not an unjust disparity in the search for the lost metal, is proved by
the fact that they lost the other metal in that search. The weight of fine
metal in one coin embodiment of the monetary unit was not altered then
or ever afte3:'wards, as its tabular history shows, nor was the weight ofthe
fine metal in the other reduced to obtain a profitable disparity. It was
reduced to obtain a just equivalence, and reduced infelicitqusly so much
as to fall on the other side. From 1:15 the Congress passed over the
XXYI
REPORT OF THE SECRETARY OF THE .TREASURIT.
unvalued but controlling'ratio of 1:15.5 on to the ratio of 1:16.002. But
there was no change in the actual value of either metal to a less real value
at that time, nor until forty years^ after, when Germany, seeking to
substitute her silver circulation for the gold part of the circulation of
France, after 1873, constrained France, in 1876, to close her open mints
to silver, and put an end to her bimetallism at the prevalent ratio of
1:15.5 which had, by the two errors of Congress, drained the United
States first of one metal and then of the other. Gold then was not like
silver now, bought and coined by the Treasury into dollars which
foreign circumstances had made of inferior value to the same quantity
of metal at an earUer date. Neither metal in fact varied measurably
from a steady value, or from that equivalence in the commercial world
and in the law of France upheld at the ratio of'1:15.5.
1837.—Pure gold 23.22 = 371.25 pure silver; ratio 1 : 1 6 - .
The
only change to be noted under the law of 1837 is the putting a trifle
more gold into one form of the monetary unit in order to conform the
alloy to a decimal system. It is of no importance.
1853.—Pui^e gold 23.22 =371.25 pinre silver; ratio 1 : 1 6 - . The
weights of the fine metal in either form of the monetary unit and
the ratio of their weights remain the same under the act of 1853..
Equivalence contemporaneous, equivalence successive, are still sought,
are still maintained. But the silver metal which could not be kept
at home while the French mints were coining both metals at a ratio
more attractive than ours to the owners of silver, by about 3 pei
cent., was needed imperatively, at least for fractional coins, and although the fact lies outside the scheme of the foregoing table, it is important and should be noted. The law was successful for that limited
purpose and three years later the legal-tender quality which had been of
necessity conferred upon foreign silver coins was withdrawn and ended.
Aild now it should be observed that from 1853 to 1873, as from 1792,
free coinage and full legal tender were given to both metals, whoever
brought them seeking to obtain either form of the monetary imit.
Thelaw of 1853 which estabUshed a subsidiary coinage for small change
did not withdraw the right from any owner of silver to have his metal
cut into dollars of an unlimited legal tender. Indeed, 5,538,948 such
dollars were coined in those twenty years. But why no more*? and
why did so many of these stream abroad even before the day of paper
came? The French mint and its ratio again explain.
And why did not in pairs, the silver half dollars authorized by the
act of 1853, coined at a ratio of 14.88:1 operate even more effectuallj^
than from 1792 to 1834 the silver whole doUar, coined at a ratio of 15:1
REPORT OF THE SECRETARY OF THE TREASURY. XXYIl
Lad, to esipel gold"? If 15:1 did it while France was coining at
15.5:1, more effectual stiU might seem to have beeh 14.88:1, offering
more than 3 per cent, profit. The first break in the custom of free
coinage had occurred. Free coinage was not given, or such would have
been the eifect ui^on gold. The coinage of silver at 14.88:1 was confined to small iDiirchalses of silver bullion made by the treasurer of the
mint, and no deposits for the fractional coins were thereafter"^received.
But the coining was free of the full tender silver dollar.
1873.—Pure gold 23.22. ^^That 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;" ^ * * (Sec.
14.) But such it had been for thirty-six years, though not till now
alone in that office. Free coinage of a full tehder silver dollar was all
that was withdrawn by the act of 1873, or changed, omitting the things
mentioned above as excluded here, being quite irrelevant to the silver
question. The right withdrawn was a right long unused, and it was a right
long unused because it was a right uni3rofitable to any owner of silver
ih the United States. The unUmited legal-tender quality of any silver
dollar still existing, nn melted, unexported, in the cabinets of collectors
or the strong boxes of hoarders, whether the dollar of the law of 1792 or
the dollar of the law of 1837 (which differed only in the proportion of
alloy, not iu the quantity of pure metal), was not withdrawn.
These two facts may profitably be compared with the bubbles blown
about them since the time after the passage of the act of 1873, when, by
the ending of bimetallic minting in France, in Europe, in the world,
(the last I'rench mint certificates were issued in July, 1876,) and the.
fall of silver, the free coinage of full tender silver dollars of 371.25
grains at a legal equivalence with the 23.22 grains pure gold then made
without protest, and now remaining without change the sole coin embodiment of our monetary ^^nnit of value," had become, for the first
moment since 1834-1873, a highly profitable transaction for the silver
miners (less than 100,000) ofthe United States; but not for the people
(more than 50,000,000) of the United States.
The charge that Congress was furtively seduced into passing the act
of 1873 is thus a manifest error. But in its relation to the passage
of the act of 1878, it is not superfluous to mention that the coinage aet
of 1873 W2IS read in the Senate more than once, in the House at least
once, was printed by order of Congress thirteen times, was considered
in the committees of both Houses during five different sessions, and the
debates upon it occupy 144 columns of the '^Congressional Globe."
Theactof 1873 made no change in the two-metallism established in
XXVJII REPORT OF THE SECRETARY OF THE TREASURY.
the United States when the infelicity of the bimetalUc ratio pf 1834 induced the subsidiary coinage of 1853.
1874.—Pure gold 23.22. The Eevision.of the Statutes of the United
States was adopted the 20th of June, 1874. Silver-mine owners were stil 1
far from getting sight of their approaching interests, if silver farther fell :
but the revisers made section 3586 to read: ^' The silver coins of the Uni
ted States shall be a legal tender at their nominal value for any amount
not exceeding five dollars in any one payment." If six silver doUars
of the coinage of 1792-1837, or of 1837-1873, were in compauy witb one
another anywhere, and if the affirmance of a five dollar Itrgal-tender
liinit, which was obviously intended to relate to fractional coins alone,
operated a negation unexpressed upon the unlimited legal-tendeiquality, theretofore conferred, of silver coins not fractional which
could not be kept in circulation, then the revisers of the statutes may
be held to have made a change in the law without warrant, and also
without iinportance.
1878.—Pure gold 23.22. The coinage act of 1878 left standing the
monetary '' unit of value'' embodied and established by the act of 1873 in
23.22 troy grains of fine gold, (25.8 standard.) It is unjust to ascribe to
the XLVth Congress, which passed that act, an alteration in our monetary
unit. They still maintained its strict equivalence, even its identity, with
orie of the bimetallic forms of that unit established more than forty
years before, the sole form of that unit as established fiye years before.
Noting the extreme fall in the metal, Avhich had also been its embodiment from 1792 to 1873, they let the unit of value alone. More than
that, Congress recognized in the second proviso of the act of 1878 the
actual and the legal disparity between the coin which they required to
flow from the mints, and the coined monetary unit in the Treasury
,which was represented by gold certificates. Congress gave a full legaltender quality to this silver coin, but not also the free coinage to all
comers which the history of our moneT:ar57^ unit shows to have been its
uniform concomitants from the first establishment of that unit to the
present hom*. But Congress also explicitly recognized its inferiority to
the gold certificates upon which they had never bestowed the legaltender quality. Moreover, Congress did not diminish the weight of the
precious metal in the silver dollar. They required it to be coined of
thesame number of troy grains of pure silver (371.25) as had been put
in every coin of that name and metal wiien, as from 1792 to 1873, it
was one embodiment of our monetary unit with free coinage for all
comers and full legal tender.
EEPORT OF THE SECRETARY OF THE TREASURY.
XXIX
THE MONETARY UNIT INVARIABLE. This analysis of our coinage laws and exiDlanation of their history
yield light for guidance now. Ordained ' ^ to establish justice," the Constitution itself is buttressed by this first century of constancy in the Congress to a continuous and just equivalence in the successive coin embodiments of the monetary unit for a standard and measure of value. The
l^recedenti stands and will stand for centuries to come, thQ admiration,
the pride^ the rule of law and of duty for many generations of self-governing freemen. It is for us to pass on unimpaired this high tradition
of financial integrity. But of justice as of liberty, eternal vigilance is
the IDrice.
Our 215,000,000 silver dollars are by law full legal tender. Sharing
that function with the monetary unit itself, the honor of the country,
not less than its interests, is involved in the preservation of their equivalence Avith that unit wherever our citizens dwell and our laws run.
Equivalence in foreign trade, for the reasons above indicated, is for the
present quite imiDracticable. Equivalence in domestic trade is practicable. But that equivalence is now imperilled bythe continuing coinage
and increasing number of the silver dollars. This is much more than a
deliberate judgment of the Secretary of the Treasury. It is attested to
him from the centres of trade in all parts of the country, as much from
the South as the North, as much from the West as the East. Not alone
our able statesmen and instructed economists and financiers advise the
stopping of the silver coinage now^ but wherever our fellow^-citizens
are concentrated in commercial cities and towns, the business classes
engaged in the trade, the enterprises, and manufactures of those centres,
and the still larger masses of workingmen emiiloyed by them, urge the
stopping of the silver coinage now. It is these classes which are always
first to peixeive such perils to industry and tre.de, and the consequences
they entaU. To their judgment in such a matter even the acts of
Congress touching commerce and currency are finally appealed.
.For it is their interests first, and afterward the interests,of the agricultural classes, which are endangered. Every business man from day to
day must form his separate judgment of any medium of exchange which
he may be obliged by law to take in his next bargain. Twenty yiears
ago the gold dollar was not kept from a premium, to-morrow the silver
dollar cannot be kept from a discount, in disregard of their appraisal.
ONE METALLISM OR TWO-METALLISM—OUR ONLY CHOICE.
The choice before Congress is not between silver monometallism and
gold monometallism. Both are inadmissible. The choice before Congress is not between bimetallism and either gold or sUver mono
xxx
REPORT OF: THE SECRETARY OF THE TREASURY.
metallism. The latter are not admissible, and bimetalUsm is only possible with the co-operation of other nations, which is not now to be had.
, For, although France holds the same friendly attitude, and would be
followed by some of her associates of the Latin Union, England now,
as in 1878 and 1881, is unwilling to depart from her mintage of gold
alone into coins of unlimited legal tender, and Germany now, as in 1881
regards the concurrence of England in an international bimetallic union
as a sine qua non. Such being the facts estabUshed upon abundant testi
mony, official and unofficial, gathered by the Department of State, it becomes plain that the choice of Congress is only in fact between stopiDing
the coinage of silver dollars, or risking by further coinage the inequiva
Ience of those dollars with our monetary unit, risking the fall of the value
of 215,000,000 silver doUars from their legal domestic rating to theii
commercial international value which is 20 per cent, less, and involving
such a disuse in our domestic trade of 550,000,000 dollars of gold coin,
as when gold was ejected by paper during the war.
The only choice before Congress, therefore, is the choice between
one-metailism and two-metallism. The silver dollar cannot be kept in
equivalence with the gold dollar if the coinage of silver continues,
The gold doUar cannot be kept in full domestic circulation if the silver
dollar is suffered to fall. Coining more necessitates its fall. Doubtless some may hope that more silver dollars can be coined, and yet their
equivalence with the monetary unit not be lost. It is respectfully sub-'
mitted that there is no compensation for that risk, and that a judgment
so accordant of the great business classes who carry on the exchanges of
the country must be accepted as a final estimate of that risk.
A HEAVIER DOLLAR.
Nor should i t be forgotten that every silver doUar coined hereafter at
our present ratio would be, as the coining of every dollar since 1878 has
been, a direct hindrance to the international bimetallic union then
avowed as the obj ect of our legislative poUcy. This obj ection is fatal also
t( > the proposal to put more silver into the dollar than 371.25 grains "of fine
metal, (412.5 standard.) But that scheme is an admission of the stability
»of bur present monetary unit, an express assertion of our duty to make
every full-tender substitute for that unit its acceptable equivalent. Another decisive criticism upon the proposal is that it implies the necessity of further purchases and coinage of silver, which necessity does not
exist; and proposes a remedy for the continuance of a danger which does
not need to be prolonged. Stopping the coinage now is a perfect remedy
for the evil which the business classes have measured, judged, and desire
REPORT OF THE SECRETARY OF THE TREASURY.
XXXI
'to see averted. They do not wish its recurrence in a varied form. Increasing the weight of silver in the dollar assumes the present dollars to
be incapable of continued equivalence with the monetary unit, when, in
fact, by stopping further coinage they can be held in our domestic exchanges to that equivalence, and the chance retained that the several
great powers which are also sustaining the full-tender use of depreciated
silver, by local national law,.may come to '^pool their issues," and so
restore silver to international currency. Such union now seems hope-^
less, while we continue to mitigate the difficulties of other nations by
taking off the market half the product of our own mines, which is
nearly half the product of the world. Is it not worth while to try the
results of an altered situation after so many years of failure? Is it
not worth while to see what can be done when the United States
shall have put an end by stopping the coinage, to the charge that they
ai^e moved by selfish interests, and trying to market their silver; when
the United States, by stopping coinage, shall have put themselves upon
an equaUty with the other gold and sih'er using nations who have all
stopped silver coinage; and when the United States shall thus be able
to negotiat(i for open mints and free coinage to all comers, with the
large offer to join in free coinage to all, in place of no coinage, rather
than with the lesser offer of free coinage to all, in place of the coinage
of Treasury purchases of $24,000,000 worth ofsilver a yearf
The coinage of a heavier doUar would obstruct the success of such an
experiment. The coinage of silver not being ft'ee to all comers, but
being exclusively a coinage of Treasury purchases of silver, there is
ho reason for making a heavier dollar, whether the purchases are to
continue oi' to be stopped. Treasury purchases of silver are anomalous, unprecedented except in the case of subsidiary coin, and a
hindrance to the restoration of a sound currency. If the silver dollar is
full tender, but not of free coinage, its ciUTcncy is confined within the
country where the laws run which make it frill tender. It cannot be
forced across the Atlantic or Pacific, except as metal. Legal-tender laws
do not crof^ national boundaries. The silver dollar of 371.25 grains
within our boundaries can be kept equivalent to our monetary unit of
value, if no more are coined; and the metal in it will not fluctuate
more fi'om the datum line of 23.22 grains fine gold than the metal in
a 500-grain silver^ dollar would, though it may fluctuate a little farther
off. If the silver of our dollar is to be dealt with as a commodity,
it cannot be kept in equivalence wdth the coin monetary unit, any
more than it can be kept in equivalenise wdth some other commodity
than itself. The proposal to make a heavier dollar, like the proposal tb
make tinUmited legal-tendei silver bullion certificates on a variable
XXXII
REPORT OF THE SECRETARY OF THE TREASURY.
commercial ratio of the metal with gold money, is a pi^oposal to treat
silver as a commodity. If the silver of our dollar is to be dealt wdth as
a part of the monetary metal of the world to which the full legal-tender
powder of leading governments is to be applied, 371.25 grains of fine silve-r
can be made equivalent with 23.22 grains of fine gold as effectually as
500 grains of fine silver can.
STOPPING THE COINAGE WILL NOT AFFECT PRICES.
An adequate sense of the magnitude of the actual coin-money stocks of
the w^oiid, which join wdth the potential money existing in uncoiifed gold
and silver, and with all their numberless equivalents, substitutes, and
representatives, to measure prices, not to mention growing economies in
the use of money, by cheques, bills of exchange, book-credits, cteiringhouses, postal orders, telegraphic transfers, etc., which operate in the
same direction, enforces the lessons of experience as to the impotence
of any nation's legislation to affect prices, if prices are tested by
a stable monetary unit. Changing the measure changes nothing
except che ownership of the property of the defrauded ones, It
does not change the true level and course of prices as thus tested.^
But the lessons of experience cannot be completely learned in a
moment. For the general range of prices of the hundred chief
commodities of civiUzed man's ,use has been more than a^ third of
a century in completing the last leisurely cycle of its rise and fall.
The range of prices is lower to-day than since the discovery of gold in
CaUfornia. The redistribution .of populations in the two hemispheres
since then is vastly more ascribable to legislative contrivance than is the
low level, of prices. Prices in the United States are the record of the
fluctuations of commodities and currencies in the markets of the world.
They are not merely domestic fluctuations. Odessa and India appear in
the price of wheat at Chicago. Our legislation chiefly concerns fiity-five
million people, but prices are the outcome of twelve or fifteen hundred
million people's affairs. Yet we are occasionally told that the present
general fall of prices has been caused and can be counterpoised by the
variation of a few hundredths of 1 i)er cent, in the ratio of our own
silver-coin stock to the mass of the monetary metals of the world,—by
the transfer of more silverfr^ommines in Nevada to vaults in New York.
Man'sdnventions and industries are hammering down the.pri ees of
all the products of man's labor. If one New England town by one
week's labor can shoe all the feet in Cincinnati, Chicago, and St. Louis
for a year, when a year's work was too little one decade ago, how shaU
not the price of shoes go down'? E\ ^ryw^here the effort is to obtain
shelter, clothing, food, and the ornaments of these necessities of life at
REPORT OF THE SECRETARY OF THE TREASURY. XXXIII
a smaller expense of mental energy and bodily toil. The history of inventions is the record of permanent reductions of the cost of getting
man's necessities. This reduced cost makes possible the enlargement
of the comforts of all, a higher and higher standard of life for the poor.
How shall the reduced cost not appe-ar in dropping prices'? But things
on hand bought to sell fall while held. To the trading classes a fall of
prices when comprised in too brief periods cannot but bring some
measui^e of distress; when continued for too long periods, cannot but
entail a general depression of trade. But when it is neither sudden nor
prolonged enough to throw large numbers out of employment, the great
mass of working men and women find in lower prices almost unmixed good. Wages are always at once exchanged, with some deduction for saving, and if prices are lower the same wages buy
more. Even where reduced prices necessitate reduced' wages (and
on the whohi, even in Europe, the return to labor grows more and more)
the wage-recieiver gets the advantage of wages being slow to move, as he
• gets the disadvantage of their being the last to move when from a degra- ^
dation of th(3 unit of value, or its legal equivalent, prices measured by
that unit going up, the same wages buy less. To keep the unit of value
stable is the true limit of legislative control over prices.
A P(DORER DOLLAR REDUCES T H E WAGES OF LABOR.
A large pi'oportion of oui^ workingmen of mature years have had an
instructive experience that lowering the value of any so-called dollar,
legal tender of payment for their wages, is a lowering that is compensated to everybody else before compensation reaches them. It is a lowering that lifts the prices of all commodities before it Ufts the rate of
their w;ages. A cheaper dollar for workingmen of the United States
means a pooi-er dollar. The daily wages of oui' workingmen^ and w^orkingwomen are by far the largest, by far the most important, aggregate
of wealth to be affected by the degradation of the dollar, or of any legaltender equivalent of the dollar. All other aggregates of wealth, the
accumulations of capitalists, which can only obtain profitable use by
being tui^ned over daily in the wages of workmen and the employment
' of the captai ns of their industry, aU other aggregates of wealth which
remain unemployed in the payment of wages of the day, the month,
the year, are not to be compared in their sum to this gigantic sum. It
is this gigantic sum, the wages of labor, which is assailed by every policy
that would make the doUar of the fathers worth less than its worth in
gold. The debt of the United States, large as it is, is a wart beside that
mountain. If by defr-auding our feUow-citizens who,; directly, or indi2673 F — » i n
XXXIV ,REPORT OF THE SECRETARY OF THE TREASURY.
rectly through the savings banks, hold those iiromises to pay a dollar
on demand or in due season; if by letting the silver dollar fall below^ the
gold dollar, we could take a third off the burden of the public debt, much
less than ten dollars a head would thus be saved to the people of the
United States. How long would ten dollars apiece pay our working
men and women for the loss of a third off every dollar of their Avages*?
How long before they could get their wages raised enough to buy as
much as before?
TAXATION REFORM.
In another communication which accompanies this, my first annual
report, I have endeavored to iiresent a full and complete exposition
of the existing condition of the customs service, of the rules and regulations that I have established to secure a just, faithful, and impartial appraisement of imported merchandise, together with my reasons for
making such rules and regulations, and of the legislative measures,
which are now needed for improving that portion of the revenues. The
revision and changes of rates of duty made in 1883, have already disclosed, in practical execution, defects w^hich are commended to the early
attention of Congress.
Besides the reforms which are desirable for the effective administra
tion of any system of taxation levied through iniported nierchandise,
and are indispensable for the administration of customs laws which, like
our own, are a chaos rather than a system, I venture to hope that iiL
due season it wiU be the pleasure of Congress to consider some other
reforms upon w^hicli, as is requisite, all parties may agree, and that are
of a diff'erent scope. Like oui^ currency laws, our tariff laws are a legacy
of war. If its exigencies excuse their origin, their defects are unnecessary after twenty years of peace. They have been retained without
sifting and discrimination, although enacted without legislative debate,
criticism, or examination. A horizontal I'cduction of 10 per cent,
was made in 1872, but was repealed in 1875, and rejected in 1884.
They require at our custom-houses the employment of a force sufficient
to exainine, appraise, and levy duties upon more than 4,182 different
articles. Many rates of duty begun in war have been increased since,
although the late Tariff Commission declared them 'injurious to the
interests supposed to be benefited,'' and said that a ^' reduction w^ould be
conducive to the general prosperity." They have been retained, although the long era of falling prices, in the case of specific duties, has
operated a large increase of rates. They have been retained at an average ad valorem rate for the last year of over 46 per cent., which is but
RJEPORT OF THE SECRETARY OF THE TREASURY.
XXXV
2 J per cent, less than the highest rate of the war period, and is nearly 4
per cent, more than the rate before the latest revision. The highest
endurable rates of duty, which were adopted in 1862-4 to off-set
internal taxes upon almost every taxable article, have in most cases
been retained now froin fourteen to twenty years after every such
internal tax has been removed. They have been retained while purely
revenue duties upon articles not competing with anything produced in
the thirty-eight ^States have been discarded. They have been retained
upon articles used as materials for our own manufactures, (in 1884
adding $30,000,000 to their cost,) which, if exported, compete in other
countries against similar manufactures from untaxed materials. Some
rates have been retained after ruining the industries they were meant
to advantage. Other rates have been retained after effecting a higher
. price for a domestic product at home than it was sold abroad for. The.
general high level of rates has been retained on the theory of countervaiUng lower wages abroad, when, in fact, the higher wages of
American labor are at once the secret and the security of our capacity
to distance aU competition from ^^pauper labor," in any market. All
changes have left unchanged, or changed for the worse, by new schemes
of classification and otherwise, a complicated, cumbrous, intricate group
of laws which are not capable of being administered with impartiality
to aU our laerchants. As nothing in the ordinary course of business
is imported unless the price here of the domestic, as weU as of the
imported, article is higher by the amount of the duty and the cost of
sea-transit than the price abroad, the preference of the tax-payer for
duties upon articles not produced in the United States is justified by the
fact that such duties cost him no more than the Treasury of his country
gets. As for duties affecting articles that are also produced in the United
States, the first to be safely discarded are those, upon materials used by
our owm manufacturers, which now subj ect them to a hopeless competition at home and abroad, with the manufacturing nations, none of which
taxes raw materials. It is not to be doubted that in any reform which shaU
finally receiye the approval of the two Houses of Congress, they will
maturely consider and favorably regard the interests which can only grad^
ually and cai'efullybe adjusted, without loss, to changes in the legislative
conditions for their advancing prosperity. With this view, I have invited, in somie two thousand circular letters to our manufacturers and
merchants, their enlightened co-operation in the improvement of our
fiscal poUcy, and the repUes received wdll hereafter be submitted to
the consideration of Congress.
XXXVI
REPORT OP THE SECRETARY OF THE TREASURY.
REVENUE FROM CUSTOMS.
The reyenue from customs covered into the Treasury by
warrantfor the fiscal year ended June 30,1885, was.. $181,471,939 34
That for the preceding year Avas..........
'.. 195,067,489 76
Showing a reduction of
13,595,550 42
The following table shows the value of imported merchandise entered
for immediate consumption, includiug withdrawals from warehouses for
consumption, and the duties collected thereon during the last fiscal year
at the various ports.:
Y e a r e n d i n g J u n e 30—
1885.
•
1884.
DoUars.
102,912,234
386, G07,820
Dollars.
211,280,265
456,295,124
Totfl-l v a l u e of m e r c h a n d i s e . . .
579,580,054
667,575,389
Total d u t y collected
178,151,601
190,282,836
P e r cent.
• 40.014
30.'^38
P e r cent.
41 702
28.503
Dutiable mercliiindise
A v e r a g e a d v a l o r e m r a t e s of d u t y on—
Dutiable merchandise
Free and dutiable merchandise
The increase in the annual average ad valorem rate of duty on dutiable merchandise, from 41.702 per cent, in 1884 to 46.074 per cent, in
1885, has been caused mainly by the decline in the prices of goods subject to specific duties, upon which are imposed high rates of duty.
Among others, the following are conspicuous examples of a marked decline in price without a corresponding falling off in the quantity imported:
Sugar, nota;bove No. 13, Dutch standard, which declined in price Irom
^.46 cents per pound in 1884 to 2.5 cents per pound in 1885; molasses,
vvhich declined from 16.4 cents per gallon to 13.38 cents; clothing-wools,
ft'om 22.7 cents per pound to 19.7 cents; carpet-wools, from 12.43 cents
per pound to 10.55 cents; glycerine, fi'om 11.6 cents per pound to 6
cents, &c.
The values of the iniports for consumption of these five commodities
during 1885 were as follows:
Articles.
Glycerine
SiiS'fU", b r o w n
Molasses
W o o l , clothing*
Wool, carpet
Total
!
pounds.
pounds.
gallons.
pounds.
':pounds.
.
.
.
.
.
Quantities.
Value.
7,573,034
2,548,210,538
31,321,214
11,475,889
DoUars.
453,930
64,.320,170
4,190,242
2,262,824
5,947,495
56,;B39,530
77,174,601
REPORT
OF
THE
SECRETARY
OF THE
TREASURY. XXXVII
The values of these articles, computed at the prices of such imports
during 1884, would have appeared as follows:
Articles.
Glycerine
Suf^ar, not above 13
Molasses
Wool, clothingWool, carpet
;
pounds...
pounds...
gallons...
pounds...
pounds...
Quantities.
Values.
7,573,034
2,548,210,538
31,231,244
11,475,880
56,339,530
DoUars.
878,719
88,108,085
5,136,684
2,605,027
7,003,004
103,791,519
Total..
INTERNAL REVENUE.
The colhictions made under the internal-revenue laws from the commodities subject to taxation were, for the fiscal years ended June 30,1884 and 1885, as reported by the Commissioner of Internal Eevenue,
as follows:
Fiscal year ended June 30—
Objects of taxation.
Distilled spirits
Manufactured tobacco
Fermented liquors
Bank oirculation
Penalties, &c
Collections under repealed laws.
Total
1884.
1885.
$76,905,385 26
26,062,399 98
18,084,954 11
441 84
289,144 12
247,714 52
$67,511,208
26,407,088
18,230,782
25,000
222,081
24,360
121,590,039 83
112,421,121 07
63
48
03
00
19
74
[These figures differ from the amounts actually covered into the Treasur}^, as shown
by the covering warrants, tlie receipts showing the amounts collected, b u t n o t deposited,
during the lis(ial year, the warrants showing amounts actually covered into the Treasurj^ during the same time. ]
From the preceding exhibit it appears that the decrease of revenue fr-om
spirits during the last fiscal year was $9,394,176.63, and that on fermented liqnors the increase was $145,827.92. There was an increase in
the revenue from manufactured tobacco of $344,688.50.- The decrease
from ail sources is $9,168,918.76.
PRODUCTION OF SPIRITS.
The production of spirits during the last fiscal year is exhibited in the
following table:
"
,
Fiscal year ended June SO—
Kinds of spirits.
1884.
Bourbon whiskey
Rye whiskey
Alcohol
Rum
Gin...,
High wines
...^
Pure, neutral, or cologne spirits.
Miscellaneous
Total....
896,832
089,958
385,229
711,158
641,724
745,688
5.38,680
426,470
75,435,739
1885.
$12,277,750
5,328,043
13,436,916
2,081,165
639,461,
3,235,889
27,104,382"
10,811,757
74,915,363
XXXVIII REPORT. OF THE SECRETARY OF THE TREASURY. "
It cost to collect the internal revenue for the fiscal year 1885, including the expenses ofthe Commissioner's office, $4,455,430.27; about
3.9 per cent, of the aniount collected. The cost for 1884 was
$5,076,914.31, being 4.2 per cent, ofthe aniount collected.
Since I assumed office, the Department has, pursuant to request,
taken the opinion of the Attorney-General as to the duty ofthe officers
of Government in case the owners of distilled spirits bonded for export
failed to remove them from the warehouse wdthin the time named therefor in the bond. The Attorney-General gave an opinion, which made
strict enforcement of the letter of the bond appear to be the only law-.
ful course for the Department to follow; consequently instructions
were given to collectors of internail revenue, which resulted in payment
of the tax or exportation of the spirits within the time fixed by the
bonds.
The Department also, after due consideration, became convinced that
it had no authority to allow more time between the bonding of spirits
for exportation and the actual shipment of the same than was necessary
for that purpose in the ordinary course of business. Therefore, the
Umit of thirty days was restored in the Eegulations, that time being
deemed ample for all purposes of exportation.
All the opinions, orders, and letters above referred to are printed in
the report of the Commissioner.
In-my judgment, it is not necessary or well that the law should be as
it is in regard to the time for the collection of the tax upon distilled
spirits. Why drive this property from the country at large expense to
both Government and citizen, with benefit to neither'? I indorse the
recommendation of the Commissioner of Internal Eevenue as to an
amendment of the law which shall postpone the collection of this tax,
under certain conditions, until wdthdrawal for consumption.
I also concur in the recommendations of the Commissioner as to the
abolition of the office of inspector of tobacco, whose fees are an umiecessary tax upon business; as to the exportation of tobacco-under regulations prescribed by the Commissioner of Internal Eevenue and approved
by the Secretary of the Treasury; and as to the taxation of fractional
parts of the gallon of distilled spirits.
The reasons given by the Cpmmissioner for an increase in the number
of internal-revenue agents are strong. I beUeve that such increase
should be authorized.
PUBLIC MONEYS.
.
,
The monetary transactions of the Government have been conducted
through the offices of the Treasurer of the United States, nine assistant
treasurers, and one hundred and forty-one national-bank depositaries.
REPORT OP THE SECRETARY OF THE TREASURY. XXXIX
The'gross receipts of the Government^ amounting during the fiscal
year, as shown by warrants, to the suni of $568,887,009.38, ($245,196^303
of which weie on account of loans. United States notes, and certificates
and ,conversion of'refunding certificates,) were deposited asfqllows'':'
In the Treasury and sub-treasuries ........
In natioiial-bank depositaries:.........
......:.... $451,210,995-09.
117,676,014 29
Owing to the large movement of moneys cB-used by the exehange of
standard silver dollars for silver certificates, the deposits-of legal tenders in exchange for like certificates', and the redemption of fractional ;
silver coin, the duties of the officers and employes of the different
sub-treasuries have greatly increased, and 1 would, therefore, recom- >
mend that inquiry be made by Congress as to the present condition of
tliese offices, and such method of reUef be adopted as may be deemed
proper.
,.
.
^ ^
Thetransactions with the national-bank depositaries have been made ;
with great economy to the Treasury and to the entire satisfaction of its
•officers. •/
/../;.
^ • . '.
•'
. : ' : • • ^\ • •- ^'
• UNAVAILABLE'FUNDS.
With a view to securing needed legislation on the subject, the at- ^
tention of Congress is called to the various items included iii'the Treasurer's cash balance, as shown on page 1§ of his report for the fiscal year
1885, which have from time to time become unavailable by, reason of/
the deposit of surplus revenue with the several States under act of 3Fune
23, 1836, and from the failure of public officers and depositaries to paX
over to the United-States moneys intrusted to them for safe-keeping,a^"^
disbursement.
./
-^ All money m the Treasuryy wherever it may be deposited or pl^'
for disbursement or custody, is charged to the Treasurer of the ?"
States,.and while it is obvious that this money may be lost witho'''^
on his^part, by robbery, accident, defalcation of a subordinaf
. Qiisconduct of depositaries having it in charge, or otherwise
responsible, and is charged with it the same as if the fundr
own vault instead of being deposited elsewhere. These itf
appear as a charge against* the Treasurer only because of'
which the accounts are ne.cessarily kept; but as no chaF
without legislation, it is deemed proper to bring the'
tention of Congress for appropriate action.
A full history of all the facts involved in conne
elicits will be prepared and submitted to Congres'
session.
X L . ' ' EEPOET OI^. THE- SECRETARY \ 0 F THE'TBE AStJEIT,;- .
DEPOSITS AT T H E MINTS, COINS AND COINAGE. .
The value of the gold deposited at the mints and assay offices during
the fiscal year 1885 was $56,748,752.60, including Te:deposits of the value
of $3,854,677.51. The coining value of the silver deposited for bars and
purchased for coinage was $38,082,222.87, which included $1,292,447.95
of re-deposits.
,
. ^
^
The coinage executed was as follows-=-of gold, $24,861,123.50; of
silver dollairs, $28,528,552; of subsidiary silver, $320,407.65; and of
minor coins, $527,556.80—a total of $54,237,639.95.
:In addition to the coinage there were manufactured at^the niints
and assay offices gold bars of the value of $32,027,463.02, and silver
bars valued, at the coining rate of silver, at $9,549,313.37:—a total o/
$41j576,776.39/,': ^ .' '. '• ' ' • - ...^ ^. . f ^ '
;...;',
The amount of silver purchased for the coinage of the silver dollar
during the year was 24,212,412.90 standard ounces, costing $23,747,460.25.
The average price paid for silver during the year was $1.0897 per
ounce fine, equal to $0.98079 per ounce standard. The average London
price during the year was $i. 09261 per ounce fine, and the average ISTew
York price $1.09117 per ounce fine.
The silver used in the coinage of subsidiary silver consisted of the
balance on hand at the Mint at Philadelphia at the commencement of
the fiscal year, and of silver transferred from the Assay Office at ISTew
^ York, together with uncurrent silver.coins of the value of $239,548,
t a n s f e r r e d from the treasury for that purpose.
; .^
, rhe seignorage on the coinage of silver dollars during the year
' 4 $4,355,278.84, and on subsidiary silver $10,197.61-ra totah of
^^: "^65,476.45. ,
^ ^
. ' : ,
"/.;
; -> earnings of the mints from all sources, including seignorage, was
,218.16. Expenses from appropriations, including $156,942.22
> general appropriation of the act of February 28, 1878, were,
' ;.29. .Adding thQ cost of acid refineries ($210,654.44) at the
' V ^ts and at the Assay Office at I^ew York, together with the
\jbution of coin, ($79,^06.69,) and technical losses, makes
c nses and losses of all kinds $1,585,256.77. ;/ t h e United States were estimated by the Director of the
' ^Ided, during the calendar year 1884, precious metals
' 000, as follows—namely, gold $30,800,000; silver at
i8,800,000.
" unt df gold and silver coin in the United States on
"^ ^5, was $820,000,000, $542,000,000 of which con• $278,^00^000 of silvereptn, :
. : '•
REPORT OF THE SECRETARY OF THE TREASUEY,
XLI
In addition to the coin in the country there was in the mints and
assay offices at the same date gold and silver bulUon of the value of
$71,501,682. Thus the entire stockof coin and bullion available for
coinage in the country at that date was about $892,000,000.
The report of the Director of the Mint exhibits, in detail and in
tabulated statements, the operations of the mints and assay offices. It
also contains, along with other contributions on the subject of coins,
coinage, &c., valuable information received through the representatives
of this Govc^rnment abroad in regard to the production, consumption,
and stock of gold and silver in the different countries of the world. ,
The Director also calls attention to the imperfect facilities afforded
certain of th(3 inints and the Assay Office at ISTew York in the way of vaults
for the safe custody of the large amounts of coin and bullion now stored at
those institutions. It appears that the security ofthe public moneys at the
mints depends more upon the integrity and efficiency of guards and patrols by night, and the presence of officers and employes by day, than
upon the construction of the vaults with a view to their safety.
' The Director has also instituted a system of accounts between the superintendents and the several departments of the mints, for the purpose of
showing in 2> more business-like manner than previously the actual expenses of ea(3h department under properly-classified heads. The absolute and comparative cost of production at the several institutions will
thus be exhibited for the first time since the organization .of the Bureau
of the Mint.
The cost of coinage at the mint at Carson being largely in excess of the
cost at other coinage niints, and the expenses of distribution of coin
likewise being excessive, i t w a s in May last deemed advisable to discontinue all coinage at this mint and to reduce accordingly the force of
officers and operatives. Since the first of June this institution has
been conduct;ed as an assay, office. Its business as such havdng proved
insignificant, orders were given in IN'O vember for fhe discharge of "the
entire force except the superintendent and four watchmen, who are retained for the proper custody of the building and appurtenances. Thus
a saving wdll be made of over $100,000 per annnm.
A large reduction of force has also been made since the. first of July
at the Mint at San Francisco, aggregating a saving of about $47,000 a
year in wages of workmen.
BUREAU OF ENGRAVING AND PRINTING.
Since March 1, 1885, the number of persons employed in the Bureau
of Engraving and Printing has been reduced from 1,145 to 886, In the
same time its expenses have been reduced at the rate of raore than
XLII
REPORT OF THE SECRETARY OF THE TREASURY,
$120,000 a yfi^ar without in any degree impairing its productive capacity.
This has been accomplished by revising and simplifying its methods of
doing business, by extending the hours of labor to eight hours a day, as
required by law, and by discharging inefficient and superfluous einploy6s. The appropriation of $55,000, made b y t h e act of March 3,
1885,1sq supply an expected deficiency in the appropriation for'that year,
was not drawn upon, and $18,021,30 of the original appropriation was
returned to the Treasuiy, making an aggregate saving of $73,021.30 in
. the amount appropriated. The expenses of the Bureau during the current fiscal year have been still further reduced by the cessation of the
printing of one and two doUar United States notes. Since July 1,1885,
the average monthly expenses have been about $18,600 less than the
appropriation.
Conforming to the wdse poUcy pursued by Congress of late years in
making appropriations for nearly aU other branches of the pubUc service in Washington, the Secretary submits specific estimates for all the
expenses of the Bureau of Engraving and Printing for the fiscal year
1887, fixing the number and salaries of the persons who may be employed and the amount which may be expended for plate printing and
for materials. By thus Umiting the number of employes, any possibility
of unduly increasing the force wiU be avoided, while the status of the
bureau as a part of the regular organization of the Department will be
definitely fixed. The amount estimated for'is $124,498.70 less than the
quantity of work which it is proposed to produce would have cost at the
rates which prevailed in the last fiscal year. In the absence of any
action by Congress on the subject, it has been assumed in making the
estimate that the printing of one and two dollar notes will be resumed
at the usual rates. Should it be decided to discontinue those denominations, the appropriation should be proportionately reduced.
It is the desire of the Secretary to improve the artistic quality of the
work produced by this establishment. As one of the steps to this end,
the use of the patent lettering has been discontinued. The plates
heretofore made cannot be discarded at once wdthout great expense, but
it is the intention from time to time, as opportunity occurs, to replace
them wdth new plates engraved from fresh and artistic designs.
NATIONAL BANKS.
During the year ending IS'ovember 1,1885, one hundred and forty-five
banks have been organized, with an aggregate capital of $16,938,000.
Circulating notes have been issued to these new associations amounting
to $4,274,910. These banks are located by geographical divisions, as
follows:' Eastern States, 4 banks, with capital of $400,000; Middle
REPORT OF THE SECRETARY OF THE TREASURY.
XLIII
States, 20, wiiii capital of $2,895,000; Southern States, 21, with capital
of $2,425,000; We^stern States, 76, with capital of'$9,473,000; Pacific
States, 8, wdth capitalof $725,000; Territories, 16, with capital of
$1,020,000.
Since the establishment of the national-banking system, on February
, 25,1863, there have beeii organized 3,406 national banks. Of these, 432
have gonejnto voluntary liquidation for the purpose of winding up their
affairs; 79 have gone into voluntary liquidation for the purpose of reorganization ; 64 are in liquidation by expiration of their charter, of which
number 38 have been reorganized, and 104 have been placed in the
hand^ of receivers for the purpose of closing up their affairs, leaving
the total number in existence 2,727, on IsTovember 1, 1885, which is the
largest number that has been in operation at any one time.
. The following tabl e exhibits the resources and liabilities of thie national
banks for elev(m years, at nearfy corresponding dates, from 1875 to 1885,
inclusive, as reported by the banks:
O c t . l , Oct. 2, O c t . l , O c t . l , Oct. 2, O c t . l , O c t . l , Oot. 3, Oct. 2, Sep.30, O c t . l ,
1880.
1875.
1879.
1883.
1878.
1877.
1881.
1885.
1882.
1884.
1876.
2,053 2,048 2,090 2,132 2,269 2,501 2,664 2,714
2,087 , 2,089
banks,!banks, banks, banks. banks, banks, banks, banks, banks. banks, banks,
RESOURCES.
"'
Millions,
984.
Loans
:
B o n d s for c i r c u l a t ' n . 370.3]
Other U.S.bonds... .
28.1
S t o c k s , b o n d s , &c... .
33.5]
D u e f r o m b a n k s . . . . 144.
4.2.4|
Real estate
8.1
Specie.....'^
76.51
L e g a l - t e n d e r notes...
N a t i o n a l b a n k notei;
18.5
C, H . e x c h a n g e s
87.9
U. S. cert, of deposit.,
48.8
D u e f r o m U . S. T r e a s . !
19.6|
Other resources...
19.1
Totals
llllJODS.
Millions. Millions. Millions.
Millions.
834.01
931.3] 891
347.61
337.2 336
45.01 94.
47.8
36.91
34.5
34.4
146.9 129.9 138.9
46.71
45.2
43.1
30.71
22.7
21.4!
64.4
66.9
84.2!
16.91
15.91 15.6
82.4
74.5
100.0
32
33.4
29.2
16.5|
16.0
16. l\
24.9
28.7
19.1,
878.
357.
71.
39.
167.
47.
42,
69,
16.
113,
26.
17,
22.
1,041.011,173.81 1,243.2! , 309.2
357.8 363.3 357.6 351.4'
56.5
37.4
43.6
30.761.9|
66.2
48.9
71.1;
198.9 208.91
213.5 230.
47.3|
40.5
48.0
48.3
109.3 114.3 102.9 107.8
53.2|
63.2|
56.6
70.7
17.7
20.
18.2
.22.7
121. l | 189.21 208.
90.4
6.7
•8.7|
7.
10.0
17.5
17.2
17. ll
16.6
26.2
28.9
23.0
28.9
jl, 882.2111,827.2il, 741.11 1,767.31
,245.3 ,306.1
327.4 307.7
30.4
31.8
71.4
77.5 .
194.2 235.3
49.9
51.3
128.6 171.9
77.0
69.7
23.3
23.1
84.9
66.3
18.8
14.2
14.9
17.7
33.8
2,105.8i2,358.4 2,399.8,2,372.7|2,279.5,2,432.9
LIABILITIES.
Capital stock
Surplus fund
U n d i v i d e d profits.
Circulation
Due to depositors.
Due to b a n k s
O t h e r liabilities....
Totals
504.8
134.4
53.0
319.11
679.4]
179.7
11.8
499.8 479.5 466.2
132.2 122.8 116.9
46.41 44.51 44.9
292.
291.9| 301.9
666.21 630.4 668.4
179.8 161.6 165.1
10.6
10.4
7.9
ll, 882.2 1,827.2 1,741.11,767.3
454.1
114.8|
41
313.8|
736
201.21
6.7
457.6 463.8
120.5 128.1
46.1
56.4
317.3 320.2|
887.9111,083.1
267.9 294.91
8.5
11.9
483.1 509.7
132.0 142.0
61.6
61.2
315.0 310.5
, 134.9 ,063.6|
259.9 270.4
14.9|
13.7
2,105.8 2,358.4 2,399.8
524.
147.
63.
289.
993.
246.
15.
527.5
146.6
59.4
269.0
1,120.1
299.5
10.8
;72.7 2,279.5112,432.9
The corporate existence of 864 national banks expired during the year
ending I^ovember 1, 1885, of which 801 have been extended under the
act of July 12,1882. Forty-eight have permitted their corporate existence to expire, and are in liquidation under section 7 of said act, (32 of
which have been succeeded by other banks located in the same places.
XLIV
REPORT OP THE SECRETARY OF THE TREASURY.
and with nearly the same shareholders,) and 13 have been placed in
voluntary liquidation by vote of shareholders owning two-thirds of their
stock, of which 7 w^ere succeeded by other banks. The remaining 2
became insolvent, and were placed in the hands of receivers. The corporate existence of 14 national banks, with an aggregate capital of
$4,450,000, have expired and will expire during November and December of this year, and the corporate existence of 18 national banks, with,
an aggregate capital of $3,135,000, will expire during 1886. Foiii^
national banks, with an aggregate capital of $600,000, have failed and
been placed in the hands of receivers during the year.
Under the provisions of the act of July 12, 1882, national banks with
a capital of from $50,000 to $150,000 may be organized upon a minimum
deposit of United States bonds equal to 25 per cent, of such capital.
The mininium deposit of bonds required by law^ to be made by banks
with a capital of upwards of $150,000, is $50,000. The following table
shows, the number of banks organized from J u l y l , 1882, to July 1,1885,
their capital stock, amount of bonds deposited in accordance wdth law,
and the circulation issued thereon:
Si
2 ^
Year.
'•2 flfl c 3
fl o
CJ o
&-'
July 1, 1882, to J u l y 1, 1883
J u l y l , 1883, to .July 1, 1884
J u l y 1, 1884, to July 1, 1885
251
218
142
$26,552,300
19,944,000
15,205,000
$5,155,500
4,010,000
3,061,250
$7,116,400
4; 076,100
3,a32,800
Per ct.
28
14
$6,404,760
4,208,490
2,999,520
According to law the least amount of bonds that the national banks
in operation October 1, 1885, could deposit, w^as $80,970,423. During
the year the amount of bonds on deposit to secui?e circulation diminished
$16,951,750, the total l^ovember 1, 1885, being $308,364,550. The ^
amount of notes in circulation diminished $15,545,461, the total JSTovember 1, 1885, being $315,847,163, as show^n by the books of the Comp-'
troller of the Currencj^ From this amount should be deducted the
law^fnl money on deposit with the Treasurei? of the United States,
$39,542,979, leaving $276,545,461 outstanding.
The report of the Comptroller of the* Currency, in addition to the
above facts, contains much useful and interesting information.
IMMICRATION.
The administration ofthe ^^Act to regulate immigration,'' approved
August 3, 1882, has, in the main, been attended with satisfactory results
duiing the last fiscal yeai\
,
^
REPORT OF ,THE SECRETARY OF THE TREASURY.
XLV
' . The receipts of capitation-tax for the fiscal year ending June 30, 1885,
were $176,094, and the expenditures for the same period, $125,538.58.
By the so-called ^^Shipping Act,'' of June 26,1884, section 22, the
coUection of such tax was, in practical effect, discontinued as to immigrants coming by vessel from foreign contiguous territory. It is estimated, however, that the reduction in the amount of collections of immigrant-tax occasioned thereby, did not, for the last fiscal year, exceed
twenty thousand dollars. On the other hand, the receipts have been
very considei-ably augmented since the Department, by decisions in May
and June last, adopted—in accordance with an opinion of the AttorneyGeneral—the rule of construction, that under the immigrant aict of
August 3, 1882, the tax is collectible, not onlj;^ fbr hona-fide immigrants,
but for all alien passengers, including tourists and other sojourners,
and on each irecurring arrival of any' alien.
The commissioners of immigration who had previously been employed
under contract, in pursuance of law, to car'e for the local affairs of
immigration at the principal ports for which they were respectively
designated, have continued in the exercise of .their functions during the
past year. At the following ports commissioners of immigration are
now employed, namely: Portland, Me.; Boston, l^ew York, Philadelphia, Baltimore, Key West, Galyeston, and San Francisco.'
It is to be i-egretted that the law, as construed, does not empoAver the
Department, at its own instance, to establish immigration commissions
without being' required to have the co-operation of other agencies not
within its control. Under the present system, it is necessary to the
creation of such a commission at any particular port, that the Governor
of the State wherein^ such port is, vShall first designate some suitable
persons, or sc>me local organization, leaving it with this Department to
accept (by contract) or reject, t^he parties so designated. As a consequence, in one or two instances, the efforts of this Department to establish such cominissions have been without avail.
It is recommended that the existing law be so amended that all commissions, or officers, to be charged Avith the care of immigrants at the
several ports, be appointed directly by the Secretary of the Treasury,
and that t h e j be held immediately responsible to him for the ^proper
performance of their duties; or, if this recommendation be not adopted,
that, at least, the Secretary of the Treasury be empowered to designate
customs offic(^rs to serve as commissioners of immigration at ports for
which no designations have been made by the Governor of the State
where they are respectively located, also at all the smaller ports where
the arrivals of immigrants are not in such numbers as to warrant the
establishment of commissions.
XLVI
REPORT OF THE SECRETARY OF THE TREASURY.
Considerable difficulty has been experienced in procuring the deportation of aUens ofthe classes prohibited by law from landing. It has
been found to be a matter of convenience, if not of necessity, to all
concerned, that the examination of immigrants, particularly at' the
principal ports where they frequently arrive in large numbers at
one time, should be made at some convenient place on shore. At
some of the ports, particularly at ]N"ew York, the steamship companies
bringing passengers, were disposed to resist the demand for the return
of such of the immigrants brought here by them as were found on such
exainination to be of the classes of whom the law says that they ^^shaU
not be permitted to land.'' Such resistance was on the ground that
the immigrants had, in a literal sense, been permitted to land, and
were consequently beyond the operation of the provision of law for the
deportation of the proscribed classes. This difficulty was disposed of,
however, by a ruling of the Department that the landing of immigrants
at a place under the control of the commissioners, for the purpose of
having an examination made to determine whether they were or were
not prohibitedfr-omlanding, was not to be considered such a permission
to land as would relieve the steamship companies from the responsibiUty of deporting such as were found on such examination to be of the
proscribed classes. In furtherance of the same end, bonds have been
taken by the Commissioners of Emigration at isTew York, from the
steamship companies represented at that port, conditioned for the return of such aliens as are found to be proscribed.
'
The question is presented for consideration, whether, under a rigid
construction of the immigrant law, all aUen lunatics and idiots should
be prohibited from landing, irrespective of whether they are or are not
Uable to become a pubUc charge. For instance, where an idiot child
arrives here in charge of parents, both able and wiUing to care for it, it
may be questioned whether ^it is in harmony with the general spirit and
intent of our immigration laws that the parents may be permitted to
land only on condition that they abandon their idiot child, who is all
the more in need of parental care by reason of its infirmity.
It is recommended that further legislation be had, to the end thatthe
intent of the law in this regard may be made clear and free from aU
ambiguity.
. The drafb of a bill will soon be presented to Congress amending the
existing immigration act, in which wiU be embodied such provisions
as, in the experience of the Department, seem to be required to make
the supervision of immigration effective and of benefit to the country.
REPORT OF THE SECRETARY OF XHE TREASURY:. XLVII
. Statement of collections and disbursements on account of expenses gf regulating immigration
during year ending June 30, 1885. ^
Ports.
Barnstable
Baltimore
Boston
Cape Vincent
Chica.s:o
Detroit
Duluth
Galveston
Gloucester
Key Weet
Mobile
New Bedford
New Haven
New York
New Orlean.s
Philadelphia
Pensacola
....
Portland and Falmouth
San Francisco
Superior
Willamette
Receipts.
S34
7,968
9,468
1
2
50
00
50
50
00
50
9 00
485 50
2 00
1,700 00
6.00
190 50
6 50
141,988 50
1,068 00
11,110 50
19 50
423 00
1,579 50
22 50
8 00
Aggregate
176,094 00
E.xpend itures.
§o,386 95
3,340 20
404 56
"1,119*95
108,507 60
31 00
6,465 82
192 50
125,538 58,
REVENUE MARINE.
The vessels ofthe service now number thirty-nine, manned by 1,027
officers, cadets and men. The foUowing is a statistical summary of its
business for the past year:
Aggregate number of iniles cruised by vessels
,
312,569
dumber of merchant vessels boarded and examined
24,481
N"umber of merchant vessels found violating law in some
particular, and seized or reported to proper authorities..
1,425
Fines or penalties incurred by vessels so seized or re.
ported
I
$604,515 55
Number of ve^ssels in distress assisted^
274
Yalue of vessels and their cargoes imperilled by the sea
to which assistance was rendered
$5,568,043 00
Number of persons on board vessels assisted
"
2, 542
Sixty persons were picked out of the water and saved from drowaning.
In the performance of special work, the vessels upon the Atlantic and
Gulf coasts and the Great Lakes have rendered important service in
maintaining patrol against the infection of cholera and yellow-fever
through incoming vessels, and in co-operating wdth national and State
quarantine organizations.
In the work of inspecting life-saving stations, instructing their crews,
and conveying suppUes and outfits, the vessels have been cruised an
aggregate of 15,573 miles.
The Alaska,n work of the service for the past season has been particularly important. Captain Healy, with.his command, tbe steamer
XLVIII REPORT OF THE SECRETARY OF THE TREASURY.
^^ Corwin," having operated with much activity in the waters of Alaska
and t h e Arctic Ocean. ^ He covered in his cruising the Aleutian Islands,
to afford protection to the seal-fisheries, assisted five of the Arctic
whaling fleet in distress, and succored and brought away fifty-nine persons who were either shipwa-ecked or mthout means of transportation.
He also prosecuted important woi'l^s of soi'vey on our extreme northern
coast.
The steamer ^^Bear," which Congress authorized to be transferred to
this Department for duty in the waters of Alaska, has been placed in a
condition of efficiency and despatched to San Francisco, from which
port she will be cruised next year to the northwestern waters.
Several vessels of the service have been overhauled in hulls and machinery and thoroughly repaired.
The revenue-marine steamers ^*McLane'' and '^McCulloch," stationed at southern ports, are in need of extensive repairs. The firstnamed, not originally designed for the service, was lightly built/ when
new; she is now old, worn-out, and unworthy of repairs. Eecommendation is made-that the sum of $85,000 be appropriated to replace this
vessel with a new one, Eecommendation is also made for a new steamvessel for duty in the harbor of New^ York, for which the sum of $50,000
will be required.
LIFE-SAVING SERVICE.
The usual beneficent results have attended the operations of this Service during the year.
The number of stations in comniission at the close of the year was
203. The number of disasters to documented vessels reported by the
district officers to have occurred wdthin their field of action is 256. The
.number of persons on board these vessels was 2,206; of whom 2,196
were saved and 10 lost. The value of the property involved is estimated at $4,604,455; of which $3,352,760 was saved and $1,251,695
lost. The number of vessels totally lost was 56. There were, besides,
115 disasters to smaller craft, such as sail-boats, row-boats, &c., onwhich
were 233 persons, 232 of whom were saved and 1 lost. The value of
property involved in these minor disasters was $29,925, of which $26,823
was saved and $3,102 lost. The followdng is the aggregate:
Total number of disasters...
Totalvalue of property involved.
total value of property saved
total valueof property lost
Total number of persons on board
Total number of persons saved
:
371
$4,634,380
$3,379,583
$1,254,797
2,439
2,428
REPORT OF THE SECRETARY; OF THE TREASURY.
Total
Total
Total
Total
number
number
number
number
of
of
of
of
persons lost
.-..
shipwrecked persons succored at stations.. ,
days' succor afforded
vessels lost
XLIX
11
568
1,686
56
In addition to the persons saved from vessels, as above stated, 37
others were rescued, who would probably have perished wdthout the
aid of the Ufe-saving crews. Some of these were taken from the water
into'which they had faUen from piers, wharves, &c.,' and the remainder
from isolated cribs, and similar situations, where they were in imminent peril of being swept away by storin-tides and inundations.
In every instance of loss of life a thorough investigation was had,
which in each case proved that the life-saving crews were blameless, and
the fatality beyond human prevention. The loss of life above stated is
smaller, with one exception, than that of any preceding year^ notwithstanding the extended scope of the service. The number of persons lost
in the year 4880 was but nine. The service then contained, however,
but 179 stations, while twenty-four stations have since been added, in
localities especially selected on account of their dangerous character.
The assistance rendered in saving vessels and cargoes has been iih
usually large, 366 having been aided in getting afloat when stranded;
repaired when damaged, piloted out of dangerous places, and otherwise;
assisted by the Ufe-saving crews. This number is larger than in any
previous year except the last preceding.
Thefe were besides 204 instances where vessels running into danger
of stranding in the night were warned off by the signals of the patrols,
most of them thus being probably saved from partial or total loss.
The cost of the maintenance of the service during the year was
,$828,474.43.
'
•
—
Since the date of the last report a station has been established and put
in operation at the mouth of the Portage Lake and Lake Siiperior ShipCanal, Michigan, and three others, one on Morris Island, South CaroUna, one at Jupiter Inlet, and. one on Santa Eosa Island, Florida, have
been built and wiU soon be put in commission. On the; latter coast
three houses of refuge have also been built, and two others are in process
of construction. There are, besides, under contract for construction, a
station at Frankfort, one at Pent Water, one at White Eiver, one at
Holland, one at South Haven, Michigan, and one at Sturgeon Bay
Canal, Wisconsin. Two stations have also been rebuilt, one at Bay
Head and the other at Atlantic City, both on the coast of New Jersey ;
and extensive repaii:s and improvements have been made to several stations on various parts of the coast. The wise requirement of sectioii
2673 F
IV
L
REPORT OF THE SECRETARY OF THE TREASUEY.
10, chapter 117, Laws of 1882, 'Hhat the appointment of district superintendents^ inspectors^ and Jceepers, and crews of life-saving stations, shalV
he made solely v/ith ref erence to their fitness, and vMhout reference to their
•political or party affiliation,'^^ tends to secure men best fitted for the exceptional duties of the service, and assures them of retention regardless
of party conflicts.
MARINE-HOSPITAL SERVIOE.
The Supervising Surgeon-General reports that during the fiscal year
ended June 30,1885, 41,714 patients received reUef, 12,803 were treated
in hospitals, and 28,911 at the dispensaries; 280,406 days' relief in hospitals were furnished.
The receipts fr-om aU sources were $396,852.59, and the expenditures
$401,543.03. This does not include the expenses for ^^Alterations and
repairs to hospital buildings, $20,000," '' Fuel, Ught, and water, $32,000,''
^^ Furniture and repairs to furniture, $15,000," which were paid for out
of special appropriations.
An estimated deficiency was submitted to Congress for an appropriaation amounting to $140,000. This estimate was based on the colleptions of tonnage-tax up to the time of submitting the estimate, but it
appeared that in the latter half of the year the tonnage-dues largely increased, owing to the taking out of documents at the beginning of the
season of naAdgation. The appropriation, therefore, has proved to be
$98,000 more than was necessary for the needs of the year. This balance remains unexpended, andwiU, under the operation ofthe statutes,
be covered into the Treasury in due course. It is estimated that the
deficiency in the tonnage-tax wiU this year amount to $42,000, and that
amount will be requested.
In addition to suppUes furnished to the Marine-Hospital Service in
general, the vessels of the Eevenue-Marine Service and the various
quarantine stations have also been suppUed from the purveying division
of the bureau, and reimbursement made from the appropriation for
those services. Two examining boards were convened during the year
forthe examination of appUcants for admission into the service, and
five candidates who passed the examination successfuUy were appointed
assistant surgeons, taking rank in the order of merit in each class.
This ^^merit system" has been foUowed since 1873, and has brought
into the service professional qualifications of high order. The number
pf medical officers is stiU inadequate for the necessities of the service.
The country has been spared an epidemic, notwithstanding the
gloomy outlook of the last year, and the quarantine service of the IJnited
States has been continued under the management of this bureau as for
REPORT OF THE SECRETARY OF THE TREASURY.
LI
the past three years. Additional interest is given to its operations by
reason of the extensive epidemic of cholera in Spain and France, and
more recently to the outbreak of a severe epidemic of small-pox in Canada.
'
Aid has been furnished to the State of Michigan, upon the request of
the governor, by the appointment of .sanitary inspectors, to prevent as
far as possible the introduction of small-pox into that State. The aidceased September 18, when the State appropriation became available.
Similar service is now maintained on the border in aid of the States ,
of Maine, Yermont, and New York, in accordance with apphcations
made by the governors of those States.
YeUow-fever appeared on the west coast of Mexico with the same
malignancy as last year, and greatly devastated the towns and viUages
in the country adjacent to Guaymas and HermosiUo. An inspector has
been appointed to board the trains coming into Arizona at the border.
The recommendations of the Surgeon-General in regard to the establishment of a hospital at the port of New York, the construction of suitable warehouses and quarantine buildings, and for the enactment of a
statute in regard to the appointment of medical officers, are concurred
in, and the zeal and efficiency of the officers of the service are commended.
The annual report of the Supervising Surgeon-General, giving the
operations of the service in detail, is herewith transinitted.
STEAMBOAT-INSPECTION SERVICE.
The personnel of the Steamboat-Inspection Service on the 30th of
June, 1885, was composed of one hundred and forty-eight officers, clerks,
and messengers, as foUows: One Supervising Inspector-General, ten
supervising inspectors, thirty-six local inspectors of hulls, thirty-seven
local inspectors of boilers, eight assistant inspectors of hulls, eleven
assistant inspectors of boilers, one assistant inspector for the .examination of life-preservers, sixteen special inspectors of foreign steam-vessels,
four clerks to Supervising Inspector-General, twenty clerks to local
boards, two clerks to special inspectors of foreign steam-vessels, one
, clerk and messenger attached to the office of the supervising inspector
at New York, one messenger, office Supervising Inspector-General.
The offices of Supervising Inspector-General, supervising and local
inspectors of steam-vessels, are organized under the act of Congress,
approved February 28, 1871, now Title 52, Eevised Statutes.
The Special inspectors of foreign steam-vessels are organized under
the act of Congress amending section 4400, Title 52, Eevised Statutes,
approved August 7^ 1882.
REPORT OF THE SECRETARY OF THE TREASURY.
LII
Statistics of this service for t hI last fiscal year.
Steamers inspected.
Divisions.
Western rivers
Gulf coast
'.
;
-'-
Total.'
Increase in number of vessels inspected
Increase in tonnage
Increase in number of officers licensed
•:
Officers
licensed.
Tonnage.
114,430.72
450,667.45
183,657.64
' 292,837.66
56,772.18
1,777
10,220
5,544
5,509
2,185
5,638 1,098,365.65
25,235
404
2,531
944
1,365
394
185
25,014.15
387
•
Eeceipts.
From inspection of steam-vessels.
From sales of Ucenses
$98,851 35
12,617 50
Total..
111,468 85
Expenses.
Salaries of inspectors and clerks
Travelling and miscellaneous expenses
Marshal and witness fees
Eefund, excess of inspection-fees collected
$207,300 00
42,153 22
684 95
152 90
Total.......
250,291 07
Excess of expenditures over receipts
;
$138,822 22
Unexpended balance in the Treasury standing to the credit
of the Steamboat-Inspection Service June 30, 1885
$433,444 48
^Accidents resulting in loss of life, and number of lives lost during the fiscal year.
Character of accident.
I?
"^-^
Fire....,
Explosions or accidental escape of steain ,
Collisions
Snags, wrecks, a n d sinking
Accidental drowning
Miscellaneous causes
1
41
11
21
55
^4
Total.
Number of lives lost in 1884
Decrease in 1885
,
: 271
..,.,,,...,..,.. 138
REPORT OF THE SECRETARY OF THE TREASURY.
1/
-
LIII
•
•
Inspection of foreign steam passenger-vessels, under the act of Gongress
approved August 7, 1882.
At
At
At
At
At
At
New York, (including one inspection on the lakes)
117
Boston, (including ten inspections at Portland, Me.)
25
Philadelphia, (including forty-seven inspections on the lakes)... 54
Baltimore
13
NewOrleans
13
San Francisco
:
5
Total
Increase in number of vessels inspected
:
The expenses for this service have been as follows:
For salaries
For contingent expenses
,
227
5
$34,613 02
2,028 61
Total expenses
36,641 63
Since the close of the fiscal year, reductions have been made in the
force of inspectors of foreign steam-vessels, by which the expenses of
that service will be reduced $17,000 per annum, or 50 per cent, of the
whole salary expense of that service, wdthout in any manner affecting
its general efficiency.
The loss of life on steam-vessels for the fiscal year is beUeved to be
the minimum loss yet recorded, and is but one to each forty-three steamvessels inspected, as against one to each three steamers inspected in
1851, the year previous to the enactment of the steamboat law of 1852.
The number of passengers carried during the last fiscal year approximated 600,000,000, as against about 300,000 in 1852.
The present steamboat laws are beUeved to be all that is required to
protect the travelling public from the dangers of steani navigation.
The aittention of Congress is, however, called to the advisabiUty of
modifying the provisions of section 4405, Title 52, Eevised - Statutes,
which require the Board of Supervising Inspectors to meet annually
in the city of Washington, D. C , for the purpose of making rules and
regulations for the inspection service.
' .
The result of such compulsory annual meeting is a constant change of
the rules, which changes are often hastily considered and frequently
impracticable,- causing the Department much additional correspondence
in explanation thereof, besides keeping the steaniboat interests of the
country in a constant state of uncertainty as to the rules and regulations
which are to govern them. AU the objects of the steamboat laws could
be fully accomplished by leaving the time and place of meeting of the
board to the discretion of the Secretary of the Treasury.
LIV
REPORT OF THE SECRETARY OF THE TREASURY.
It is therefore recommended that section 4405, Eevised Statutes, be
amended by striking therefrom the following words where they occur,
beginning in the second Une and ending in the fourth line thereof, namely:
^^Once in each year, at the city of Washington, District of Columbia, on
the third Wednesday in January, and," also striking out the word
^^other," after the word ^^such," in the fourth line, so that the section
shall read, when amended, as follows: '' The supervising inspectors and
the Supervising Inspector-General shall assemble as a board, at such
times as the Secretary of the Treasury shaU prescribe, for joint consultation," &c.
THE LIGHT-HOUSE SERVICE.
The Light-House Board reports the changes in aids to navigation
shown ih the foUowing table:
J u n e 30, June 30,'
In1884.
1885.
crease.
Light-houses, light-ships, and stake-lights, including those on the
rivers
New lights of all kinds, established during the year
Lights discontinued during the year
Steam,and hot-air fog-signals
Whistling buoys in position
Bell buoys in position
;
Lighted buoys in position
Other buoys in position
1,8^48
20
2
67
34
29
3
3,471
1,945
99
2
71
34
'33
4
3,710
-97
77
4
1
239
The Li ght-House Board exhibited models, samples, and drawings oi
the aids to navigation used in the United States, at the Cincinnati Industrial Exhibition and at the New Orleans Cotton Exposition. From
the former it received a gold medal and diploma.
Owing to the insufficiency of the appropriation, the important work
of building the light-station at Northwest Seal Eock, CaL, has been
dcilayed.
The substitution of mineral for lard oil in Ught-sta^tions throughout
the United States, necessitates special provision for its safe storage, and
an appropriation for this purpose is reconimended.
Attention is called to the inconvenience to which the Light-House
Board is Subjected, on account of the restricted room it has for offices,
and to its need of a special building for its museum, its laboratory, its
archives, and its offices.
The board has succeeded in clothing the light-keepers, the officers
and crews ofthe light-ships, and of the light-house tenders, 2b personnel
somewhat over 1,600 in number, in a neat, appropriate, and economical
uniform.
REPORT OF THE SECRETARY OF THE TREASURY.
LV
Attention is called to the board's statement of the need of additional
legislation to enable it to divide two of the light-housedistricts, that the
aids to navigation within them may receive increased supervision.
It appears that several new steam-tenders are needed, to take the
place of those worn-out in the service. They are necessary to the careful inspection of lights and buoys, and to the prompt supply of such
things as are needed to keep up their efficiency. The liigh standard of
the Light-House Service is owing largely to the wo -k which has worn
out the old vessels^ and makes it necessary for the board to ask for new
tenders.
COAST AND GEODETIC SURVEY.
The work of the Coast and Geodetic Survey has been carried on within
the boundaries or off the coasts of thirty-two States, two Territories, and
in the District of Columbia. Increased efforts have been made to insure
the early and economical pubUcation of the results of field-work in the
form of maps and charts.
Twenty-seven new charts were pubUshed, sixteen of which were photolithographs. Distribution was made of 28,905 copies of charts. Of this
number 10,740 were for the use of the Executive Departments, and 1,423
for members of Congress. Tide-tables, predicting the tides for 1886, for
the ports on the Atlantic and Pacific coasts, have been pubUshed. A
new subdivision of the Atlantic Local Coast Pilot is ready for issue, and
a new edition of the Pacific Coast Pilot is in active preparation. Of the
annual reports, upwards of 2,400 copies were distributed.
In the course of the hydrographic operations, some important developments were made of dangers to navigation in leading highways of commerce, notably in Yineyard and Long Island sounds and in East river.
New York. Mariners were warned of these dangers by notices, promptly
published and freely distributed. Work in important localities has
made progress commensurate with the means afforded by Congress.
Eesurveys, demanded by natural ahd artificial changes, and called for by
commercial bodies, have had special attention. Those of Long Island
sound and Delaware bay are advancing towards completion. A resurvey
of New York bay and harbor has been begun.
The transcontinental geodetic work, intended to unite the survey of
the Atlantic coast with that of the Pacific, and the trigonometrical
surveys in the interior States, carried on under authority of the act of
March 3, 1871, are gradually forming an exact skeleton or framework,
by means of which accurate base-Unes are afforded for detailed State
surveys, by which the construction of accurate State maps is rendered
possible, and by which the lines of the pubUc-land surveys can be
checked in position and direction.
LVI
REPORT OF T H E SECRETARY OF T H E ' TREASURY.
PUBLIC BUILDINGS.
During the last year, work has been in progress upon forty-nine
buildings, under the direction of the Supervising Architect.
Congress at its last session authorized the erection of, and made appropriation for, thirty-one new buildings, in various parts ofthe country,
making, practically, eighty new buildings, ranging in cost of construction from $25,000 to $1,500,000, upon which preparatory or active work
of construction has been prosecuted. The total expenditures during the
year upon new buildings, including sites, aggregate $2,438,709.94; for
repairs and preservation of public buildings, $175,004.39; for heating
apparatus and repairs to same, elevators, vaults, safes, locks, storage of
silver ddUars, &c., $199,860.74.
After a careful consideration of the present method of authbrizing
the construction of public buildings h j this Department and of making
appropriations therefor, I am convinced that a much more satisfactory
system can be devised. The recommendations contained in the report
of the Supervising Architect are worthy of careftd consideration by
Congress. The importance of prompt and careful legislation upon the
subject is manifest, in view of the large number of new public buildings
now authorized.
HALL OF RECORDS.
Attention is earnestly called to the necessity for the construction of a
fire-proof building suitable for the storage of the files and records of the
several Departments, the accumulation of which is so great and the accommodations therefor so limited that they are now largely stored in
unsafe and almost inaccessible places. These papers and records, many
of them of great importance and value, often being the only evidence
to protect the Government against claims, are constantly liable to muti] ation and loss.
The act approved August 7,1882, directed the Supervising Architect
of this Department to report to Congress, through the Secretary of the
Treasury, first, a suitable plat of ground for such a building; and secpud, the probable cost, with plans and specifications. In compliance
with this act, plans and specifications were prepared by the Supervising
Architect, and transmitted to Congress with his report by my predecessor, January 17, 1883.
In reviewing the reports of my predecessors in office, I find that the
attention of Congress has been repeatedly called to the necessity for the
construction of such a building of sufficient capacity to meet the wants
of the several Departments. In my judgment. Congress should make
proAdsion for its erection at the earliest possible date.
REPORT OF THE SECRETARY OP THE TREASURY.
l^VH
DISTRICT OF COLUMBIA.
The net expenditures on account pf the District of Columbia for the
fiscal year 1885 were $3,499,650.95. The revenues deposited in the
Treasury on this account for the same period, were $1,929,298.11.
" Since December 1,1884, there has been retired through the operation
ofthe sinking-fund $20,750 of the bonded indebtedness of the District,,
reducing the amount annually required for interest $770.87.
Since the duties of the commissioners of the sinking-fand of the District
of Columbia were devolved on the treasurer of the United States by the
act of Congress of June 11,^1878, (20 Stats., 106,) there has been retired
$1,660,800 of the funded debt, causing a reduction in the aimual interest
chargeof $97,057.09.
The amount reaUzed from the sale of the bonds, in which the 10 per
cent, retained from contractors in the District of Columbia was invested,
as required by the act of June 11,1878, has exceeded the sum necessary
to pay the amounts originaUy withheld, owing to the advance in the
securities in which the investments were made. Under the act of February 25, 1885, the surplus has been covered into the Treasury as a
misceUaneous receipt, to the credit ofthe United States and District of
Columbia in equal parts.
Detailed information in regard to the affairs of the District of
Columbia wiU be found in the reports to be submitted by the District
Commissioners, and by the Treasurer of the United States as ex-officio
commisdoner of the sinking-fand of the District.
STATUTE OF LIMITATIONS.
The necessity for a general statute of limitation upon the presiButation
pf demands against the United States, becomes every year more apparent.
The policy of all enlightened nations protects the individual against
demands set up under cover of obscurity created by lapse of time. But
the Government has even more need of such protection. Usually the
individual has such personal knpwledge of his business as will warn
him against unjust claims, and guide him to the evidence which may
protect him.
The vast business of the Government is carried on entirely through
agents, and many causes tend to produce frequent changes among them.
Even when an ex-officer can be reached, his memory is likely to be imperfect in respect to some long past transaction which was only one among
a great number wdthin his supervision, and many ex-of&cers, in view
LVni
REPORT OF THE SECRETARY OF THE TREASURY.
.
of the multitude of inquiries addressed them, have been compelled to
decUne the unremunerated task of researches in their retained papers.
The Government is a debtor always to be found, and ever ready to
pay its debts; and long delay ought to raise a presumption, as readily
in its favor as in favor of an individual, against the justice of a demand.
The several reports of the heads of offices and bureaus are herewith
transinitted.
DANIEL IVIANNING,
Secretary of the Treasury^
The Honorable
T H E SPEAEJER O F T H E H O U S E OF EEPRESENTATIVES.
TABLES ACCOMPANYING THE REPORT ON THE FINANCES.
2673 F
v»
T.ry
LX
REPORT
OF T H E
SECRETARY
OF T H E
TREASURY.
T A B I . E A.—STATEMENT of^OUTSTANDINO P B I N C I P A L of the P U B L I C
D E B T of the UNITED STATES on the Ist of January of each year from 1791 to 1843,
inclusive, and on the Isr of July of each year from 1843 to 1885, inclusive.
Year.
Jan. 1,1791
1792
1793
1794
1795
. 1796.
1797
1798.
1799
1800
1801.
1802.
1803.
1804
1805.
1806.
1807.
1808.
1809
1810.
1811.
1812
1813
1814.
> 1815
1816.
1817.
1818.
Ii319.
1820.
1821.
1822.
1823.
1824,
1825
1826.
1827.
1828.
1829.
1830
1831.
1832.
1833
1834.
1835.
1836.
1837.
1838.
Amount.
$75,,463, 476 52 Jan. 1,1839
1840
77. 227,924 66
1841
8o; 352, 634 04
1842
78, 427.404 77
1843
80, 747, 587 39
83, 762,172 07 Julyl, 1843
82, 064, 479 33
1844
79, 228, 529-12
1845
78, 408, 669 77
1846
82, 976, 294 35
1847
83,, 038, 050 80
1848
80,, 712, 632 25
• 1849
77,, 054, 686 30
1850
86,,427,120 88
1851
82,, 312, 1.50 50
1852
75,, 723, 270 66
1853
69,, 218, 398 64
1854
65, 196,317 97
1855
57,. 023,192 09
, 1856
53,,173,217 52
1857
48,, 00.5, 587 76
1858
45, 209, 737 .90
1859
55, 962, 827 57
1860
81, 487, 846 24
1861
99, 833,660 15
1802
127,, 334, 933 74
1863.
123, 491,965 16
1864
103, 466, 633 83
• 1865.
95, .529, 648 28
1866
91, 015, 566 15
1867
89, 987,427 66
1868
93, 546, 676 98
1869
90, 875, 877 28
1870
90, 269, 777 77
1871.
8.3,788,432 71
1872.
81,.054, 059 99
1873
73, 987, 357 20
1874.
67, 475, 043 87
1875
58, 421,413 67
1876
48, 565,406 50
1877
39, 123,191 68
1878
24, 322, 235 18
1879
7, 001, 698 83
1880
4, 760, 082 08
1881.
37,733 05
1882
37, 513 05
1883
336, 957 83
1884.
308,124 07
1885
Year.
Amount.
$10, 434,221 14
3, 573,343 82
5, 250,875 54
13, 594,480 73
20,601, 226 28
32, 742, 922 00
23, 461,652 50
.15.92.5, 303 61
] 5, 550,202 97
38, 826.5.34 77
47, 044,862 23
63, 061,858 69
63, 4.52,773 55
68, 304,796 02
66,199, 341 71
59, 803,117 70
42, 242,222 42
35, 586,956 56
31, 972,537 90
28, 699,831 85
44,911, 881 03
58, 496,837 88
64, 842,287,88
90, 580, 873 72
524,176, 412 13
119,772, 138,63
815, 784, 370 57
680, 647,869 74
773, 236,173 69
678,126, 103 87
61.1,687, 8.51 19
588, 452, 213 94
480, 672,427 81
353, 211, 332 32.
253,25], 328 78
234, 482, 993 20
251, 690,468 43
232, 284, 531 95
180, 395,067 15
205, 301, 392 10
256, 205, P92- 53
349, 567,482 04
120,415, 370 63
069, 013,5G9 58
918, 312,994 03
884,171, 728 07
830, .528,923 57
876, 424,275 14
*In the amount bere stated as the outstanding principal of the public debt are included ibe certificates of deposit outstanding on the 30th of June, is.sued under act of June 8, 1872, for which a like
amount in United States notes was on special deposit in the Treasury for their i-ederoption, and added
to the cash balance in tho Treasury. These certificates, as a raatter of accounts, are treated as a part
of the public debt, but being ofl'set by notes held .on deposit for their redemption, should properly^ be
deducted from the principal of the public debt ih making comparison with former years.
t Exclusive of gold, silver, and currency certificates amounting to $52,164,110 held in the Treasurer's
cash and inclading $64,623,512 bonds issued to the several Pacitic railroads.
T A B I i E ^ . — 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 D E B T of the UNITED STATES, June 30, 1885.
Length of
loan.
When redeemable.
Kate of interest.
Price . Amount authorAmonnt oatat which
Amount issued.
standing.
ized.
sold.
Pi
OLD DEBT.
^ o r detailed information in regard to the earlier loans embraced nn\ der this head, see Finance Report for 1876.
On demand..
5 and 6 per
cent.
Indefinite.
TV of 1 to 6
$51, 000,000 00
$57, 665 00
TIIEASURY NOTES PEIOR TO 1846.
Acts of October. 12, 1837 (5 Statutes, 201); May 21, 1838 (5 Statutes,
228); March 2,1839 (5 Statutes, 323); March 31,1840 (5 Statutes, 370)
February 15,1841 (5 Statutes, 411); January 31,1842 (5 Statutes, 469);
Augnst 31,1842 (5 Statutes, 581); and March 3,1843 (5 Statutes', 614):
1 and. 2 years 1 and 2 years
from date.
$47, 002, 900 00
82,525 35
o
pi
H
O
per cent.
w
TREASURY NOTES OF 1846.
, A c t o f J a l y 22, 1846 (9 Statutes, 39)
^i
lyear
MEXICAN. I N D E M N I T Y . '
J i c t o f August 10,1846 (9 Statutes, 94)
1,, year
year from
date.
5 y e a r s . - - - . . 5 years from
date.
:
xV of 1 to 5 | Parper cent.
5 percent.
Par.
10, 000, 000 00
• 7, 687, 800 00
5, 900 00
303,573 92
1,104 91
23, 000, 000 00 *26,122,100 .00
950 00
t28, 230, 350 00
1,250 00
233, 075 00
3,175 00
5, 000, 000 00
20,000 00
320, 000 00
-....
1 and 2 years- 1 and 2 years 5 | and 6 per
from date.
0 cent.
o
^.
Pi •
TREASURY NOTES OF 1847.
A c t of Jannary 28,1847 (9 Statutes, 118)
•Ul
Par.
o"
L'OAN OF 1847.
Act of Janaary 28,1847 (9 Statutes, 118)
20 years
BOUNTY-LAND SCRIP.
A.ct of February 11,1847 (9 Statutes, 125)
T E X A N I N D E M N I T Y STOCK.
A c t of September 9,1850 (9 Statutes, 447)
TREASURY NOTES OF 1857.
A c t of December 23,1857 (11 Statutes, 257)
LOAN OF 1858.
A c t of J u n e 14,1858 (11 Statutes, 3 6 5 ) . . . . . . . :
...7
* Including reissues.
'. January 1,1868 6 per c e n t . . . l i to 2
percent,
prem'm.
Indefinite... A t the pleas- 6 per cent... Par
ure of the
G-ovemment.
14 years.,
January 1,1865 5 per cent... Par.,.
23, 000, 000 00
Indefinite
H
p>
10, 000, 000 00
CO
pi
lyear
1
52, 778, 900 00
1,700 00
15 years..
20, 000, 000 00
20,000, 000 00
January 1,1874 5 per cent... Average
prem'm
of3/,?^.
t Including conversion of Treasury notes.
2,000 00
year
date.
from 3 to 6 per
cent.
Par..
IndefiLuite
T A B I . E n.—STATEMENT of the OUTSTANDING PBINCIPAL of the^PUBLIC DEBT, ^c—Continued.
X
Length of
loan.
When redeemable.
Rate of interest.
Price
author- Amount issued, Amount outat which Amount
standing.
ized.
sold.
LOAN OF 1860.
\Aot of June 22, 1860 (12 Statutes, 79)....'
10 years .
January 1, 1871 5 per cent..
LOAN OF FEBRUARY, 1861 (188U).
Act of February 8, 1861 (12 Statutes, 129)
P a r to $21, 000, 000 00.
IrVzjPer
ct. pr'm.
'. 10 or 20 years Dec.31,1880... 6 p e r c e n t . . (Av.)89.03
25, 000,000 00
$7, 022, 000 00
$10,000 DO
18, 415,000 00
8,000 00
35, 364,450 00
3,000 00
TREASURY NOTES OF 1861.
Act of March 2, 1861 (12 Statutes, 178)
60 days or 2
years.
60 days or 2
years after
date.
6per cent..
20 years
July 1,1881.
6 per cent-.
20 years . . .
After June 30, 6 per cent.
1881.
. OREGON WAR DEBT.
Actof March 2, 1861 (12 Statutes, 198)
P a r to Indefinitelf% per
ct. pr'm.
H
W
m
o
Par..
2,800,000 00
1,050,850 00
4,050 00
250,000,000 00
189,321,350 00
156, 250 00
Pi
H
>^
LOAN OF J U L Y AND AUGUST, 1861.
T h e act of July 17, 1861 (12 Statutes, 259), authorized fche issue of
1250,000,000 bonds, with iaterest at not exceeding 7 per centum per
annnm, redeemable after twenty years. The act of Aagust 5,1881,
(12 Statutes, 313), authorized the issue of bonds, with interest at 6
per centum per annum, payable aft.er twenty,years frora date, in
exchange for 7.30 notes issued under the act of July 17, 1861.
O
H'
O
Par.
O
LOAN OF J U L Y AND AUGUST, 1861.
•Continued at 3^ .per cent, interest, and redeemable at the pleasure of
the. Govern ment.
Indefinite.
A t the pleas- 3 | p e r c e n t . . . P a r .
ure of the
Government.
202,600 00
cc
OLD DEMAND NOTES.
Acts of July 17, 1861 (12 Statutes, 259); August 5, 1861 (12 Statutes,- Indefinite.
313); February 12, 1862 (12 Statutes, 338).
,
On demand . .
None .
Par.
Pi
60,000,000 00
*60,030,000 00
57, 950 00
SEVEN-THIRTIES OF 1861.
Act of July 17,1861 (12 Statutes, 2.59)
1 years .
Aug. 19 and '^tv P©r cent. A^v.pre.of Indefinite.
Oct. 1,1864.
139, 999, 750' 00
15,850 00
514,771,600 00
335,850. 00
^ FIVE-TWENTIES OF 1862.
Acts of February 25,18G2 (12 Statutes, 345); March 3,1864 (13 Statutes, 5 or 20 years. May 1,1867...
13), and January 28,1865 (13 Statutes, 425).
6 per cent.
Av.pre. of 515.000,000 00
o
X LEGAL-TENDER i'OTES.
The act of February 25, 1862 (12 Statutes, 345), authorized theissueof Indefinite... On demand .
$150,000.000 United States notes,notbearinginterest,paya.ble 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 applied to the redemption of demand
notes authorized bythe act of July 17,1861; these notes to be alegal
tender in payment of all debts, public and private, within the United
States, except-duties on imports and interest on the public debt, and
to be exchangeable for six per cent. United States bonds. The act
of July n , 1862 (12 Statutes, 532), authorized an additional issue of
$150,000,000 of such denominations as the Secretary ofthe Treasury
might deem expedient, bat no such note should be for a fractional
part of a dollar, and not more thau $35,000,000 of a lower denomination than five dollars; these notes to-be a legal tender as before authorized. The act of March 3,1863 (12 Statutes, 710), authorized an
additional issue of $150,000,0u0 of such denominations, not less than
one doUar, as the Secretary of the Treasury might prescribe,- which
notes were made a legal tender as before authorized. The same act
limited the time in wbich Treasurynotes might be exchanged for
United States bonds to July 1,1863. The amount of notes authorized by this act were to be in lieu of $100,000,000 authorized by the
resolution of January 17,1863 (12 Statutes, 822).
None .
Par.
450,000, 000 00
346, 681,016 00
o
Pi-
>
o
terj
w
Indefinite... After ten days' 4, 5, and 6
notice.
per cent.
Par..
150,000,000 00
*716,099,247 16
2,960 00
1 year, after
date.
Par.
No limit.
561,753,241 65
^4,000 00
50,000,000 00 *368,720, 079 51
6,964,175 88
lyear..
6 per cent.
FRACTIONAL CURRENCY.
Acts of July 17,1862 (12 Statutes, 592), March 3,1863 (12 Statutes, 711),
. and June 30,1864 (13 Statutes, 220).
^
H
Pi
>
CERTIFICATES OF INDEBTEDNESS.
Acts of March 1,1862 (12 Statutes. 352), May 17,1862 (12 Statutes, 370),
and March 3,1863 (12 Statutes, 710).
H
O
m
.W
TEMPORARY LOAN.
Acts of February 25, 1862 (12 Statutes, 346), March 17, 1862 (12 Statutes, 370), July 11, 18'62 (12 Statutes, 532), and June 30,1864 (13 Statutes, 218).
Pi.
On presenta- None .
tion.
* Including reissues.
Indefinite..
Par . . .
Ul
d
w
TA'BJ^Wl'B.—STATEMENT of the OUTSTANDING PBUS^CIPAL of the P U B L I C DEBT, ^c—Continued.
Length of
loan. .
When redeemable.
Rate of interest.
Price
at which AmountauthorAmount issued
ized.
sold.
X
Amount outstanding.
Pi
LOAN O F 1803.
The act of March 3, 1863 (12 Statutes, 709), authorized a loan of
$900,000,000, and the issue of bonds, with interest not exceeding 6
per centum per annum, and redeeiuable in not less than ten nor
moTe than forty years, principal and interest, payable in coin. The
act of J u n e 30, 1864 (13 Statutes. 219), repeals the above authority
except as to the $75,000,000 of bonds already advertised for.
Bonds of this loan continued at 3^ per cent, interest, and redeemable
at the pleasure ofthe Govemment.
ONE-YEAR NOTES OF 1863.
Act of March 3, 1863 (12 Statutes, 710)
J u l y 1,1881 . . . 6 per cent.
17 years
Indefinite... A t the pleasure 3.^ per cent.. Par
* of the Government.
lyear
1 year
date.
after 5 per cent... P a r . . . .
2 years after 5 per cent... P a r .
date.
, 2 years'
GOLD CERTIFICATES.
Act of March 3, 1863 (12 Statutes, 711)
$32,750 Oo
19, 750 00
a
400,000,000 00
44, 520, 000 00
38, 085 00
400,000, 000 00
166,480,000 00
29,950 00
A c t o f March 3, 1864 (13 Statutes, 13)
3 y e a r s . . . . . . 3 years from
elate
10 or 40 years- March 1,1874.
None
Par.
140, 323,140 00
Indefinite
O
6 per cent, Par .
compound.
400,000,000 00
266,595,440 00
202, 730 00
5 per cent... Par to 7 200,000,000 00
per ct
prein.
196,118,300 00
99, 350 00
6 per cent... Av. prem. 400, 000, 000 00 125, 561,300 00
of2/^%V
48, 550 00
3 years
•1
Aug. 15,1867^
J u n e 15,1868
7 ^ per c't. i Av. prem. >800, 000, 000 00 829, 992, 500^00
ofygfo.
J u l y 15,1868 j
132, 200 00
14,000,000 00
14,000, 000 00
NAVY PENSION FUND.
The act of July 1, 1864 (13 Statutes, 414), authorized the Secretary of
Pi
W
(>•
5 or 20 years. Nov. 1,:
SEVEN-THIRTIES OF 1864 AND 1865.
Acts of June 30, 1864 (13 Statutes, 218), January 28, 1865 (13 Statutes,
425), aad March 3, 1865 (13 Statutes, 468).
o
Pi-
Indefinite... On demand . .
FIVE-TWENTIES OF JUNE, 1864.
A c t o f June 30, 1864 (13 Statutes, 218) .."....
Ul
>
COMPOUND-INTEREST NOTES.
Acts ofMarch 3,1863 (12 Statutes, 710), and J u n e 30,1864 (13 Statutes,
218).
TEN-FORTIES OF 1864.
OPi
O
yWO-YEAR NOTES OF 1863.
Act of March 3, 1863 (12 Statutes, 710)
Average $75, 000, 000 00 $75, 000, 000 00
premium of
Indefinite..
Indefinite . . . . . 3 per cent... Par
Indefinite.
cc
toe 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 iri each year as would not be required for the payment of naval
pensions. Section 2 ofthe act of July 23,1868 (15 Statutes, 170), fixed
the intereston this fund at 3 percentum per annum in lawful money,
and confined its use to the payment of naval pensions exclusively.
FIVE-TWENTIES OF 1865.
Acts of March.3, 1865 (13 Statutes, 468), and April 12, 1866 (14 Statutes, 31).
5 or 20 years. Nov. 1,1870... 6 p e r c e n t . . . Av. prem. Indefinite.
of2x%*^
203,327,250 00
37,150 00
CONSOLS OF 1865.
Acts of March 3, 1865 (13 Statutes, 468), and April 12, 1866 (14 Statntes, 31).
5 or 20 years. July 1,1870... 6 p e r c e n t . . . Av.prem. Indefinite.
of3f^
332, 998, 950 00
228,250 00.
5 or 20 years. July 1,1872... 6 p e r c e n t . . . Av. prem. Indefinite.
of 1x0^^
379,618,000 00
474,100 00
CONSOLS OF 1867.
Acts of March 3, 1865 (13 Statutes, 468), and April 12, 1866 (14 Statutes, 31).
Acts of March 2,1867 (14 Statutes, 558), and July 25,1868 (15 Statutes,
183).
OB
Q
5 or20years. July 1,1873 . . . 6 per cent... [Av.prem. I Indefinite.
42, 539, 350 00
86,800 00
H
>
Indefinite... On demand . . . 3 p e r c e n t . . . P a r .
76, 000,000 00
*85,155, 000 00
6,000 00
Pi
O
F I V E : P E R - C E N T . L O A N O F 1881.
The act of January 14, 1875 (18 Statutes, 296), authorizes the Secretary of the Treasury to use any surplus revenues frora 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), to the extent necessary for the redemption of fractional currency in silver coins of the denominations of ten, twentyfive, and fifty cents of standard value.
The act of March 3, 1875 (18 Statutes, 466), directs the Secretary of
the Treasury to issue bonds of the character and description set out
in the act of July 14, 1870 (16 Statutes, 272), to James B. Eads or his
legal representaiiives in payment at par of the warrants of the Secretary of War for the construction of jetties and auxiliary works to
maintain a wide and deep.channel between the South Pass of the
Missi8sip;^i River and tha Gulf of• Mexico, unless Congress shall
have previously provided fbr the payment of the same-by the necessary appropriation of money.
o
w
CONSOLS OF 1868.
Acts of March 3, 1865 (13 Statutes, 468), and April 12, 1866 (14 Statutes, 31).
- THREE-PER-CENT. CERTIFICATES.
O
Pi
f^
W
H
W
;>
d
* Including reissues.
X
T A B I . 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.
authorWhen redeem- Rate of in- atPrice
outwhich Amount
Amountissued. Amount
ized.
. standing.
terest.
able.
sold.
The act of July 14, 1870 (16 Statutes, 272), [authorizes the issue of a o y e a r s . . . . May 1,1881.
. $200,000,000 at 5 per centum, principal and interest payable in coin
of the present standard value, at the pleasure of the United States
Govemment, after ten years; these bonds to be exempt from the
payment of aU taxes or duties ofthe United States, as well as from
taxation in any form by or under State, municipal, or loqal authority.
Bonds and coupons payable at the Treasury of the United btates.
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 redemption of outstanding 5-2b'8, or to
be exchanged for said 5-20's, 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. The act of January 20, 1871 (16 Statutes, 399), increases the amount of 5 per cents
to $500,000,000, provided the total amount of bonds issued shall not
exceed the amount originaUy authorized, and authorizes the interest
on any of these bonds to be paid quai-terly.
The act of December 17,1873 (18 Statutes, 1), authorized the issue of an
equal amonnt of bonds of the loan of 1858, wliich 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. CLOAN OF 1891. (REFUNDING.)
The act of July 14, 1870 (16 Statutes, 272), authorize^ the issue of 15 years .
Sept. 1,1891.
$300,000,000 at 4^ per centum, payable in coin of the present standard value, at the pleasure of the United States Govemment, 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 th6 Uni^fed States.
Bonds to be sold at not less than par in coin, and the proceeds to be
applied to the redemption of outstanding 5-20'8, or to be exchanged
for said 5-20's, 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.
FOUR-PER-CENT. LOAN OF 1907.
Par
$517,994,150 00
$198,500 00
O
Pi
H
O
tn
Ul
o
H
P>
Pi
^$1,500,000,000 00
O
4ii)eroent.
Par.
185,000,000 00 185,000,000 00
30 years . . .
July 1,1907 . .
w
W
\>
Ul
d
(REFUNDING.)
The vact of July 14, 1870 (16 Statutes, 272), authorizes the issue of
$1,000,000,000 at 4 per centum, payablein coin ofthe present standard
c5 per cent.
<1
4 percent..
P a r to
one - half
708,980,800 00 707, 219,850 00
value, at the pleasure of the United States Government, after thirty
years ; these bouds to be exempt from the payment of all taxes or
duties ofthe Uniied States, as well as from taxation in any form by
or nnder State, raunicipal," 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 redemption of outstanding 5-20's, or to be exchanged for said
5-20's, 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.
per cent.
premium.
O
Pi
FOUR-AND-ONE-HALF-PER-CENT. LOAN OF 1891. (RESUMPTION.)
The act of January 14,1875 (18 Statutes, 296), authorizes the Secretary 15 years.
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 actof July 14,1870 (16 Statutes, 272),
for the purpose of redeeming, on and after January 1, 1879, in coin,
at the office 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. (RESUMPTION.)
The 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 J u l y 14, 1870 (16 Statntes,
272), for the purpose of redeeming, on and after January 1, 1879, in
coin, at the oflice of the assistant treasurer of the United States in
New York, the outstanding United States legal-tender notes when
presented in sums of not less than fifty dollars.
CERTIFICATES OF DEPOSIT.
The actof June 8, 1872 (17 Statutes, 336), authorizes the dejposit of
United States notes without interest by banking associations in sums
not less than $10,000, and the issue of certificates therefor in denominations.of not less than $5,000; which certificates shall be payable
on demand in United States notes at the place where the deposits
were made. I t provides that the notes so deposited ih the Treasury
shall not be counted as a part ofthe legal reserve, but that the certificates issued therefor may be held and counted by the national
banks as part of their legal reserve, and may be accepted in the
settleraentof clearing-house balances, at theplace 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 redemption of such certificates.
30 y e a r s . . . .
H5
O
Sept. 1,1891..
4i per cent.
P a r t o Indefinite . . .
one and
one-half
percent
premium.
65,000,000 00
65,000, poo 00
w
Ul
O
J u l y l , 1907..
4 per c e n t . .
Par.
Indefinite .
30,500,000 00
80,500,000 00
w
o'
Indefinite... On d e m a n d . .
None .
Par.
No limit.
64,780,000 00
29,785,000 00
tt
Pi
CD
d
pi
Kj
X
<
T A ^ I u l E ^ ^ . — 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 When redeem- Rates of in- atPrice
which
loan. . .
able.
• terest.
sold.
\
Amount authorized.
X
outAmount issued. Am-ount
standing.
Pi.
W-
.
SILVER CERTIFICATES.
The act of February 28,1878 (20 Statutes, 26, sec. 3), provides that any Indefinite... On demand . . . None
holder of the coin authorized by this act may deposit the same with
the Treasurer or auy assistant treasurer Of the United States in
sums not less than ten dollars and receive therefor certificates of
not less than ten dollars each, corresponding with the denominations
of the United States notes. The coin deposited for or representing
the certificates shall be retained in the Treasury for thepayment of
the same on demand. Said certificates shall be receivable for customs,
taxes, and all public dues, and, ^ h e n sb received, may be reissued.
P a r . . : . . No limit
$139,901,646 60
W'
O
1-3
\
REFUNDING CERTIFICATES.
The act of February 26, 1879 (20 Statutes, 321) authorizes the Secretary of the Treasury to issue,^ in exchange for lawfal money of 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 than five per centam, in the mode prescribed by said act.
Indefinite -.. Convertible in- 4 p e r c e n t . . . P a r
to 4 per cent,
bonds.
No.limit
$40,012,750 00
w
240, 600 00
Pi
O
Indefinite... A t pleasure of
the Government.
3J per cent.. Par
302,700 00
t-3
W
* LOAN OF J U L Y 12, 1882.
These bonds were issued in exchange for the five and six per cent.
' bonds which had been previously continued at three and one-half
per cent., by mutual agreement between the Secretary Of the i.'reasnry and the holders, and were made redeemable at tbe pleasare of
the Government.
Ul
o
FUNDED LOAN OF 1881, CONTINUED A T THREE AND ONEH A L F P E R CENT.
These bonds were issued in exchange for five per cent, bonds of the
funded loan of 1881, by mutual agreement between the Secretary of
the Treasury and the holders, aud were made redeemable at the
pleasare of the Government.
o
Indefinite... A t pleasure of
the Government.
3 per cent... Par
195, 436, 800 00
i>
V
* Exclusive of bonds issued to Pacific railroads.
*1,863,964,873 14
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Pi
T A B L . E C — A N A L Y S I S of the P B I N C I P A L of the P U B L I C D E B T of the UNITED STATES, from July 1, 1856, to July 1, 1885.
. Year.
1856
1857
1858
1859
1860
1861
1862
1863
1864
1865
1865—August 31
1866
1867
1868
;
1869 .
1870..-.
1871
1872
1873
1874
1875
1876
1877
1878
3 per cents.
3^ per cents. •
4 per cents.
4J per cents.
'
...;
1879
1880
1881
1882
1883
1884
1885
$64, 000, 000 00
66,125, 000 00
59, 550, 000 00
45, 885, doo 00
24,665,000 00
. 14, 000, 000 00
14, 000, 000 00
14, 000, 000 00
14, 000, 000 00
14,000,000 00
14, 000, 000 00
14, 000, 000 00
14, 000, COO 00
14, 000, 000 00
14, 000. 000 CO
318,204,350 00
238,612,150 00
208,190, 500 00
$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 00
678, 000 00
. 678, 000 00
678, 000 00
678,000 00
$460, 461, 050 00
32,082,600 00
98, 850, 000 00
741, 522, 000 00
739, 347, 800 00
739, 347, 800 00
739,349, 350 00
737, 942,200 00
737,951,700 00
737, 960, 450 00
$140, 000, 000 00
240, 000, 000 00
250, 000, 000 00
250, 000, 000 00
250, 000, 000 00
250, 000, 000 90
250,000,000 oa
250, 000, 000 00
250,000,000 00
5 per cents.
$3, 632,000 00
3, 489, 000 00
23, 538, 000 CO
37,127, 800 00'
43, 476, 300 00
33, 022,200 00
30, 483, 000 00
30,483, 000 00
300,213,480 00
245, 709, 420 63
269,175, 727 65
201, 982, 665 01
198, 533,435 01
221, 586,185 01
221,588,300 00
221,588,300 00
274, 236,450 00
414, 567, 300 00
414, 567, 300 00
510, 628, 050 00
607,132, 750 00711,685,800 00
703, 266, 650 00
703, 266, 650 CO
508,440, 350 00
484, 864, 900 00
439, 841, 350 00
6 per cents.
7 3-10 per cents.
Total interestbearing debt.
$28,130, 761 77
$31, 762,761 77
24, 971, 958 93
28, 460, 958 93
44, 700, 838 11
21,162, 838 11
58, 290,738 11 ' O
21,162, 938 11
64, 640, 838 11
21,164,538 11
H
90, 380, 873 95
57, 358, 673 95
$122, 582,485 34
154.313,225 01
365, 304, 826 92
O
431,444,813 83 o 139. 974, 435 34
707,-531, 634 47
139, 286, 935 34 1,359,930,763 50
842, 882, 652 09
671, 610, 397 02 2,221,311,918 29
1, 213, 495,169 90
H
830, 000, 000 00 2,381,530,294 96
1, 28i, 736,439 33
81.3, 460, 621 95 2,332,331,207 60
1,195, 546, 041 02
1, 543, 452, 080 02 488, 344,846 95 2 248 067, 387 66
37, 397,196 95 /2, 202, 088, 727 69
1, 878, 303, 984 50
Ul
2,162, 060, 522 39
1, 874, 347, 222 39
2, 046, 455,722 39 ' a
1, 765, 317, 422 39
1, 934, 696, 750 00 Pi
1,'613, 897, 300 00
1 814 794 100 00
1, 374, 883, 800 00
1, 710, 483, 950 00
1, 281, 238, 650 00
1, 738, 930,750 00
1, 213, 624, 700 00
1,722, 676, 300 00
1,100, 865, 550 00
Pi
1, 710, 685, 450 00
984, 999, 650 00
854,621,850 00
1, 711, 888, 500 00
O
738, 619, 000 00
1,794,735,650 00
1, 797. 643. 700 00
283, 681, 350 00
1,123, 993,100 00
235, 780, 400 00
^1 639 567 750 00
196, 378, 600 00
1,463,810,400 00
1,338,2559,150 00
1, 226, 563, 850 00
H
1,196,150, 950 00
^'
w
• •
m
W
Ul
d •
Hi
X
X
T A B I . E €.—ANALYSIS of the PBINCIPAL of the PUBLIC DEBT of the UNITED STATES, |-c.—Continued.
Year.
D e b t on which in- D e b t bearing no
terest has ceased.
interest.
X.
X
Outstanding prin- Cashin the Treas- Total debt, less cash A n n u a l interest
in Treasury.
charge.
ury July 1.
cipal.
•.Pi
1856—July 1 ....
1857
1S58
1859
1860
1861
1862
1863
1864
1865
1 8 6 5 — A u g u s t 31
1866—Julyl ....
1867
1868
1869
1870
1871
1872
1873..
1874
1875....
1876
1877
1878
1879
1880
1881
1882
1883
".
1884
1885
$209, 776
238, 872
211, 042
206, 099
201, 449
199, 999
280, 195
473, 048
416, 335
24.5, 771
503, 020
935, 092
840, 615
197, 340
260, 181
, 708,641
948, 902
,926, 797
929, 710
216, 590
,425, 820
902, 420
648, 860
594, 560
015, 630
621, 455
723, 865
260, 805
831, 415
656, 205
100, 995
13
92
92
77
77
77
21
16
86
20
09
05
01
89
00
00
26
26
26
26
26
26
26
26
26
26
26
26
26
26
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
416, 565, 6ft0 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
422, 721,954 32
438, 244, 788 77
538, 111. 162 81
584, 308,868 31
663, 712, 927 88
$31, 972, 537 90
28, 699,831 85
44, 911,881 03
58, 496, 837 88
64, 84^, 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, 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, 256,205, 892 53
2, 245,495,072 04
2,120, 415, 370 63
2, 069,013, 569 58
1, 918,312, 994 03
1, 884,171,728 07
1, 830,528, 923 57
1, 863,964, 873 14
$21, 006,584 89
18, 701,210 09
7, Oil,689 31
.5, 091,603 69
4, 877,885 87
2, 862,212 92
18, 863, 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, 469,756 70
186, 025, 960 73
256, 823,.612 08
249, 080, 167 01
201, 088,622 88
249, 363, 415 35
243, 289,519 78
345, 389, 902 92
391, 985,928 18
488, 612,429 23
^$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, 060 75
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, 819,650,1.54 23
1, 675,023,^474 25.
d, 538,781, 825 15
1, 438,542,'995 39
1, 375,352, 443 91
$1, 869, 445
1, 672, 767
2, 446, 670
•« 3,-126, 166
3, 443, 687
5, 092, 630
22, 048, 509
41, 854, 148
78, 853, 487
137, 742, 617
150,977, 697
146, 068, 196
138, 892, 451
128, 459, 598
125, 523, 998
118, 784,- 960
111, 949, 330
103, 988, 463
98, 049, 804
98, 796, 004
96, 85.5, 690
95,104, 269
93,160, 643
94,654, 472
83, 773, 778
70
53
28
28
29
43
59
01
24
43
87
29
39
14
34
34
50
00
00
50
50
00
50
50
50
981
00
79, 633,
75, 018, 695 50
57,-360, 110 75
' 51,43t), 709 50
47, 926, 432 50
47, 014, 133 00
NOTE 1.—The annual interest charge is computed upon the amount of outstanding principal at the close of the fiscal year, and is exclusive of interest charge on Pacific
railway bonds.
•
.
^
NOTE 2.—The figures for July 1, 1879, were made up assuming pending funding operations to have been completed.
.
.
NOTE 3.—The temporary loan, per act of July 11, 1862, is included in the 4 per cents from 1862 to 1868. inclusive, with the exception of the amount oatstanding for A a g u s t '
3.1,1865, this being the date at which the p.ublic debt reached its highest point. This loan bore interest from 4 per cent, to 6 per cent.,.and was redeemable on ten days' notice
after thirty days; but being constantly changing, it has been considered more equitable to include the whole amount outstanding as bearing 4 per cent, interest on an average
for the year.
."
^
NOTE 4.—In the recent monthly statements of the public debt the interest accrued has been added to the principal, making the net debt larger in that amount than the
imount herein stated for each year.
^^
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H
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REPORT OF THE SECRETARY OF THE TREASURY.
LXXI
T A B I . E I^.—STATEMENT of the ISSUE and B E D E M P T I O N of LOANS and
^ TBEAS UBY NOTES (by warrants) for the fiscal year ended June 30, 1885.'
Issues.
L o a n of F e b r u a r y , 1861, a c t of F e b r u a r y 8,1861 . . . ^
O r e g o n w a r d e b t , a c t of M a r c h 2,1861
L o a n of J u l y a n d A u g u s t , 1861, a c t s
of J u l y 17 a n d A u g u s t 5,1861
Old d e m a n d notes, a c t s J u l y H a n d
A u g u s t 5, 1861, a n d F e b m a r y 12,
1862
F i v e - t w e n t i e s of 1862, a c t of F e b r u a r y 25,1862
L e g a l - t e n d e r n o t e s , a c t s of F e b r u a r y
.'25 a n d J u l y 11,1862, J a n u a r y 7 a n d
$84, 493,153 00
]!J:arch3, 1863
G o l d , certificates, a c t s of M a r c h 3,
63, 000, 000 00
1863, a n d J u l y 12,1882
O n e - y e a r n o t e s of 1863, a c t of M a r c h
3, i863
T w o - y e a r n o t e s of 1863, a c t of M a r c h
3,1863....
C o m p o u n d i n t e r e s t n o t e s , a c t s of
M a r c h 3,1863, a n d J u n e 30,.1864....
L o a n of 1863, a c t s of M a r c h 3, 1863,
a n d J u n e 30,1864.
T e n - f o r t i e s of 1864, a c t of M a r c h 3,
1864
F i v e - t w e n t i e s of J u n e , 1864, a c t of
J u n e 30,1864
S e v e n - t h i r t i e s of 1864 a n d 1865, a c t s of
J u n e 30, 1864, a n d M a r c h 3, 1865 . . .
F i v e - t w e n t i e s , of 1865, a c t of M a r c h 3,
1865
Consols of 1865, a c t of M a r c h 3,1865..
Consols of 1867, a c t of M a r c h 3 , 1 8 6 5 . .
Consols of 1868, a c t of M a r c h 3,1865..
F u n d e d loan of 1881, a c t s of J u l y 14,
1870, a n d J a n a a r y 20, 1871, a n d
J a n u a r y 14, 1875
C e r t i f i c a t e s of deposit, a c t of J u n e 8,
1872
; . . . . 56, 565, 000 00
S i l v e r certificates, a c t of F e b r u a r y
28,1878
..^..
41, 080, 000 00
R e f a n d i n g certificates, a c t of F e b r u a r y 26, 1879
L o a n of 1882, a c t of J u l y 12, 1882
F r a c t i o n a l c u r r e n c y , a c t s of J u l y 17,
1862, M a r c h 3, 1863, a n d J u n e 30,
1864
F u n d e d loan of 1907, a c t s J u l y 14,
1870, J a n u a r y 20, 1871, a n d J'anua r y 14,1875
58,150 00
Total.
E x c e s s of i s s u e s
E x c e s s of r e d e m p t i o n s .
N e t e x c e s s of i s s u e s c h a r g e d i n r e ceipts and expenditures.
245,196,303 00
Redeinptions.
E x c e s s of
issues.
$1, 000 00
2,806 00
E x c e s s of
redemptions.
$1, 000 00
2,800 00
106, 050 00
'
490 00
490 00
19, 400 00
19,400 00
84,493,153 00
21, 069, 520 00
$41, 930,480 00
1, 380 00
1, 380 00
350 00
350 00
4, 930 00
4, 930 00
54, 600 00
54, 600 00
79,600 00
79, 600 00
850 00
850 00
1,600 00
1, 600 00
22, 800
48, 350
74,100
10, 350
00
00
00
00
22, 800
48, 350
74,100
10, 350
00
00,
00
00
266, 600 00
266, 600 00
39,165,000 00
17,400, 000 00
-20, 990, 045 00
20, 089, 955 00
49, 400 00
45, 282,200 00
49, 400 00
45,282,200 00
15, 885 43
15, 885,43
58,150 00
211,760,353 43
79, 478, 585 00
46, 042,'635 43
79, 478, 585 00
46,042,635 43
3,435,949 57'
T A B L . E lE^.—STATEMENT showing the PUBCHASE of BONDS on account of the SINKING-FUND during each fiscal year frotn its institution in
May, 1869, to and including June 30, 1885.
P r i n c i p a l redeemed.
Y e a r ended—
P r e m i u m paid.
N e t cost in
currency.
N e t c o s t estim a t e d i n gold.
Interest d u e
. a t close of
fiscal y e a r .
A c c r u e d interest paid in
coin.
B a l a n c e of i n terest due at
close of fiscal
year.
of. 1862
of M a r c h , 1864
of J u n e , 1864
of 1865
$1, 621, 000
70, 000
1,051,000
465, 000
461, 000
4, 718, 000
305, 000
."
Total
'
,
00
00
00
00
00
00
00
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, 374, 850 67
$1, 874, 822
81,725
1, 212, 946
539, 969
. 534,736
5, 467, 208
354,442
84
00
45
00
80
08
50
^10,0.65,850 67
$1, 349, 970
57, 552
873, 205
387, 566
"387, 903
3, 948, 586
256, 653
02
82
61
28
26
11
20
7, 261,437 30
$16, 210
700
10, 510
4, 650
13, 830
141, 540
9,150
00
00
00
00
00
00
00
196, 590 00
$7, 384
218
1, 470
2, 683
429
116, 032
8,173
60
63
42
54
04
35
98
136, 392 56
$8, 825 40
481 37
9, 039 58
1, 966 46
13,400 96
25, 507 65
976 02
60,197 44
J U N E 30; 1870.
Five-twenties
Five-twenties
Five-twenties
Five-twenties
C o n s o l s , 1865
C o n s o l s , 1867
Consols, 1868
of
of
of
of
1862
M a r c h , 1864
J u n e , 1864
1865.
•.
,
'.
•
,
Total
X
f^
>d
O
J U N E 30, 1869.
Five-twen ties
Five-twenties
Five-twenties
Five-twenties
Consols, 1865
Consols, 1867
C o n s o l s , 1868
IT*
X •
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 00
493, 479
15, 742
506,189
361, 735
, 454, 778
861, 763
53,363
42
87
91
43
37
73
95
3,747,053 68
4, 035, 529
100, 742
4, 477, 589
3,151, 985
12, 986, 928
6, 744, 313
401, 863
42
87
91
43
37
73
95
31, 898, 953 68
3, 263,
75,
3, 647,
2, 606,
10, 681,
^5, 309,
308,
099
658
628
636
736
810
573
51
54
29
20
97
90
16
25, 893,143 57
160, 919
5,350
165, 834
105, 257
495,421
302, 734
. 19, 380
50
00
eo
50
50
50
00
1, 254, 897 00
45, 994
1, 080
49, 946
37,113
145, 518
66, 111
5,238
49
99
00
53
29
51
73
114, 925 01
4, 269 01
115,888-00
68,143 97
349, 903 21
'236, 622 99
14,141 27
351, 003 54
903, 893 46
36, 657 80
388 35
51, 703 46
92, 259 58
109, 455 28'
76, 745 93
572 13
109, 317 20
851 65
14p, 671 54
239, 673 92
412, 661 72
274, 782 07
2, 523 87
H
O
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H
KJ
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J U N E 30,1871.
Five-tw enties
Five-tweuties
Five-twenties
Five-twenties
Consols, 1865.
'Consols, 1867
-Consols, 1868
of
of
of
of
1862
'
M a r c h , 1864
J u n e , 186^
1865
.V.
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
00
29,936, 250 00
227, 607
2, 277
340, 529
574, 923
850, 949
541, 559
4, 784
56
20
63
00
79
41
61
2,542,631 20
3, 020, 557
31, 777
4, 307, 879
7, 343, 523
11, 073,149
6, 644, 609
57, 384
56
20
63
00
79
41
61
32,478, 881 20
2, 680, 209 05
28, 590 88
3, 847,182 42
6, 525, 231 42
9,762, 387 78
5,800,618.37
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
367, 782 53
X, 189,481 97
pi
t>
Five-twenties
Five-twenties
Five-twenties
Five-twenties
Consols, 1865
Consols, 1867
Consols, 1868
of
of
of
of
JUNE' 30, 1872.
1862
March, 1864 .•
June, 1864
1865
,
Total
Five-twenties
Five-twen ties
Five-twenties
Five-twenties
Consols, 1865
. Consols, 1867
Consols, 1868
of
of
of
of
704, 055 21
14, 9.59 03
438, 656 16
436. 838 70
1,436; 989 46
833,600 15
9, 951 63
7,181,903 21
6, 345, 391 98
142, 059 03
120,123 46
4, 043 306 16
3, 573, 223 63
4, 072, 038 70 3, 594, 747 85
13, 225, 889 46 11,660,785 89
7, 792. 500 15 6, 863, 777 39
95, 801 63
84, 595 02
32, 618, 450 00 • .3,^)35,050 34
36, 553, 500 .34 32, 248, 645 22
' 7,137,100 00
• 50, 000 00
3, 741,150 00
1, 959, 850 00
10, 768, 250 00
4,402,100 00
619, 550 00
925, 783 87
7, 372 50
480, 684 37
250, 635 93
1,371,187 17
553, 610 89
81^ 983 44
8, 062, 883 87
7, 089, 542 58
57, 372 50 . • 49, 780 91
4, 221, 834 37 3,715,211 22
2, 210, 485 93 1, 943, 488 93
12,139, 437 17 10, 608, 617 09
4, 955, 710 89
4, 373, 781 76
617,140 34
701, 533 44
28,678,000 00
3, 671, 258 17 32, 349, 258 17 28,457,562 83
427, 849 00
8, 894 00
246,0ia 50
246,5C2 00
707, 334 00
417, 534 00
5,151 00
2, 059, 325 50
75,179 43
1, 338 70
.57, 449 80
37,817 37
149, 248 21
J 08, 487 92
1, 386 95
352, 669 57
7, 555 30
188, 551 70
208, 744 63
558, 085 79
309, 046 08
3, 764 05
430, 908 38
1, 628, 417 12
101, 960 57
813 70
42, 216 46
23, 744 47
145, 069 34
69, 632 51
'^8, 948 40
329, 489 93
2, 686 30
181,054 04
96, 522 03
501, 025 66
194, 493 49
28, 224 60
O
392, 385 45
1, 333, 496 05
Ul
J U N E 30, 1873.
1862
March, 1864 . . . . . . . . . .
June, 1864
1865
Total
'
J U N E 30, 1874.
Five-twenties of 1862
Five-twenties of June, 1864
Five-twenties of 1865
Consols, 1865
Consols, 1867
Consols, 1868
-:.
Total
6, 417, 850 00
127,100 00
3, 604, 650 00
3, 635, 200 00
11, 788, 900 00
6, 958, 900 00
85, 850 00
.'
Five-twenties of 1862
1,421,700 00
2, 020, 550 00
1, 247, 250 00
3, 393, 650 00
' 4,051,000 00
802, 300 00
12, 936, 450 00
161, 219 79
218, 457 39
135, 577 95
360, 964 62
432,348 18
86, 505 62
1, 582, 919 79
2, 239, 007 39
1, 382, 827 95
3, 754, 614 62
4, 483,-348 18
888, 805, 62
1, 415, 391 05
2, 012, 051 32
1,241,571 69
3, 374, 934 42
4, 029, 975 86
798, 926 40
1, 395, 073 55 ' 14, 331, 523 55 12, 872, 850 74
431,4.50 50
3, 500 00
223, 270 50
120, 266 50
646, 095 00
264,126 00
37,173 00
1, 725, 881 50
99, 519 00
141,438 50
87,307 50
203, 619 00
243,060 00
48,138 00
31,743 95
48,013 46
29, 348 19
• 46, 489 33
55, 976 97
- 11, 014 38
•
67, 775 05
93, 425 04
57, 959 31
157,129 67
187, 083 03
^37,123 62
823, 082 00 .
222,586^28
600, 495 72
188,91194
o
pi
H
W
a
H
f>
Pi
^
O
J U N E 30, 1875.
J U N E 30, 1876.
Five-twenties of 1862.....
Five-twenties of Jane, 1864
Five-twenties of 1865
Total
- J U N E 30,1877.
Five-twenties of 1862
:
Five-twen ties of June, 1864
Five-twenties of 1865
*.
Consols, 1865
Consols, 1867
,
Total
25,170, 400 00
25,170, 400 00
541, 973 50
353,061 56
5, 785, 200 00
10, 869, 600 CO
1, 789, 250 00
5, 785, 200 00
10, 869, 600 00
• 1,789,250 00
404, 964 00
760, 872 00
125, 247 50
.54, 745 72
171, 966 33
30, 805 86-
350, 218 28
, 588, 905 67
94 441 64
18, 444, 050 00
18,444, 050 00
257, 517 91
1, 033, 565 59
81, 200 oo'
178, 900 00
180, 350 00
6, 050 00
" 1, 000 00
447, 500 00
^
81, 200 00
178, 900 00
180, 350 00
6, 050 00
1,000 00„
447,500 00
1,291,083 50
4, 352 25
9, 943 50
9, 519 00
181 50
30. 00
1,181 67
1, 323 60
3,141 08
108 97
21 20
24, 026 25
5, 776 52
'/
3,170 58
8, 619 90
6 377 92
' 72 53
8 80
18,249 73
d
H
Pi
Ul
d
X
X
T A B I . E 1 ^ . ' ^ STATEMENT showing the PUBCHASE of BONDS on accountof the SINKING-FUND, #c.—Continued.
Principal redeemed. •
Year ended-
Premium paid.
Net cost in
currency.
Net cost esti- Interest due Accrued interest paid in
at close of
mated in gold.
fiscal year. 'coin.
X
X
Balance of interest due at
closeof fiscal
year.
pi
J U N E 30,1878.
Five-twenties of 1862
Five-twen ties of June, 1864
Five-twenties of 1865
Consols, 1865
:
Consols, 1867.-.
Consols, 1868
.-
Total..
$17, 900 00
15, 900 00
2, 350 .00
23, 600 00
5, 700 00
8, 500 00
$17, 900 00
15. 900 00
2, 350 00
23, 600 00
5, 700 00
8, 500 00
$966 00
834 00
129 00
1, 416 00
342 00
510 00
$192 65
78 41
40 92
273 35
134 76
89 83
$773'35
755 59
88 08
1,142 65
207 24
420 17
73, 950 00
73, 950 00
4,197 00
809 92
3, 387 08
2, 650 00
3,150 00
1, 850 00
1, 700 00
9, 050 00
100 00
2, 650 00
3,150 00
1,850 CO
1, 700 00
9, 050 00
100 00
165 75
94 50
85 50
102 00
543 00
6 00
40
18
41
41
166
56
Total
• J U N E 30, 1880.
Five-twenties of 1862
.'
Five-twenties of .lune, 1864
Five-twenties of 1865
Ten-forties of 1864
Loan of February, 1861
,.
Loan of Julv and August, 1861
Loan of March, 1863
Oregon war debt
Funded loan of 1881
Fundedloan of 1907
18, 500 00
18. 500 00
996 75
308 77
Total
,.
J U N E 30, 1881.
Five-twenties of June, 1864
Five-tw^enties of 1865
Five-twenties of 1862
Loan of February, 1861
Loan of J u l y ancl Aagust, 1861
pi
H
o
W
J U N E 30, 1879.
Five-twenties of 1862
.Five-twenties of June, 1864
Five-twenties of 1865
Consols, 1865
Consols, 1867
Consols, 1868
o
100 00
100 00
250 00
676, 050 00
2, 837, 000 00
32, 004, 250 00
12, 797,150 00
202, 550 00
23, 575, 450 00
•1, 500, 000 00
73, 652, 900 00
$74,161 95
1, 376, 085 04
549, 035 18
'
8, 273 02
662, 206 97
125, 558 26
100 00
100 CO
250 00
676, 050 00
2, 911,161 95
33, 440, 335 04
13, 346,185 18
210, 823 02
24, 237, 656 97
1, 625, 558 26
4 00
4 00
14 50
28,168 75
85.110 00
, 165, 807 50
484, 747 50
9. 787 50
415; 162 70
15, 000 00
2, 795, 320 42
76, 448, 220 42
2, 203, 806 45
35
"53
22
49
62
00
67
49
5 85
12, 872 65
47, 540 20
'518,148 79
213.179 29
3, 662 56
130, 349 36
10,191 74
935,951 60
125 40
75 97
44 28
60 51
376 38
5 44
687 98
3 33
3 51
8 65
1.5, 296 10
37, 569 80
647, 658 71
271, 568 21
6,124 94
284, 813 34
4, 808 26
1, 267, 854 85
Ul
o
pi
,H
t>
o
Ul
d•
50 00
100 00
3, 000 00
7, 775, 000 00
16, 712.450 00
51,277 58
488, 876 11
50 00
100 00
3, 000 00
7, 826, 277 58
17, 201, 326 11
3 50
7 00
210 00
462, 390 00
1, 002, 747 00
25
1 74
80 22
160, 072 88
200, 043 95
3 25
5 26
129 78
302, 317 12
802, 703 05 .
7, 057,100 00 I
54, 250 00
.42, 769, 400 00
• liOan of M a r c h 1863
Oregon w a r debt
F u n d e d l o a n of 1881 •.
'
bO
2
CO
.
Total
(
7, 256, 614 62 1
55, 6.58 65
43, 089, 571 82
1 75,432,598 78 1
1, 061, 248 78
361, 315 50 1
2, 584 50
1,106,474 15 1
' 83, 330 51 1
551 11
263,342 94
277, 984 99
2,033 39
843 131 21
2, 935, 731 65
707, 423 60
2, 228, 308 05
1, 368, 894
91, 701
23
115,717
579,493
25, 771
2
6,771
J U N E 30, 1882.
hj-
L o a n of
^ L o a n of
1 Funded
1 Funded
<i
74, 371, 350 00
'.
199,514 62
' 1,408 65
320,17182
. 55, 215, 850
J u l y a n d A u g u s t , 1861, c o n t i n u e d a t 3i p e r c e n t
2, 637, 850
M a r c h , 1863, continued- a t 3^ p e r cent.1, 000
l o a n of 1881 c o n t i n u e d a t 3i n e r c e n t
........
. 2, 224, 450
l o a n of 1881
..:
Total
*
•
00
00
00
00
55, 215, 850
2, 637, 850
1, 000
2, 224, 450
^
60,079,150 00
....
00
00
00
00
60, 079; 150 00 1
64
75
33
53
12
80
18
83
1,576,337 23
612,039 53
5
1,716
20, 760
1,171,034
233, 862
14
138
5, 293
186, 913
137,402
789,401
. 65, 929
20
108, 945
50
95
55
70
964. 297 70
J U N E 30, 1883.
F i v e - t w e n t i e s of 1862
F u n d e d l o a n of 1881
.;
L o a n of J u l y a n d A u g u s t , 1861, c o n t i n u e d a t 3J p e r c e n t .
L o a n of M a r c h 1863 c o n t i n u e d a t 3 i p e r c e n t '
..
. . .
F u n d e d l o a n of 1881 c o n t i n u e d a t 3i p e r c e n t
.............
Total
. .
:..
100
41,300
661, 750
34,128,150
10, 019, 400
00
00
00
00 '
00
100
41, 300
661, 750
34,128,150
10, 019, 400
44, 850,700 00
00
00
00
00
00
44, 850, 700 00 1
.
50
66
25
37
12
1 427 378 :)0 '
200
5, 200
422, 550
566. 250
33,221,450
12, 553, 950
00
00
00
00
00
00
46, 769, 600 00
Total...
?19Q ^fii A.9.
' " ^^
' J U N E 30, 1884.
I ^ v e - t w e n t i e s of 1862
F u n d e d loan of 1881
.
.
.
L o a n of M a r c h 1863, c o n t i n u e d a t 3^ p e r c e n t
L o a n of J u l y a n d A u g u s t , 1861, c o n t i n u e d a t 3^ p e r c e n t
F u n d e d loan of 1881 c o n t i n u e d a t 3^ p e r c e n t
L o a n of J u l y 12,1882
18
13
40
66
11
200
5, 200
422,550
566, 250
33, 221,450
12,553,950
.
• - - -^
:••
00
00
00
00
00
00
46,769,600 00
9
187
14, 789
.
19, 818
1, 018,176
240,130
50
08
25
75
97
13
1, 293, 111 68
13
164
2, 823
7, 069
276, 923
31, 884
35
24
94
86
93
61
318, 879 93
8
1, 578
15,466
.984,120
Q6 460
68
53
85
71
01
• Total...
'.
...'.-.
H
O
d
Hui
H
O
Pi
l,0d7,617 42
n
12,
741
208,
' 3
22
965
748
9^3
245
85
84
3)
89
04
52
974 231 75
H
Pi'
J U N E 30, 1885.
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 1864
-^
F u n d e d loan of 1881
L o a n of J u l y a n d A u g u s t , 1861, c o n t i n u e d a t 3J p e r c e n t
L o a n of M a r c h , 1863, c o n t i n u e d a t 3^ p e r c e n t
F u n d e d - l o a n of 1881, c o n t i n u e d a t 3^ p e r c e n t
L o a n of J u l y 12,1882
O
Pi
- 4, 000
100
1,100
52, 250
18,000
' 230, 500
45,282,200
00
00
00
00
00
00
00
4, 000
100
1,100
52, 250
18, 000
230, 500
45, 282, 200
45, 588,150 00
00
00
00
00
00
00
00
45; 588,150 00 j
85
4
36
1, 269
499
5, 347
. 1,153, 460
00
00
67
62
62
70
88
701 96
49
50 51
588 85
87 92
1,416 28
268, 821 31
616
• 3
13
680
411
3 931
884 639
96
51
84
77
70
42
57
1,160,703 49
271 667 32 1
889 036 17
20, 076,386 90
5, 694, 256 88 1
14, 382;130.02
• t=j
Ul
d
.Pi
•
Grrand t o t a l
.530, 478, 300 00
20, 522,486 81 $157,677,967 61
528, 750, 476 59
• X
X
<
TABIiE
'
T.—STATEMENT showing the CONDITION of the SINKING-FUND from its institution in May, 1869, to and including June 30, 1885.
DR.
July
1,1868
J a n e 30,1869
T H E SECRETARY O F T H E TREASURY I N A C C O U N T " W T T H SINKING-FUND.
To i of 1 per cent, on the principal of the public debt,
being for the three months from April 1 to J u n e 30,
1868.........
To interest on $8,691,000, being amount of principal of
public debt purchased during fiscal year 1869 on this
account
Balance to new account
June 30,1869 By amount ofprincipal purchased, $8,691,000, including
$1,000 donation, estimated in gold
By accrued interest on the ambunt of purchases in 1869.
$6, 529, 219 63
CB.
X
X
<
$7, 261, 437 30
136, 392 56
Pi
W.hj
196, 590 00
672, 020 23
7,397,829 86
7, 397, 829 86
o
Pi.
July
1,1869
Jime 30,1870
Jidy
1,1870
J u n e 39,1871
To 1 per cent, on the principal of the public debt on
June 30,1869, $2,588,452,213.94
To interest on f8,691,000, amount of redemption in 1869.
To interest on $28,151,900, amountof principal ofpublic
debt purchased during fiscal year 1870 on this account.
To balance from last year..,
To 1 per cent, on the principal of the public debt on
J u n e 30,1870, $2,480,672,427.81
To interest on redemption of 1869, $8,691,000
,..
To interest on redemption of 1870, $28,151,900.'.
To interest on $29,936,250, amount ofprincipal ofpublic
debt purchased daring fiscal year 1871 on this account
July 1,1869 By balance from last year
25, 884, 522 14 June 30,1870 By amoant of principal purchased, $28,151,900, esti521, 460 00
mated in gold
By accrued interest on account of purchases in 1870...
1, 254, 897 00
By balance to new account..
25, 893,143 57
351, 003 54
744,711 80
27; 660, 879 14
27, 660, 879 14
744,711 80 June 30,1871 By amount of principal purchased, $29,936,250, estimated in gold
By accrued interest on account of purchases in 1871...
By balance to new account
24, 806, 724 28
521,460 00
1, 689,114 00
1,1871
J u n e 30,1872
To balance from last year
To 1 per cent, on the principal of the public debt on
June30,1871, $2,353,211,332.32..
To interest on redemption of 1869, $8,691,000
To interest on redemption of 1870, $28,151,900...
Tb mterest on redemption of 1871, $29,936,250
To interest on redemption of $32,618,450, amount of
principal of public debt purchased daring fiscal year
1872 on this account
^
To balance to new account
—
28,694,017.73
367,782 .53
237,474 32
1, 557, 264 50
257.474 32
23, 532.113 32
521,460 00
689.114 00
796,175 00
d
o
t^
K;
29, 319, 274 58
June 30,1872 By amount of principal purchased, $32,613,450, estimated in gold
By accrued interest on account of purchases in 1872
32, 248, 645 22
430, 908 38
W
CO
d
059, 325 50
823,891 46
32, 679, 553 60
H
O
,o
29, 319, 274 58
July
672, 020 23
32, 679, 553 60
July
1,1872
J u n e 30,1873
To 1 per cent, on the principal of the pnblic debt on
J u n e 30,1872, $2,253,251,328.78
To interest on redemption of 1869, $8,691,000 *
To interest on redemption of 1870, $28,151,900 .'.
:...
To interest on rederaption of 1871, $29,936,250
To interest on redemption of 1872, $32,618,450
To interest 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
k
July 1,1872 By balance from last year
1
2,823,89146
22, 532, 513 29 J u n e 30,1873 By amount of principal purchased, $28,678,000, esti521, 460 00
mated in gold
28,457,562 83
1, 689,114 00
By accrued interest on account of purchases in 1873 . .
392, 385 45
1, 796,175 00
1. 957,107 00
1, 725, 881 50
1,451, 588 95
hJ
O
31, 673, 839 74
31, 673,839 74
•
Jnly
1,1873
J u n e 30,1874
To 1 per cent, on the principal of the public debt on
J u n e 30,1873, $2,234,482,993.20
To interest on redemption of 1869, $8,691,000
To interest on redemption of 1870, $28,151,900
To interest on redemption of 1871, $29,936,250
To interest on redemption of 1872, $32,618,450
To interest on redemption of 1873, $28,678,000
To interest on redemption of $12,936,450, amount of
principal of public debt purchased during fiscal year
1874 on this account.
-...
22,344,829 93
521,460 00
1, 689,114 00
1,^796,175 00
1, 957,107 00
1,.720, 680 00
J u l y 1,1873 By balance from last year
June 30,1874 By amount of principal purchased, $12,936,450, estimated in gold
By accrued interest on account of purchases in 1874..
By balance
•
n
-o
1, 451, 588 95
t?d
12, 872, 850 74
222, 586 28
16,305,42196
o
QO
823, 082 00
30,852,447 !
30,852,447 93
o
,htj
d
July
1,1874
J u n e 30,1875
To 1 per cent, on the principal, of the public debt on
J u n e 30,1874, $2,251,690.468.43
To interest on redemption of 1869, $8,691,000
To interest on redemption of 1870, $28,151,900
'.
To interest bn redemption of 1871, $29 936,250
To interest oh redemption of 1872, $32 618,450
To interest on redemption of 1873, $28,678,000
:...
To interest on redemption of 1874, $12,936,450
To interest on redemption of $25,170,400, amount of
principal of public debt "paid" during fiscal year
1875 on'this account
...i
22, 516, 904 68
521,460 00
1, 689,114 00
1,796,175 00
1, 957,107 00
1,720, 680 00
776, 087 00
June 30,1875 By amount ofprincipal redeemed, estimated in gold..
By accrued interest on accoimt of redemption in 1875.
By balance
:
• 25,170,400 00
353, 061 56
5, 996, 039 62
Kl
X
X
541, 793 50
31,519, 501 18
31,519,501 18
<
(—(
TABIiE
July
T . — S T A T E M E N T showing the CONDITION of the SINKING-FUND, #c.--Continued.
THE SECRETARY OF T H E TREASURY I N ACCOUNT W I T H
DB.
1,1875
J u n e 30,1876
T o 1 p e r c e n t , on t h e p r i n c i p a l o f t h e p u b l i c d e b t oh
J u n e 30,1876
J u n e 30.1875, $2,232,284,531.95
$22, 322, 845 32
T o i n t e r e s t on r e d e m p t i o n of 1869, $8,691.000
521,460 00
T o i n t e r e s t on r e d e m p t i o n of 1870, $28,151,900
1,689,114 00
T o i n t e r e s t on r e d e m p t i o n of 1871, $29,936,250
1, 796,175 00
T o i n t e r e s t on reciemption of 1872, $32,618,4.50
1, 957,107 00
1,720,680 00
T o i n t e r e s t on r e d e m p t i o n of 1873, $28,678,000
'..
776,087 00
T o in t e r e s t ' o n 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 f;n r e d e m p t i o n of 1875, $25,170,400
1, 510, 224. 00
T o inter.est 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 a r i n g fiscal y e a r
1, 291, 083 50
1876 on t h i s a c c o u n t
By
By
By
By
By
By
SINKING-FUND.
amount
accrued
amount
amount
amoant
balance
of p r i n c i p a l redeemed,' e s t i m a t e d i a 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 f r a c t i o n a l c u r r e n c y r e d e e m e d
of 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
. June 30,1877
T o 1 p e r c e n t , on t h e p n u c i p a l of t h e p u b l i c d e b t on
J u n e 30, 1876, $2,180,395,067.15
•.
T o i n t e r e s t on r e d e m p t i o n of 1869, $8,691,000
T o i n t e r e s t on r e d e m p t i o n of 1870, $28,151,900
T o i n t e r e s t o n r e d e m p t i o n of 187-1, $29,930,250
•.:
T o i n t e r e s t o n r e d e m p t i o n of 1872, $32,618,450
,
T o i n t e r e s t on r e d e m p t i o n of 1873, $28,678,000..
T o i n t e r e s t on r e d e m p t i o n of 1874, $12,936,4^0
'..
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 on r e d e m p t i o n of $24,498,919.05, a r a o u n t of
p r i n c i p a l of p u b l i c d e b t " p a i d " d u r i n g fiscal y e a r
1877 on t h i s a c c o u n t
."
1,1877
J u n e 30,1878
T o 1 p e r c e n t , on t h e p r i n c i p a l bf 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
T o i n t e r e s t on r e d e m p t i o n of 1809, $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 a 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 o n r e d e m p t i o n of 1872, $32,618,450
T o i n t e r e s t on reciemption 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, .$12,9.36,450
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 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 on r e d e r a p t i o n of 1877, $24,498,910.05
T o i n t e r e s t on r e d e m p t i o n of $17,012,634.57, a m o u n t of
p r i n c i p a l of p u b l i c d e b t " p a i c l " d u r i n g fiscal y e a r
1878 on t h i s a c c o u n t
:..
00
91
09
00
00
82
-pi
o
O
33, 584, 775 82
J u n e 30,1877
21, 803, 950 67
n 521, 460 00
1,-689,114 00
1, 796,175 00
1, 957,107 00
1, 720, 660 00
776, 087 00
1, 510, 224 00
1, 931, 009 28
By
By
By
By
By
amount
accrued
amount
amount
balance
of p r i n c i p a l r e d e e m e d , e s t i m a t e d in g o l d .
i n t e r e s t on a c c o u n t of r e d e m p t i o n in 1877
of f r a c t i o n a l c u r r e n c y , r e d e e m e d
of l e ^ a l t e n d e r s r e d e e m e d
447, 500 00
. 5, 776 52 .
14, 043, 458 05
10, 007, 952 00
.9, 225,146 63
Ul
•Q .
•Pi
Pi
•
^
24, 026 25
• 33, 729, 833 20
ifu l y
$18,444. 050
257; 517
7, 062,142
5, 999, 296
678, 000
1,143, 769
pi
H
33, 584, 775 82
July
X
X
Cfi.
I, 729, 833 20
J u n e 30,1878
22, 053, 013 92
521, 460 00
1, 689,114 00
1,796,175 00
1,957,107 00
1, 720, 680 00
•776, 087 00
1, 510,224 00
1,931,009 28
1, 489, 934 60
By
By
By
By
By
amount
accrued
amount
amoant
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 g o l d . .
i n t e r e s t on a c c o u n t of r e d e m p t i o n in 1878
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
°
73, 950
809
3, 855, 366
13, 083, 316
18,415,557
00
92
57
00
31
Pi •
ts
Ul
•a
pi
4.197 00
35,429,001 80
K
35,429,001 80
July
1,1878
J u n & 30,1879
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, 1878, $2,256,205,892.53
T o i n t e r e s t oi r e d e r a p t i o n of 1869, $8,691,000..
T o i u t e r e s t on r e d e r a 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 r a p t i o n of^l871. $29,936,250
T o i n t e r e s t on r e d e m p t i o n of 1872, $32,618,450.0.
T o i n t e r e s t on r e d e r a p t i o n of 1873, $ 2 8 , 6 7 8 , 0 0 0 . . . . . . . . . .
T o i n t e r e s t on r e d e r a p t i o n of 1874, $12,936,450
T o i n t e r e s t on redempticra of 1875, $25,170,400
T o i n t e r e s t on r e d e m p t i o n Of 1876, $32,183,488.09
T o i n t e r e s t 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 1878, $17.012,634.57.....-..
T o i u t e r e s t o n r e d e m p t i o n of $723,662.99, 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
fiscalyear
1879 o n t h i s a c c o u n t
-
J u n e 30,1879
22,. 562, 058
521,460
1, 689,114
1, 796,175
1, 957,107
1, 720, 680
776, 087
1,510,224
1,981,009
1, 469, 934
1, 020,758
By
By
By
By
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 in g o l d . .
a c c r u e d i n t e r e s t on account^of r e d e m p t i o n in 1879.
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 redeemed*
balance
1
July
1,1879
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, 1879, $2,349,567,482.04
T o b a l a n c e from fiscal y e a r 1874
$16, 305,421 96
T o b a l a n c e frora fiscal y e a r 1875 . . .
5, 996, 039 62
T o b a l a n c e frora fiscal v e a r 1876
i, 143,769 82
T o b a l a n c e frora fiscal y e a r 1877
9 225,146 63
T o b a l a n c e frora fiscal y e a r 1878
•
18, 415, 557 31
T o b a l a n c e from fiscal y e a r 1879
36, 231,632 87
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 r a 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 o n r e d e m p t i o n of 1872, $32,618,450
'.
T o i n t e r e s t on r e d e m p t i o n of 1873, $28,678,000
T o i n t e r e s t on r e d e m p t i o n of 1874. $12,936:450.
,
T o i n t e r e s t on r e d e r a p t i o n of 1875, $25,170,400
T o i n t e r e s t on r e d e m p t i o n of 1876, $32,183,488.09
T o i n t e r e s t on r e d e m p t i o n of 1877, $24,498,910.05
T o i n t e r e s t o n r e d e r a p t i o n of 1878, S17,012,634.57
T o i n t e r e s t on r e d e r n p t i o n of 1879, $723,662.99
T o i n t e r e s t on r e d e m p t i o n of $73,904,617.41, a m b 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
1880 o n t h i s a c c o u n t
I
60
11
99
87
Pi
hj
o
Pi.
H
o'
996 75
36, 955, 604 63
J u n e 30,1880
18, 500
308
705,162
36, 231, 632
36, 955, 604 63
J u n e 30,1880
23, 495, 674 82
By
By
By
By
By
a m o a n t of p r i n c i p a l r e d e e m e d i n 1880
a c c r a e d i n t e r e s t o n a c c o u n t of r e d e m p t i o n i n 1880
a m o u n t of p r e m i u m p a i d
::
a m o u n t of f r a c t i o n a l c x u r e n c y r e d e e m e d
balance
73, 652,900
935,951
2, 795, 320
251,717
49,817,128
00
60
42
41
78
w
Ul
ts
o
Pi
87, 317,568
521, 460
1, 689,114
1, 796,175
1, 957,107
1, 720,680
776, 087
1, 510,224
. 1,931,009
1,469, 934
1, 020,758
43, 419
fej
H
21
00
00
00
00
>
Pi
K|
o
do
00
00
28
60
07
78
d.
• H.
W.
IS
2, 203, 806 45
127,453,018 21
ui^
127,453,018 21
d
Pi
X
'X
t—t
X'
TABLE
T.—STATEMENT showing the CONTRITION of the S . n r K I N G - F U N D , ^ c . - C o n t i n n e d .
THE SECRETARY OF THE TREASURY IN ACCOUNT W I T ^ THE
DB.
T o b a l a n c e from l a s t y e a r .
.$49, 817,128 78
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 a n e 30, 1880, $2,120.415,370.63
21, 204, 153 71
,
521. 460 00
J u n e 30,1881 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
1, 689, 114 00
T o i n t e r e s t on r e d e m p t i o n of 1871, $29,936,250
1, 796, 175 00
1, 957, 107 00
T o i n t e r e s t on r e d e m p t i o n of 1872, $32,618,450
1.
1, 720, 680 00
. T o i n t e r e s t on r e d e m p t i o n of 1873. $28,678,000..
' 776, 087 00
T o i n t e r e s t o n r e d e m p t i o n of 1874, $12,936,450
1, 510, 224 00
T o i n t e r e s t on r e d e m p t i o n of 1875, $25,170,400
1, 931, 000 28
T o i n t e r e s t on r e d e m p t i o n of 1876, $32,183,488.09
• 1,469, 934 60
T o i n t e r e s t on r e d e m p t i o n of 1877, $24,498,910.05
1, 020, 758 07
T o i n t e r e s t o n r e d e m p t i o n of 1878, $17,012,634.57
T o i n t e r e s t on r e d e m p t i o n of 1879, $723,662.99
43, 419 78
T o i n t e r e s t on r e d e m p t i o n of 1880, $73,904,617.41
4,161, 762 04
T o i n t e r e s t o n r e d e m p t i o n of $74,480,351.05, 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 i i n g
fiscalyear
2, 935, 731 65
1881 on t h i s a c c o u n t
,
July
1,1880
J u n e 30,1881
By
By
By
By
By
amount
accrued
amount
amount
balance
SINKING-FUND.
of p r i n c i p a l r e d e e m e d in 1881
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 1881
of p r e m i u m p a i d
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
1,1881
J u n e 30,1882
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 o n
J u n e 30, 1881, $2,069,013,569.58
T o i n t e r e s t on r e d e m p t i o n s p r i o r t o 1882
T o i n t e r e s t on r e d e m p t i o n of $60,137,855.55, a m o u n t of
p r i n c i p a l of p a b l i c debt- " p a i d " d a r i n g fiscal y e a r
1882 on t h i s a c c o u n t
16, 305, 873 47
1,1832
J u n e 30,1883
T o b a l a n c e frora 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 o n
J u n e 30, 1882, $1,918,312,994.03
T o inteirest on r e d e r a p t i o h s - p r i o r t o 1883
T o i n t e r e s t on r e d e r a p t i o n of $44,897,256.96, 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
1883 on t h i s a c c o u n t
:
o
n
Hi
w
ts
•-V
Ul
ts
a
92, 554,744 91
J u n e 30,1882
20, 690,135 70
22, 638, 857 83
By
By
By
By
a m o u n t of p r i n c i p a l r e d e e m e d in 1882
a c c r u e d i n t e r e s t on a c c o i i n t of r e d e m p t i o n i n 1882
a m o a n t of fractional c u r r e n c y r e d e e m e d
balance
Pi
ts
60, 079,150 00
612,009 53
58, 705 55
461, 309 15
o
1, 576, 337 23
61, 211, 204 23
July
$74, 371, 200 00
^ 707,421 61
1, 061, 248 78
109, 001 05
16, 305, 873 47
X
X
X
o
92, 554, 744 91
July
CB.
461,309 15
19,183,129 94
24, 778, 517 16
1, 427, 378 90
"45,850,335 15
61, 211, 204 23
J u n e 30,1883
By
By
By
By
a m o u n t of p r i n c i p a l r e d e e m e d in 1883
a c c r u e d i n t e r e s t o n a c c o u n t of r e d e m p t i o n i n 1883
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
balance
s
44, 850, 700 00
•329, 761 48
46, 556 96 . H"
623, 316 71
..
45,850,335 15-
>
Ul
d
.^
July
1,1883
June 30,1884
To balance from last year
To 1 per cent, on the principal of the public debt on
J u n e 30,1883,$1,884,171,728.07...:To interest on redemptions prior to 1884
To interest on redemption of $46,790,229.50, amount of
principal of public debt " p a i d " during fiscal year
1884 on this account
1
*o
•
To balance from last year
:
To 1 per cent, on the principal of the pablic debt on
. June 30,1884, $1,830,528,923.57
-..
June 30,1885 To interest on redemptions prior to 1885
To interest on redemption of $45,604,035.43, amount of
principal of public debt " p a i d " during fiscal year
1885 on this account
July
1,1884
623,316 71
18, 841, 717 28
26,351,707 08
June 30,1884 By
By
By
By
amoant of principal redeemed in 1884
accrued interest on account of redemptions in 1884
amount of fractional currency redeemed
balance '.
46, 769, 600 00
318, 870 93
20, 629 50
743 32
w
1,293, 111
47,109, 852 75
743 32
18, 305, 289 24
27, 927,194 10
June 30,1885 By
By
By
By
amount of principal re'deemed in 1885
accrued interest on account of redemptions in 1885
amount of fractional currency redeemed
balance
,
'hj-
45, 588,150 00
271,667 32
15, 885 43
1, 518, 227 40
Pi
.O
o^S'.'
s
1,160, 703 49
47, 393, 930 15
ts
47,109, 852'75
47,393, 930 15 ^
d
ts-
QO
tS:
O
w
tS:
H^
Pi'
Kj-
O
, ^•
H-
W
HH
W:
t
s
>r/3
d
W'
KS;
V-
l^
T A B L . E O.—STATEMENT of THIBTY-YEAB 6 P E B CENT. BONDS {interest paiiable January and July) ISSUED to the several P A C I F I C
B U - I L W A Y C O M P A N I E S under the acts of July 1, 1862 (12 Statutes, 492), and July 2, 1864 (13 Statutes, 359).
X
X
:x'
a> 2
£ fcX)
BJ 5 P<
® O (O
® ® <d
.o.^
Pirn
CO'—'
hd
Railway companies.
O © ©
3
pJ
H
On J a n u a r y 1,1876:
C e n t r a l Pacific
K a n s a s Pacific
U n i o n Pacific
Central Branch Union Pacific.
"Western Pacific
S i o u x C i t y a n d Pacific
On J u l y l , 1876:
>
Central 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 Pac'fio
S i o u x C i t y a n d Pacific
$25, 885,120
6, 303, 000
27, 236, 512
1, 600, 000
1, 970, 560
1, 628, 320
00
00
00
00
00
00
$13,027,-697
3,103, 893
11, 884, 324
, 781, 808
722, 380
682, 703
67
09
65
26
14
89
64, 623, 512 00
28, 202, 807 70
25,885,120
6, 303, 000
27, 236, 512
1, 600, 000
1, 970, 560
1, 628, 320
11, 804, 251 27
3, 292, 983 09
12, 701, 420 01
829, 808 26
781, 496 94
731,553 49
00
00
00
00
00
00
$776, 553
189, 090
817,095
48, 000
59,116
48, 849
60
00
36
00
80
60
1,938,705 36
776, 553 60
189, 090 00
817, 095 36
48, 000 00
59,116 80
48, 849 60
$11, 804, 251
3, 292, 983
12,701,420
829, 808
[. 781, 496
731, 553
27
09
01
26
94
49
$1,191,765
1,440, 664
3, 943, 715
44,408
9, 367
39, 005
o
O ^
•Pi^
lfl-2|g
p . 03 c3 S
© CJ.+J+3
o
86
84
65
05
00
96
$10, 612, 485
1, 852, 318
8, 757,704
785, 400
772,129
692, 547
•
41.
25
36
21
94
53
30,141, 513 06
6, 668, 927 36
23, 472, 585 70
12, 580, 804
3, 482, 073
13,518,515
877, 808
840, 613
780,403
1,231,213
1, 448, 327
4, 079, 704
44, 408
9, 367
39, 470
11, 349,
2, 033,
9, 438,
833,
831,
740,
87
09
37
2(5
74
09
76
39
77
05
00
28
591
745
810
400
246
932
11
70
60
21
74
81
w
ts '
Ul
ts
o
pi
tS'
Pi
o
hjt-^
64, .623, 512 00
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 . . . < © . . .
30,141,513 06
25, 885,120 00 12, 580, 804 87
6, 303, (.00 00 3; 482, 073 09
27, 236, 512 00 13, 518, 515 37
1,600,000 00
877, 808 26
1, 970, 560 00
840, 613 74
1, 628, 320 00
780, 403 09
64, 623, 512 00
32, 080, 218 42
1,938,705 36
776,553 60
189, 090 00
817, 095 36
48, 000 00
59,116 80
48, 849 60
1, 938, 705 36
dts
32, 080, 218 42
6, 852, 491 25
25, 227, 727 17
13, 357. 358 47
3, 671,163 09
14, 335, 610 73
925, 808 26
899, 730 54
829, 252 69
1,268,672 12
1, 515, 718 49
4,126, 871 52
44, 408 05
9,367 00
39, 440 28
12, 088, 686 35 •
2,155,444 60
Pi
10, 208, 739 21
t=J:
881, 400 21
890, 363 54
'Ul
789, 782 41
d
Pi
27, 014, 416 32
34, 018, 923 78 I
7, 004, 507 46
>
Oh J u l y l , 1877:
Central Pacific
,..
Kansas Pacific
Union Pacific
>-. •
Central Branch Union Pacific
Western Pacific
Sioux City and Pacific
25, 885,120 00 13, 357, 358 47
6, 303, 000 00
3,671,163 09
27, 226, 512 00 14, 335, 610 73
1, 600, 000 00
925, 808 26
1, 970, 560 00
899,730-54
1,628,320 00
829,252 69
64,623,512 00
On January 1, 1878:
Central Pacific
......'....
Kansas Pacific
Union Pacific
Central Branch.Uhion Pacific
Western Pacific .Sioux City and Pacific
O n J u l y 1,1878:
CentralPacific
T- —
Kansas Pacific
Union Pacific
Central Branch Union Pacific
Western Pacific
Sioux City and Pacific
On January 1,1879:
Central Pacific
Kansas Pacific
Union Pacific
Central Bianch Union Pacific
Western Pacific
Sioux City and Pacific
On July 1,1879:
Central Pacific
Kansas Pacific
° Union Pacitic
Central Branch Union Pacific
Westem Pacific
Sioux City and Pacific -
34,018,923 78
25,885,120 00
14,133, 912 07
6,303,000 00
3, 860, 253 09
27, 236, 512 00 15,152, 706^ 09
. 1, 600, 000 00
973, 808 26
1, 970, 560 00
958, 847 34
1, 628, 320 00
878,102 29
776, 553 60
189, 090 00
817,095 36
^ 48, 000 00
59,. 116 80
48, 849 60
1,938,705 36
35, 957, 629 14
25, 885,120 00
6, 303, 000 00
27, 236, 512 00
1, 600, 000 00
1,970,'560 00
1, 628, 320 00
14, 910, 465 67
•4,049,343 09
15, 969, 801 45
1, 021, 808 26
1, 017, 964 14
926.*951 89
64, 623,512 00
37, 896, 334 50
1,938,705 36
25, 885,120 00
6, 303, 000 00
27, 236, 512 00
1, 600, 000 00
,1,970,560 00
1, 628, 320 00
15, 687, 019 27
4, 238, 433 09
16,786, 896 81
1, 069, 808 26
1, 077, 080 94
975, 801 49
776, 553 60
189,090 00
817,095 36
48, 000 00
59,116 80
48, 849 60
64, 623, 512 00
39, 835, 039 86
1,938,705 36
64,623,512 00
41, 773, 745 22
2, 065, 324 01
1, 531, 680 06
4, 787, 041 67
58, 498 35
9,367 00
62,578 00
12, 068, 588 06
2, 328, 573 03
10, 365, 664 42
915, 309 91
949, 480 34
815, 523 49
35,957,629 14
8,514, 489 89
27,443,139 25
2,198, 960 71
1, 532,450 07
5,134,103 84
62,-998 35
9, 367 00
68,409 65
12,711,504 96
2, 516, 993 02
10, 835, 697 61
958,808 91
1, 008, 597 14
858, 542 24
37,896,334.50
9, 006,189 62
28,890,144 88
15, 687, 019 27
4, 238,433 09
16, 786, 896 81
1,069,808 26
1, 088, 080 94
975, 801 49
2, 343,'659 54
1, 532, 530 42
5, 852, 870 95
67,498 35
9, 367 00
75, 517 99
13, 343, 359 73
2,705, 902 67
10, 934, 025 86
1, 002, 309 91
1, 067, 713 94
900,263 50
39, 835, 039 86
9, 881, 444 25
2.9, 958, 595 61
16, 463, 572 87 ^ 2, 516, 742 86
4, 427, 523 09
1, 744, 683 89
17, 603, 992 17
6,145, 214 86
1, 117, 808 26
71,445 54
1,136,197 74
9, 307 00
1, 024, 651 09
83,648 56
13, 946, 830 01
2, 682, 829 20
11,458, 111- 31
1, 046, 362 72
1,.126, 830 74
941, 002 53
41, 773, 745 22
31, 202, 642 51
776, 553 60 14, 910, 465'67
. 189, 090 00
4, 049, 343 09
817, 095 36 15, 969, 801 45
48, 000 00 - I, 021, 808 26
59,116 80
1, 017, 964 14
48, 849 60 ,
926, 951 69
64^623,512 00
25, 885,120 00 16, 463, 572 87
6, 303, 000 00 4,427, 523 09
27, 236, 512 00 17, 603, 902 17
1, 600, 000 00 1,117,808 26
1,970,500 00
1,136,197 74
1,628,320 00
1, 024, 651 09
14,133, 912 07
3, 860, 253 09
15,152,706 09
973, 808 26
. 958, 847 34
878,102 29
1,938,705.36
776, 553 60
189, 090 00
817, 095 36
48, 000 00
59,116 80
48, 849 60
776, 553 60
17, 240,126 47
189, 090 00
4,616,613 09
817, 095 36 18, 421, 087 53
•48, 000 00 " 1,10-5,808 26
59,116 80
1,195,314 54
48, 849 60
1, 073, 500 69
1, 938, 705 36 ,43,712,450 58
ts
hj
O
Pi •
Hi
o
H
d
tsUl
10, 571,102 71
2, 771, 419 23
14, 468, 707 24
2,291,702 54
2, 324, 910 55
1, 325, 466 49 '^ 11,095,62104
73,142 73
1, 092, 665 53
9, 367 00
1,185, 947 54
91, 747 39
. 981, 753 30
12, 596, 053 39 . 3 1 , 116, 397 19
ts
o
ts
>
Pi
^'
O.
H
d
Pi
ts
-Ul
d
Pi
• tr"
M:
X
X
T A I R I J I B O . — S T A T E M E N T of THIBTY-YEAB 6 P E B CENT. BONDS, ^^c—Continued.
-n
Railway companies.
...
'.
$25, 885,120
6, 303, 000
27, 236, 512
. 1,600,000
1, 970, 560
1, 628, 320
: .
:
00
00
00
00
00
00
64, 623, 512 00
On July 1,1880:
CentralPacific
Kansas Pacific
1 '.
Union Pacific
Central Branch Union Pacific
Western Pacific
Sioux City and Pacific
i
<
ill
<
$17, 240,126 47
4, 616, 613 09
18, 421, 087 53
1,165, 808 26
1,195, 314 54
1, 073, 500 69
4.3,712,450 5 8 '
$116, 553
189, 090
817, 095
48, 000
59,116
48, 849
H
60
00
36
00
80
60
1, 938, 705 36
00
00
00
00
00
00
18,016,680 07
. 4, 805, 703 09
19,238,182 89
1, 213, 808 26
1,254,431 34
1,122, 350 29
776,553
189, 090
817, 095
48, 000
59,116
48, 849
64,623,512,00
45, 651,155 94
1,938,705 36
25, 885,120
6, 303, 000
27, 236, 512
1, 600, 000
1, 970, 560
1,628,320
^
42roro
- i1
r
On January 1,1880:
Central Pacific
Kansas Pacific
'
Union Pacific
...
Central Branch Union Pacific
Westem Pacific
Sioux City aad Pacific
1
its
60
00
36
00
80
60
$18, 016, 680
4, 805, 703
19, 238,182
1, 213, 808
1,224,431
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, 313. 548
1,171,199
67
09
25
26 14
89
47, 589, 861 30
X
X
X
Balance due the
United States on
interest account,
deducting repayments.
Repayment of interest by transportation* of mails,
troops, &c.
^:2
Pi
.ts
hj
O
H
O'
70
88
97
73
00
91
$14,464, 544 37
2,435, 593 21
. 11, 816, 447 92
1,140, 665 53
1, 245, 064 34
1, 028, 366 38
13, 520,474 19
'32,130,681 75
$3, 552,135
2, 370,109
7, 4§1, 734
o 73,142
9,367
93, 983
3, 200, 389
2,447, 397
7, 804,484
47. 621
9, 367
106, 032
64
28
37
69
00
57
13, 615, 292 55
15, 592, 844
2, 541, 395
12, 250, 793
1, 214,186
1,304,181
1, 065,167
33,974,568
03
81
88
57
14
32
d
ts
ui
ts
o
ts
H'
>
Pi
•Kj
O
^.
75
W
On January 1, 1881:
CentralPacific
. . ..
Kansas Pacific
......-.•
Union Pacific
.1
•
Central Brfl.Ticb Union Pacific r
Western Pacific
."
Sioux City and Pacific
ts
.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.'
-,,.
-
^-
:
25,885,120
6, 303, 000
27, 236, 512
1, 6(30, 000
1, 970, 560
1, 628, 320
00
00
00
00
00
00
64, 623, 512 00
18, 793, 233
4,994,793
20, 055, 278
1, 261, 808
1, 313, 548
1,171,199
67
09
25
26
14 ^
89
47, 589, 861 30
776, 553
189, 090
817, 095
48, 000
• 59,116
• 48,849
60
00
36
00
80
60'
1, 938, 705 36
19, 569, 787
5,183, 883
20, 872, 373
1, 309, 808
1, 372, 664
1,220,049
37
09
61
26
94
49
49,528,566 66
16,211, 760 42
3, 358, 026 85
2, 681,158 77
2, 502, 724 32
7,-992, 936 82
12, 879, 436 79
74, 967 91 , ' 1, 234, 840 35
1,363, 297 94
9, 367 00
1,105, 624 91
114,424 58
14,052,447 48
——
-
35,476,119 18
H
Pi
ts
Ul
d
w
Kt
On July 1. 1881:
Central Pacific
Kansas Pacific...!
Union Pacific ..,
Central Branch Union Pacific
Western Pacific
Sioux City and Pacifiq
25,885,120 00
6,303,000 00
27,236,512 00
1,600,000 00
1,970,560 00
1,628,320 00
19, 569, 787 27
5,183, 883 09
20, 872, 373 61
. 1,309,808 26
1, 372, 664 94
1, 220, 049 49
1 64, 623, 5i2 CO
49, 528, 566 66-
On January 1, 1883:
Central Pacific.
Kansas Pacific
Union Pacific
Central Branch Union Pacific
Westem Pacific
Sioux City and Pacific
On July 1, 1883:
Central Pacific.
Kansas Pacific
^
^...
Union Pacific
Central Branch Union Pacific
Westem Pacific
Sioux City and Pacific
1. 938, 705 36
20, 346, 340 87
5, 372, 973 09
21, 689,468 97
1, 357, 808 26
1,431,781 74
1,268,899-09
51, 467, 272 02
3, 496, 942 83
2, 565, 443 44
8,135,878 56
93, 515 38
. 9, 367 00
124, 979 14
14, 426,126 35
16, 849, 898 04
2, 807, 529 65
13, 553, 590 41
1, 264, 292 88
],.422,414 74
1,143, 919 95
37, 041,145 67
t
25, 885,120 00
6. 303, 000 00
27, 236, 512 00
1, 600, 000 00
1, 970. 560 00
1, 628,320 00
20, 346, 340 87
5. 372, 973 09
21, 689, 468 97
1, 357, 80.8 26
1,431,781 74
1, 268, 899 09
776, 5.53 60
189, 090 00
817,095 36
48, 000 00
59,116 80
48,849 60
64,623,512 00
51, 467, 272 02
1, 928, 705 36
25, 885,120 00
6, 303, 000 00
27,236. 512 00
1, 600, 000 00
1, 970, 560 00
1, 628, 320 00
21,122, 894 47
5, 562, 063 09
22, 506, 564 33
1, 405, 808 26
1, 490, 898 54
1,317,748 69
64,623,512-00
53,405, 977 38
21,122, 894 47
5, 562, 063 09
22, 506, 564 33
1, 405, 808 26
1,490,898 54
1, 317, 748 69
53,405. 977 38
776, 553 60 , 21, 899, 448 07
189, 090 00
5,751,153 09
817, 095 36 23, 323, 659 69
48,-000 00 • 1, 453, 808 26
59,116 80
1, 550, 015 34
48, 849 60
1, 366, 598 29
1,^938,705 36
25,885,120 00
6,303,000 00
27, 236, 512 00
1, 600, 000 00
1, 970, 560 00
1, 628, 320 00
21, 899, 448 07
5, 751,153 09
23, 323, 659 69
1, 453, 808 26
1, 550, 015 34
1,366,598 29
64, 623, 512 00
55,344,682 74
25, 885,120 00
6. 303, 000 00
27,236,-512 00
1, 600, 000 00
1, 970, 5G0 00
1, 628, 320 00
22,676,001 67
5, 940, 243 09
24,140, 755 05
1,501, 808 26
1,609,132 14
1, 415, 447 89
776, 553 60
189, 090 00
817,095 36
48, 000 00
59,116 80
48, 849 60
64, 623 512 00
57, 283, 388 10
1, 938, 705 36
Pi
ts
hj
«
On January 1, 1882:
Central Pacific
Kansas Pacific
Union Pacific
".
Central Branch Union Pacific
Western Pacific
Sioux City and Pacific
On July 1, 1882:
Central Pacific
.'
Kansas Pacific..Union Pacific
Central Branch Union Pacific
Westem Pacific
Sioux City and Pacific....
776, 553 60
189, 090 00
817, 095 36
48, 000 00
59,116 80
48, 849 60
55, 344, 682 74
776, 553 60
189,090 00
817,095.36
48, 000 00
59,116 80
48,849 60
22, 676, 001 67
5, 940, 243 09
24,140, 755 05
1,501,808 26
1,609,132 14
1, 415,447 89
1, 938, 705 36
57, 283, 388 10
3, 600, 920 51
2, 625, 289 51
8, 227, 294 70
109, 032 06
9, 367 00
135, 982 56
14,707j886 34
3, 812, 411 95
2, 725, 458 33
8, 453, 537 60
124, 639 85
9, 367 00
95,278 57
15, 220,1593 30
4, 217, 203 99
2, 818, 329 72
8, 815, 988 85
142, 630 64
9, 367 00
120, 340 39
16,123,860 59
17, 521, 973 96
2, 936, 773 58
14, 279, 269 63
1, 296, 776 20
1, 481, 531 54
1,181. 766 13
38,698,091 04
18, 087, 0^36 12
3, 025, 694 76
14, 870,122 .09
1, 329,168 41
1, 540, 648 34
1,271, 319 72
40,123, 989 44
18,458,797 68
. 3,121, 913 37
15, 324, 766 20
1, 359.177 62
1, 599, 765 14
1, 295,107 50
41,159, 527 51
o
pi
H
O
^S
d
ts
Ul
ts
o
ts
H
f>
Pi
^
O
^S
H
d
ts
H
Pi
ts
23, 452, 555 27
6,129, 333 09
24, 957, 850 41
1,'549, 808 26
1, 668, 248 94
1,464,297 49
59, 222,093 46
4, 592,158 25
2," 969, 049 59
8, 933, 292 87
152,157 10
•9, 367 00
121, 355 39
18,860,397 02
' 3,160, 283 50
16,024, 557 54
1, 397, 651 16
1, 658, 881 94
1, 342, 942 10
16, 777, 380 20 ' 42, 444, 713 26
Ul
d
tr"
X
X
X
<
T A B L . E G.—STATEMENT of THIBTY-YEAB 6 PEB CENT. BONDS, #c,—Contmued.
Railway companies.
On J a n u a r y 1, 1884:
C e n t r a l Pacific
K a n s a s Pacific
U n i o n Pacific
Central Branch UnionPacific
W e s t e r n Pacific
S i o u x C i t y a n d Pacific
On J u l y 1,1884:
C e n t r a l Pacific
K a n s a s Pacific
.,
U n i o n Pacific
Central Branch Union Pacific
W e s t e r n Pacific
S i o u x C i t y a n d Pacific
Araount
of
bonds o u t standing.
$25,885,120
6, 303, 000
27, 236, 512
1, 600, 000
1, 970, 560
1, 628, 320
00
00
00
00
00
00
27
09
41
26
94
49
59, 222. 093 46
25, 885.120
6, 303, 000
27, 236, 512
1, 600, 000
1,970,560
1,628,320
24, 229,108
6, 318,423
25, 774, 945
1, 597, 808
1, 727, 365
1, 513,147
00
00
00
00
00
00
87
09
77
26
74
09
61,160, 798 82
A m o u n t of interest d u e
^ asperRegis~^ t e r ' s sched-'
ule.
$776, 553
189,090
817, 095
48, 000
59,116
48, 849
60
00
36
00
80
60
1, 938, 705 36
776, 553
189, 090
817, 095
48, 000
59,116
48, 849
60
00
36
00
80
60
1, 938, 705 36
Total i n t e r est paid by
the United
States. .
$24,229,108
6,318, 423
25,774, 945
1, 597, 808
1,- 727, 365
1, 513,147
87
09
77
26'
74
09
61,160, 798 82
$4, 752,173
3, 054, 923
9, 522,138
162, 398
9, 367
130, 892
80
61
82
38
00
37
17, 631, 893 98
43, 528, 904-84
Pi
ts
hj
O
Pi-
o
^•
H
d
ts
18,148, 923 41
Ul
IS
20, 221, 045 04
3,452, 221 49
Pi
16, 585, 933 34
1, 483,406 99
•H
1, 777,115 54 •
1, 430, 858 37 pi.
44, 950, 580 77 - Kl
4, 980, 710
3,207,922
10, 495, 849
171,939
9, 367
151, 552
20, 801, 505
3, 488, 680
16, 913, 286
1,521,868
1,836,232
1, 459, 294
25, 005, 662 47 4, 784, 617 43
6, 507, 513 09
3, 055, 291 60
26, 592, 041 13 10, 006,107 79
1, 645, 808 26
162, 401 27
1, 786, 482 54
9, 367 00
1, 561, 996 69
131,138 32
63, 099, 504 18
$19, 476, 935 07
3, 263, 499 48,
16, 252, 806 95
1,435,409 -881, 717, 998 74
1, 382, 254 72
X
o
a,
O
25, 885,120 00 25, 005, 662 47
6, 303,000-00
6,'507;513 09
27, 2S6, 512 .00 28, 592, 041 13
-1, 600, 000 00
1, 645, 808 26
i, 970", 560 00
1, 786, 482 54
1, 628, 320 00 1,561,996 69
64, 623, 512 00
. O n J u l y 1,1885:
Central Pacitic
•
K a n s a s Pacitic
U n i o n Pacific
C e n t r a l B r a n c h U n i o n Pacific
W e s t e m Pacific
S i o u x City a n d Pacific
$23, 452, 555
6,129,333
24, 957, 850.
1, 549, 808
1, 668, 248
1, 464, 297
64, 623, 512 00
64, 623, 512 00
On J a n u a r y 1,1885:
CentralPacific
Kausas Pacific....... - . . . . . . . . .
U n i o n Pacific
:
Central B r a n c h U n i o n Pacific.
W e s t e r n Pacific
S i o u x City, a n d P a c i f i c
A r a o u n t of interest
accrued a n d
p a i d to d a t e .
X
Balance,, d u e
R e p a y m e n t of,
the United
iaterest by ' S t a t e s on
transportai n t e r e s t act i o n of raails,
count, d e troops, &c.
d u c t i n g repayraents.
63,099,504 18
776, 553 60 25, 782, 216 07
189, 090 00 ^ 6 ; 696; 603 09
817, 095 36 27,409,136 49
48, 000 00
1, 693, 808 26
59,116 80
1, 845, 599 34
48, 849 60
1, 610, 846 29
1, 938, 705 36
65, 038, 209 54
91
35
61
98
ot)
14
19,017,341
16
74
88
28
34
15
46,020,867 55
^s'>^
d'
ts
• H
-pi
> •
25, 885,120 00 25, 782, 216 Q7
6, 696, 603 09
6, 303, 000 00
27, 236, 512 00 27, 409,136 49
1, 600, 000 00 1, 693, 808 26
1, 970, 560 00
1,-845, 599 34
1, 628, 320 00 1, 610, 846 29
64, 623, 512 00
65, 038, 209 54
776, 553 60
189, 090 00
817, 095 36
48, 000 00
59,116 80
48, 849 60
26, 558, 769 67
5,134,185 31
' 6, 885, 693 09 3,284,294 23
28, 226, 231 85 10, 647, 579 36
1,741,808 26
219, 746 48
.1,904,716 14
9,367 00
1, 659, 695 89
178, 659 68
1,938,705 36. 66, 976, 914 90
19,473, 832 06
21, 424, 584 36
3, 601; 398 86
17,^578, 652 49
1, 522, 061 78
1, 895, 349 14
1, 481, 036 21
47, 503, 082 84
d'
pi
T A B L E H . — S T A TEMENT showing the AMOUNT of GOLlfand
SILVER
COIN and BULLION;
Gold.
In Treasury,
including
bullion.
I n national
•banks.
GOLD, SILVER,
and CURRENCY CERTIFICATES;
UNITED STATES NOTES, and NATIONAL
at the CLOSE of EACH YEAR named.
Gold certificates.
I n circulation;
in other banks
and in individual hands.
Total.*
In Treasury.
I n national
banks.
and STATE-BANK
Silver dollars.
Silver certificates.
I n circulation ;
in other banks
and in individual hands.
Total.
In Treasury.
In national
banks.
NOTES in the UNITED STATES, and DISTRIBUTION
In circulation;
in other banks
and in individual hands.
I n Treasury,.
including silver
bullion.
Total.
I n national
banks.
Subsidiary silver, t
In circulation;
in other banks
and in individual hands.
Total.
I n Treasury.
I n national
banks.
I n circulation;
in other banks
and in individual hands.
e
$18, 653, 580
40,443, 031
57, 295, 056
113,118; 471
96, 241, 788
110, 870, 572
108, 316, 646
91,108, 840
71,425, 396
68,213, 633
68, 431, 388
56, 688, 448
55, 217, 604
89, 390, 471
128, 460, 202
135,236, 474
126,145, 427
163,171, 661
148, 506, 389
198,078, 567
204,876, 594
247,028, 625
19
68
90
07
51
35
51
16
63
30
80
36
05
88
87
62
20
25
95
68
15
25
$2, 241, 041 30
9, 437, 060 40
4, 546, 576 30
4, 006, 322 98
7,472, 129 04
6, 501, 410 48
12, 438, 517 78
9, 687, 415 65
11, 560, 035 73
3, 370, 378 40
5, 019, 638 53
3, 663, 993 46
240 54
4,
5, 306, 262 69
8,191, 952 67
21, 530, 846 05
76, 959, 509 73
101, 901, 276 45
91, 223, 770 74
67,002, 816 21
65, 835, 738 50
947 07
$182,105, 378 51
139,119, 907 92
105,158, 366 80
68, 875, 205 95
56, 286, 082 45
55, 628, 017 17
68, 744, 835 71
62, 703, 744 19
65, 014, 567 64
63, 415, 988 30
68, 548, 972 67
49, 647, 558 18
53,443, 155 41
50, 803, 265 43
49, 847, 844 46
54, 732, 679 33
105, 895, 063 07
160, 927, 062 30
204, 269, 839 31
201,918, 616 11
192, 787, 667 35
169, 702, 427 68
*$214, 000, 000 00
**270, 000, 000 00
**283, 000, 000 00
**260, 000, 000 00
203, 000, 000 00
189, 000, 000 00
167, 000, 000 00
186, 000, 000 00
160, 000, 000 00
173, 000v 000 00
189, 500, 000 00
163, 500, 000 00
148, 000, 000 00
135, 000, OOOv 00
142, 000, 000 00
110, 000, 000 00
113, 500, 000 00
145, 500,000 00
186, 500, 000 00
211, 500, 000 00
309, 000, 000 00
426, 000, 000 00
444, 000, 000 00
467, 000,000 00
463, 500, 000 00
500, 000, 000 00
$442, 640
95, 470
35, 260
533, 680
2,462, 320
2, 096, 620
5, 674, 640
5,208, 680
4, 809, 720
4, 247, 500
4, 506, 420
9, 274, 560
19, 46& 320
133, 880
40, 700
23, 400
8, 100
22, 571, 270
27, 246, 020
13, 593, 410
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
$8, 082, 800 00
7, 122, 350 00
13, 283, 790 00
11, 953, 680 00
18, 660, 920 00
9,161, 160 00
11,412, 160 00
22,139, 090 00
13, 671,*660 00
12, 642, 180 00
16, 872, 780 00
12,179, 520 00
16, 021, 460 00
13,975, 600 00
7, 939, 560 00
5,137, 500 00
4,440, 400 00
32,791, 590 00
26, 637, 110 00
74,816, 920 00
$2, 422, 420
11, 555, 760
4, 359, 590
18, 002, 280
13,423, 880
8, 628, 520
14, 999, 500
12,112, 230
4, 343, 720
4, 908, 620
7, 302, 200
20,118, 520
8, 876, 220
1, 304, 220
24, 340
622, 020
588, 620
27, 015, 780
44, 509, 530
51, 912, 810
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
$10, 947, 860
18, 773, 580
17, 678, 640
30, 489,640
34, 547,120
19, 886, 300
32, 086,300
39,460, 000
22, 825,100
21, 796, 300
28, 681,400
41, 572, 600
44, 367, 000
15,413, 700
8, 004, 600
5, 782, 920
5, 037,120
82,378,640
98, 392, 660
140, 323,140
$1,455, 520 00
2, 052, 470 00
6, 584, 701 00
12, 055, 801 00
11,590,620 00
15, 996,145 00
23, 384, 680 00
38, 370, 700 00
$56, 670 00
995, 400 00
945, 590 00
854,040 00
3, 121,130 00
2, 861, 000 00
3,139, 270 00
$7, 080 00
357,810 00
4, 794,169 00
38,165,139 00
53, 652, 050 00
69, 499, 556 00
93, 566, 011 00
98, 391, 676 00
$1 462, 600 00
2 466, 950 00
12 374, 270 0U
51 166, 530 00
66, 096, 710 00
88 616,831 00
119 811.691 00
139 901, 646 00
National-bank notes. §
State-bank circulation.
Demand notes.
One and two year Compound-interest
notes of 1863.
notes.
Fractional currency.
I n Treasury.
$207,102, 477
202, 005, 767
183, 792, 079
238, 677, 218
179,157, 717
142, 919, 638
19, 996, 163
4,484, 112
3,163, 771
2, 558, 874
2, 222, 793
1, 968, 058
1, 700, 935
1, 294, 470
1, 009, 021
786, 844
658, 938
521, 611
426, 504
352, 452
299, 790
242, 967
235, 173
189, 253
187, 978
144, 489
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
$53, 040, 000 00
3, 351, 019 75
780, 999 25
472, 603 00
272, 162 00
208, 432 00
141, 723 00
123, 739 25
106, 256 00
96, 505 50
88, 296 25
79, 967 50
76, 732 50
70, 107 50
917 50
962 50
297 50
470 00
975 00
535 00
695 00
985 00
440 00
950 00
$89, 879, 475 00
153, 471, 450 00
42, 338, 710 00
3,454, 230 00
1,123, 630 00
555, 492 00
347, 772 00
248, 272 00
198, 572 00
167, 522 00
142, 105 00
127, 625 00
113, 375 00
104, 705 00
95, 725 00
90, 485 00
86, 185 00
82, 485 00
79, 985 00
74, 965 00
71, 765 00
765 00
035 00
$15, 000, 000 00
193, 756, 080 00
159, 012, 140 00
122, 394, 480 00
28,161, 810 00
2, 871, 410 00
2,152, 910 00
768, 500 00
593, 520 00
479, 400 00
415, 210 00
367, 390 00
328, 760 00
296, 630 00
274, 920 00
259, 090 00
242, 590 00
230, 250 00
220, 960 00
213, 620 00
207, 660 00
202, 730 00
$20,192, 456 00
22,894, 877 25
25, 005, 828 76
27, 070, 876 96
28,307, 523 52
- 32,626, 951 75
32,114, 637 36
39, 878, 684 48
40, 582, 874 56
40,855, 835 27
44, 799, 365 44
45, 881, 295 67
42,129, 424 19
34.446, 595 39
20,403, 137 34
16, 547, 768 77
15,842, 610 11
J15, 590, 892 70
15,481, 891 65
15,423, 186 10
15, 376, 629 14
15,355, 999 64
15,340, 114 21
$5, 467, 195 00
11, 861, 418 00
5, 393, 982 00
7, 992, 791 00
11,118, 903 00
6, 855, 569 00
8, 627, 790 00
8,304, 586 00
11,715, 488 00
13, 861, 463 00
16, 877, 634 00
15, 759, 847 00
12,789, 923 00
8, 286, 701 00
7, 090, 249 00
5, 296, 382 00
6, 277, 246 00
8, 217, 062 00
8, 809, 990 00
9,945, 710 00
I n national
banks.
$10, 753, 777 00
36, 337, 528 00
31, 547, 972 00
22, 215, 935 00
17,498, 787 00
18, 081, 718 00
23,894, 500 00
26, 841, 641 00
23, 999, 544 00
26, 955, 726 00
32,272, 068 00
42, 317, 896 00
32, 979, 719 00
34, 238, 402 00
30,463, 349 00
24, 771, 123 00
26, 358, 332 00
27, 932, 850 00
27, 753, 195 00
31, 748, 004 00
27, 871, 246 00
32,131, 028 00
I n circulation; i n ,
other banks and in
individual hands.
$20, 481, 493 00
109, 800, 332 00
244, 464, 741 00
264, 548, 026 00
276, 870, 086 00
273, 667, 966 00
264, 753, 581 00
284, 564, 031 00
305, C37, 461 00
312, 006, 749 00
307, 993, 476 00
298, 228, 649 00
283,140, 983 00
267, 050, 623 00
281, 261,012 00
296, 633, 873 00
311,056, 846 00
321, 813, 443 00
324, 711, 593 00
316,108, 215 00
302, 818, 647 00
276, 499, 973 00
$15,059, 827
33, 239, 916
49, 549, 851
65, 854, 671
90, 384, 724
116,396, 235
139, 616, 414
169,451, 997
84
91
42
10
36
29
27
52
$175, 250 00
4, 739,120 00
4, 689, 628 00
5, 711,137 00
6, 077,153 00
6,351, 004 00
8,032,811 00
7,797, 925 00
$679, 893
2, 914, 529
14,619, 807
23, 116, 846
25,913, 811
28, 990, 876
31,762, 102
30, 673, 344
$31, 235, 270 00
146, 137, 860 00
281, 479, 908 00
298, 625, 379 00
299, 762, 855 00
299, 742, 475 00
299, 766, 984 00
318, 261, 241 00
337, 664, 795 00
347, 267, 061 00
351,981, 032 00
354, 408, 008 00
332, 998, 336 00
317, 048, 872 00
324, 514, 284 00
329, 691, 69. 00
344, 505, 427 00
355, 042, 675 00
358, 742, 034 00
356, 073, 281 00
339, 499, 883 00
318,576, 711 00
In Treasury.
$32,184, 3 00
52,149, 6 00
72, 988, 1 00
52, 345, 5 00
27, 428, 5 00
41, 233, lfO 00
31, 037, 3f2 00
12, 931, 0 00
11, 331, 0 00
39, 05<>, 5 00
68, 578,
00
84, 055,
00
70, 889, 9(j6 00
75, 689, 7 68
72, 020, l: 0 73
74, 391, 9( 3 62
33, 020, 51 11
30, 204, 032 45
34, 670, 9 08
36, 498, J 9 42
40,183, i 1 75
45, 047,: 94
I n circulation; in
I n national banks. other banks and in
individual hands.
$40, 042, 756
165, 394, 496
197. 78,*, 494
100, 587. 582
100,166, 100
80, 934, 119
94, 573, 751
122.137, 660
122, 994, 417
106, 381, 491
103,108, 350
87, 492, 895
90, 836, 876
78, 004, 386
71, 643, 402
' 67,059, 152
64, 470, 717
58, 728, 713
64,019, 518
73, 832, 458
76, 917, 212
79,701, 352
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
$375, 073, 234 00
213, 522, 246 00
130, 008, 811 00
218, 850, 120 00
228, 405, 565 00
233, 767, 975 00
230, 388, 887 00
220, 931, 310 00
223,174, 263 00
210, 567, 654 00
210, 313, 102 00
204, 223, 440 00
2uS, 045, 502 00
206, 069, 958 32
27
203, 017,
205, 229, 960 38
249,189, 739 89
257, 748, 210 55
247, 990, 908 92
236, 349, 718 58
229, 580, 002 25
221, 932, 285 06
* See memorandum, pp. L X X X V I I to XCI.
t See notes, p. XCI.
% See note, p, X C I .
§ See note, p. XCI.
Note.—The aggregate circulation should be reduced by the total amount of gold, silver, and legal-tender certificates, to obtain the net circulation, as the funds which these certificates represent are also included in t h e aggregate.
NOTE 2.—It is not practicable to show the distribution of the gold cofci and subsidiary silver coin in circulation in the years 1860-'61-'62-'63.
Face p.
LXXXYI
00
00
00
00
00
00
00
00
$15, 914, 970 84
40, 893, 565 91
68, 859, 286 42
94, 682, 654 10
122, 375, 688 36
151, 738, 115 29
179, 411, 327 27
207,923, 266 52
$625, 366 55
$9, 374, 633 45
7>-6, 841 65
8, 713, 158 35
758, 826 35
8,241, 173 65
917, 960 81
7, 082, 039 19
1,479, 894 28
„ 6, 520, 105 72
1, 304, 984 68
5, 695, 015 32
1, 022, 007 58
8,977, 992 42
977, 589 98 $1,076, 3?9 51
10,946, 030 51
1, 936, 013 11
1,284, 448x41 10,779, 538 48
3,320, 849 26
11,238, 532 42
2,440, €18 32
11, 305. 345 88
4, 559, 745 38
3,634, 9 k 74
19,487, 967 21
5, 858, 623 95 2, 653, 408 84
32, 223, 117 50
449
38
6, 270, 435 12
3, 506,
52, 924, 841 06
5,224, 945 57
3,850, 213 37
807
10
6,860, 505 97
4,862.
58, 276, 686 93
8, 903, 401 36
2,031, 051 39
59, 065, 547 25
481
80
407
53
24,350,
1,172,
44, 477, 110 67
27, 247, 696 93
771, 424 05 41, 980, 879 02
28, 048, 630 58
41,130, 500 62
, 820, 868 80
28, 486, 001 05
857, 854 41 40, 656, 144 54
720
05
022
61
39, 314, 257 34
29, 600,
1,085,
37,703, 709 56
31, 236, 899 49
1, 059, 300 95
Total.
**$21, 000, 000 00
**16,000, 000 00
**13, 000, 000 00
**11,000, 000 00
10, 000, 000 00
9,500, 000 00
9, 000, 000 00
8, 000, 000 00
8, 000, 000 00
7. 000, 000 00
10, 000, 000 00
13, 000, 000 00
14, 000, 000 00
17,000, 000 00
19, 500, 000 00
28, 000, 000 00
42, 000, 000 00
62,000, 000 00
70, 000, 000 00
70, 000, 000 00
70, 000, 000 00
70, 000, 000 00
70, 000, 000 00
70, 000, 000 00
70, 000, 000 00
70, 000, 000 00
Legal-tender certificates.
Legal-tender notes.
Total.
THEREOF
Total.
$447, 300,203
431, 066,428
400, 780, 306
371, 783, 597
356, 000, 000
355, 935,194
356, 000, 000
356, 000, 000
357, 500, 000
356, 000, 000
382, 000,000
375, 771, 580
369, 772, 284
359, 764, 332
346, 681,016
346, 681,016
346, 681, 016
34H, 681, 016
346, 681, 016
346, 681, 016
346, 681, 016
346, 681,016
I n banks.
$31, 515, 000
58, 000, 000
57,970, 000
32, 565, 000
53, 825, 000
46, 245, 000
29, 355, 000
14, 235, 000
11, 650, 000
13, 245, 000
13, 060, 000
12,190, 000
29, 585. 000
I n Treasury.
00
00
00
00
00
00
00
00
00
00
00
00
00
$215, 000 00
755, 000 00
445, 000 00
275, 000 00
1,135, 000 00
570, 000 00
1,45Q; 000 00
360, 000 00
275, 000 00
75, 000 00
315, 000 00
195, 000 00
200, 000 00
** See not® 2.
Total.
$31, 730, 000 00
58,755, 000 00
58,415, 000 00
32,840, 000 00
54, 960, 000 00
46, 815, 000 00
30, 805, 000 00
14, 595, 000 00
11, 925, 000 00
13,320, 000 00
13,375, 000 00
12, 385, 000 00
29,785, 000 00
Aggregate circulation.
**$442,102, 477 00
**488, 005, 767 00
**532, 832, 079 00
**623,100, 168 75
1,062,840, 516 50
1,180,197, 147 76
1,079, 013, 645 96
1, 039,700, 733 52
906, 091, 242 75
904,183, 741 61
934,423, 019 48
914, 262, 051 06
932, 657, 203 52
97a, 252, 368 94
1,024, 571, 016 17
991, 858, 028 69
955,397, 935 89
1,002,226, 869 84
1,053, 656, 846 11
1,064, 053, 736 02
1,190,296, 332 12
1, 377, 376,423 75
1,442,266, 547 46
1,591,773, 135 43
1,645,561, 419 91
1,769,004, 097 73
REPORT OF T H E SECRETARY OF T H E TREASURY.
LXXXVII
MEMOBANDUM upon the ESTIMATE of GOLD COIN and BULLION in the UNITED
STATES (Table H ) .
^ \
[Prepared in the ofifice bf the Treasurer of the United States by M. L. Muhleman.]
I t will be observed that the estiraates of the stock of gold in the United States differ from those made
by the Mint Bareau. The reasons for presenting the revised estimates are appended.
I n t h e report of the Miut Bureau for 1873 (Finance Report 1873, p. 481) the araount of gold in the
country is placed at $135,000,000. That this^estiraate includes the bullion ih the Treasury appears
frora the fact that the araount of coin and coin items reported by the Treasurer are used in preparing
the estiraate. The raints and assay-offices held on July 1, 1873, about $15,500,000 in gold bullion, of.
which $10,000,000 was of Light coin for recoinage.
'
I t is believed that the estimate of 1873 is approximiately correct.
In the Mint report for 1879 (Finance Report, p. 198) the estimate is coutinued from 1873 to .1879, andthe basis so furnished has been used in all subsequent estimates, notwithstanding the fact that the '
bullion is there disregarded and coin only considered. The following table shows the Mint Bureau
estiraates from 1873 to 1885:
. .
o
[Amounts are stated in m i l l i o n s a n d t e n t h s . )
.9
6
.
Fiscal years.
.o
.
5
c
p
blQ
o
P
2 •
1
3
^
o
c
CM
O
oc
C+H
•
a
W
CM
0
§ •
O
1
a
*
.3
,1.^
.9
.9
ip •
O
' 3
s«
Ul
1873
1874....
1875
1876...
1877
1878
1879
1880
1881
.1862
.
1883
1884
r
1885
.^
..
50,4
33.5
38.1
44.1
:..
52.8
41.0
56.1
78.7
....
89.4
35.9
27.9
'. ^ 24.8
(*) ,
12.8
t2. 5
12.5
tl.6
tl.7
0.2
0.4
0.6
0.4
0.3
0.3
34.8
30.7
35.6
41.7
51.2
39.3
55.9
78.3
88.8 .
35. 527.6
24.5
(*) •
12.1
6.8
24.1
11.3
4.3
18.2
7.6
4.8
8.1
3.8
3.3
(*)
64.7
29.2
25.4
8.9
4.5
1.7
1.7
29.8
4.8
12.2
2.3
-
27.2
21.9
3.3
2.7
2.5
4.8
t35.0
13.2
40.4
53.6
39.1
72.4
• 80.9
61.1
36.3
14.4
'..
""9.5
135.0
162.2
140.3
153.5
193. 9
247.4
266. 5
358.9
439. 8
500. 9
537.2
551.6
542. 2
* The manner in which the estimate for 1874 was raade is not clear. The recoinage appears to have
• araounted to 18.7 miUions (see Finance Reports, 1874, p. 191; 1873, p. 472). The exports of coin (including foreign) exceeded the iraports by 12.3 raillions. This would make a net gain of 19.4 millions, or 7.8 ^
millions less than the Mint Bureau's estimate. Probably the difference'is due to the assuraption that the estiraate for 1873 was for ISTovember 1 of that year (see Finance Report 1879, p. 198). This appears
to be an error, however, since in the report for 1875 (Finance Report 1875, p. 311) Dr. Linderman,
then Director, states t h a t t h e estiraate for 1873 was for July 1.
t u p to 1879 the recoinage includes foreign coin recoined, and in the iraports and exports foreign
coin is also included. In raaking an estiraate of United States coin, this was clearly an error.
t The Mint Bureau added, in 1885, 30 millions for amount estimated to have IJQQU consumed in th©
art^ fron^ 1874 tio4880. (Spe Pirector's Report 1885, p. 25.)
LXXXVIII
REPORT OF THE SECRETARY OF THE TREASURY.
The revised estimates include bullion. The manner in which the results are reached ia shown i s the
following table:
(Amounts are stated in milliohs and tenths.)
C o i n a n d bullion acquired.
Coin a n d b u l l i o n u s e d .
13
r4
Fiscal years.
1873
1874
1875
1876
1877.
1878
1879
1880
1881
1882
1883
1884 1885
Total
k
-2
i
1 1=^
.9
W
1
"1. .•i
1
s
:
,-.
,
33.5
33.4
39.9
46.9
51.2
39
36
36
32.5
32.5
30
32
19.5
13.7
8
26.2
13.3
' 5.6
80.7
100
34.4
17.7
22.8
26.7
442.9
368.6
,
0.6
0.7
0.7
0.8
0.9
0.9
1.2
1.3
1.8
1.8
1.8
1.9
53.6
47.8
48.6
73.9
65.4
45.5
117.9
137.3
68.7
52
54.6
60.6
34
66.9
31.2
26.6
9.2
4.6
3.7
2.5
32.6
11.6
41.1
8.5
12.6
12.9
13.9
15.3
15.2
15.9
16.7
17.8
. 18
17.5
17
15.6
*14.4
825.9
272.5
188.4
46.6
7
"•*32'""
79.8
45.1 " " ' 3 . * 5 "
32
41.9
24.4
41 /
20.5
25
20.4
97.5
20.3
117
50.6
18.1
29.1
22.9
58.1
'"*'3.'5*
24.1 '""36.*5"
460.9
400.5
135
142
110
113. 5
145. 5
186.5
211 5
. 309
426
444.1
467
463.5
500
35.5
Assuming that the estimate of the stock of gold in 1873, made by the Director of the
Mint at that time, is approximately correct, the amount then held was about
$135,000, 000
The production since has been about
: . . . $442,900,000
There was returned from the arts
:..
14,400,000
And the imports were about
."
368,600,000
Making the acquisition
The exports were about
And the estimated consumption in the arts
$825,900,000
-:
'
272,500,000
188,400,000
460,900,000
Leaving the net acquisition about
365,000,000
And increasing the stock to July 1,1885, to
500, 000, 000
The estimate of the amount consumed in the arts is based to a great extent on the returns received
by the Mint Bureau from manufacturers using gold- in their establishments. The return most nearly
complete was that for the year 1883, when the establishments reporting stated that they used 14^ -millions^of gold (Finance Report, 1884, p. 251). I t is reasonable to sapipose that the amoant was consider, ably larger, many of the firms having failed to reply to the request of the Mint JBureau, and manywere probably not reached at all. I t is believed that the estimates are not excessive.
The estimate of the bullion product is practically that of the Mint Bureao.
REPORT OF THE SECRETARY OF THE TREASURY. LXXXIX
• The following analysis of the revised estimates shows the details; the coin and bullion being separated,^ comparison may be made with the Mint Bureau's estimates. Foreign coin is treated as buUion.
(Amounts are stated in mOlions and tenths.)
Fiscal year.
Stock at beginning of
;^ear
.'.
Coinage
Less recoinage
1874.
1875.
50.4
18.7
33.5
1.7
Exports of United States
coin . . . . .
.'. 28.8
Imports of United States
coin
9'
59.3
Excess of exports.
U^sed in arts
33.5
10.5
0.6
Exports
,
Used in arts
,.
Used in coinage .
5.2
7.6
31.7
27.5
3
5.6
24.5
5
29.5
58.7
(Loss.)
33.4 I
8.1
0.7
42.2
7.6
7.9
31.8
26.9
(Loss.)
Gain in bullion
Total gain
7
Total loss.
32
142
Stock at end of year .
Fiscalyear.
Exports of Unite.d Slates
21.3
coin
Imports of United States
15
- coin
.
6.3
5
Excess of exports
Used in arts
Bullion from arts
46.9
11.2
0.7
Exports
Used in arts
Used in coinage
5.2
10.3
43.7
Loss in bullion
Net gain
Stock at end of year
(Gain.)
39.8 1
5
0.7 I
45.5
3.6
8.9
37.7
8.2
(Loss.)
4.7
'Net gaiUi
,
1878.
113.5
43.7
52.8
0.3
32.4
7.3
3.6
2.7
9.7
52.5
59.2
52.5
41
0.2
4.1
51.2
5.9
0.9
58.8
145. 5
6.4
*0.9
5.5
11.3
3.5
110
1877.
44.1
0.4
110.
38.1
0.4
3L8
24.8
Gain in coin
Bullion product
142.
19.8
5
Gain in coin
Bullion product...
Imports
Bullion from arts .
Stock at beginning of
vear
......
Coinage
Less recoinage
1876.
0.5
5.5
4.6
47.9
38.9
2
0.9
58
I
0.4
10.4
40.8
64.9
6.9
0.4
1879.
186.5
40.8
6
34.8
4L8
51.6
9.8
32
41
145.5
186.5
. 25
211.5
"Excess of imports.
The difference between these estiinates and those of tho Mint Bureau to the close of 1879 amounts
., to 75 millions, made up of the difference in the stateraent of coin recoined, the.consumption of coin in
the arts, and of the loss in bullion. The latter aggregated 26.8 millions, a result which clearly demonstrates that the statistics at hand are imperfect. There was held in the mints and assaj-offices at the ^
end of the fiscal year 1879 about 5.3 millions in gold bullion and at the end of the year 1873 there was
about the same amount; ao that there could have been no such loss in the period. The loss in bullion
increases in subsequent years, as will be seen by reference to the following tables:
XC
REPORT OF THE SECRETARY OF THE TREASURY.
(Amounts are stated in millions and tenths.)
Fiscal year..
1880.
S t o c k a t b e g i n n i n g of
year
Coinage
Less recoinage
'
211.5
56.1
0.2-
309
55.9
78.3
18.2
1.1
1.7
E x c e s s of i m p o r t s
Used in arts
16.5
5.5
5.9
5
Exports
U s e d in a r t s
Used in coinage
2
1.1.2
55.9
^ 4.8
29.8
*25
5
0.9
32.5
29.6
1.8
129.7
63.9
0.8
12.8
78.3
69.1
G a i n in b u l l i o n
2.8
13
88.8,
91.9
104. 6
37.8
30.6
-
97.5
S t o c k a t e n d of y e a r .,
309
Fiscalyear. "
S t o c k a t b e g i n n i n g of
year
Coinage
. .35.9
Less recoinage
i
0.4
S t o c k a t e n d of y e a r
24.5
3.3
4.8
12.2
2.3
"^3
5
*8.4
5
1
5
'
13.4
4
14.2-
32.5
9.6
1.8,
20.5
57.2
50.8
6.8
12.5
35.5
6.1
10.6
24.5
28.8
12
27.7
68.5
17.7
10.9
(Lo& s ^
22.9
467
.
32
23.3
L9
30
19
1.8
54.8
N e t gain
463 5
27.6
43.9
Loss in bullion
1885.
24.8
0.3.
33.8
Exports
Used in a r t s
U s e d in c o i n a g e
444.1
3.8
1.7
,.
18.1
426
27.9
0.3
8.1
40.7
467
444.1
35.5
E x c e s s of i r a p o r t s
Used in arts
(Lops^
117
1884.
18.83.
I r a p o r t s of U n i t e d S t a t e s
coin
E x p o r t s of U n i t e d S t a t e s
coin
58.8
36
92.4
1.3
99.7
G a i n in coin . '.
Bullion p r o d u c t
Iraports
B n l l i o n from a r t s
30
79.2
66.9
Total gain
88.8
7.6
11
36
62.5
1.2
426
89.4
0.6
78.7
0.4
I m p o r t s of U n i t e d S t a t e s
coin
E x p o r t s of U n i t e d S t a t e s
coin
G a i n i n coin
Bullion product
Imports
B u l l i o n from a r t s . . . .
,1882.
1881.
_'
* Excess of exports.
1 41.2
(Gain.)
3.5
(Gain.)
16
36.5
500
463.5
,
The^figures thus obtained indicate that there has been a net loss of bullion amounting to 11.7 millions during the period from 1874 to 1885. The Treasurj held at the beginning of the period about 5J
raillions, and it raay be estimated that there was half a million in the hands of dealers, raaking the
stock about 6 raillions. A t the end of the period the Treasury held 66.8 millions, so that there was
actually a gain of nearly 61 millions in bullion, instead of a loss, as the statistics indicate.
This can only be accounted for in one or more of the foUowing ways:
'
1. More bullion was acquired than the statistics show.
2. Less bullion was used.
o
3. Coin was converted into bullion.
4. Coin was exported and' reported as bullion.
5. 'BulUpn was iraported and reported as coin. -
REPORT OF THE SECRETARY OF THE TfeEASURY.
f
XCI
The stati.stics relating to coin show a gain of 377 millions, making the araount in the country at the
close of 1885 about 512 millions. , The Trea.sury beld at that date 179.5 raillions, and the natiohal banks
about 102.5 millious; of tbe 1.200 State banks in the United States, 1.015 rcpoited that they held ribout
30 raillions, raaking a total " in sight" of about 312 millions, ami leaving ip the bauds of other banks and
the people about 200 millions. It^is believed that 10 millions will more than cover tho gold held by tbe
banks not reporting, which would leave 190 millions in general circulation and in piivate hoards.
This araount, i t i s believed, is ranch too largo; if, however, (he discrepancy of 78 5 millions in tho
bullion statement can bo accounted for in sorae way by reducing the coin, the ainount remaining
would bo reasonable, viz., 111.5 niillions in general circalation .and iu inivate hoards; raaking the aggregate of coin and bullion 500
raillions.
, "
That there are material discrepancies -between tho statistics of the exports and imports andthe actual movement of gokl, is proven by tho fact that during the periods from 1879 to 1884 the deposits of
forei-in-coin and buUion in the mints and as.say-ofiices exceeded tho net'iraports by over 14.5 raillions
(see-Production of Precious Metals, 1884, p. 479). The greater part of this excess was in bullion; eo
that it caunot bo explained by assuming tlh-it it consisted of foreign coin brought by^ immigrants.
I t has also been ascertained as a iact that many of the trausactious in gold are, for business reasons,
carried ou secretly, and are hence not reported to tho custoras olnccrs.
I t is unquestionable, therefore, that much gold passes in and out of the country without being recorded. :
'
The araountof coin brdughtby immigrants, although by no means inconsiderable, is counterbalanced
by the araount taken out not only by individuals but also in tho treasure chests^of vessels. Tho
araonnts that pass in and out of the country over tlie Canadian and Mexican frontiers without appearing in tbo custoras returns, raust be quite large. Such gold a.s may go. out in any of theso ways is to a
great extent United States coin, reducing tho coiu stock; whUe that whioh comes in, being chiefly
foreign coin and buUion, increases the buUion stock.
Tho conclusion reached that the sto "k of gold in the country i.s about 500 miUions, of which about 67
millions is bullion, appears fair and i<*asoiial)le, and above the actual .imount rather than .below;'until
more coraplete statistics can bo fuinished, the estiraate cannot bo made much more accurate.
The estimates for the years preceding 1873 are made in the same raanner as those subsequent to that
date, bat are not, owing to lack of coraplete statistics during tho war period, as accurate as the later
estimates, though made on tho same basis.
NOTE on the ESTIMATE of SUBSIDIA BY SILVEB COIN inthe UNITED STATES.
(Table H).
This estimate is based chiefly upon the estimate made by the Treasurer, reported in his animal,
report for 1885 (p. 30). The coinage,, the production in the earlier years, the iraports aud exports, and
the probable loss, are there given duo weight. I t should bo borne in mind that the coinage prior to
1853, having been undervalued, was heavUy exported, and probably very little remained in the country
in 1800. The exports for a number of years are incomplete, and it is believed that much more of this
coin left the country, especially during the war period, than tho export statistics show. I t is well
known that much of it went to Canada and returned, without being reported. The estimate is considered preliramary only, and if possible the examination of the sabject wiU be continaed with a view
to the preparation of a more accurate estiraate. The amounts for the years frora 1878 to 1885 are the
same, it being estimated that tho loss per annum was about counterbalanced by the coinage.
NOTE to FBACTIONAL CUBBENCY.
The amounts represented as outstanding are taken from the Treasurer's books. The public-debt
statements reduce the amoants each year since 1880 by $8,375,934, that being the amount estimated as
lost or destroyed, under the act of June 21,1879.
NOTE to NATIONAL-BANK NOTES.
The national-bank notes represented as outstanding are not all a liability of the banks, the Treasury
holding funds for the redemption of those of "failed, liquidating, and reducing "banks, and the five per
cent, fuud for the current redemption of national-ba,nk notes under the act of June 20,1874. The
average amount held at the close of each year since 1875 has been about $36,700,000. . The amount held
on June 30, 1885, was $51,400,000.
2673 F
VII*
EXPLANATION OF DIAGEAM.
The diagram shows the amount iu millions and tens of millions—a million being
indicated by each space between the liues.
The reason for its non-extension beyond the year 1878 is t h a t a new element was
introduced into the circulating medium of the country in this year, just as in 18G2
the introduction of the legal-tender notes brought about an entire ch'ange in the
monetary system of the United States.
The first item iipou the diagram designates the amount of the national-bank notes
in actual circulation, excluding therefrom the notes held by national banks and those
which h a d become a charge upon the Treasury, owing to the deposit of legal-tenders
made in order to retire these notes from circulation.
The second item shows t h a amount of gold coin and bullion in the United States
Treasury, held as a reserve for the redemption of the legal-tender notes and for the
redemption of the gold certificates. These amounts beingdeducted, the balance will
show t h e free gold and bullion contained in the Treasury.
The third item shows the amount of legal-tenders held in the Treasury, and, with
the fourth item, which must be first deducted, shows the amount of these notes applicable to the redemption of national-bank notes.
The fifth item shows t h e amount of gold certificates actually in circulation, and
which had become a charge upon the gold coin and bulliondn the Treasury.
' The sixth item shows the amount to the credit of t h e national-bank redemption
fund. This fund represents the amount of unredeemed national-bank notes, which,
so long as they remain outstanding, inure to the benefit o f t h e Treasury.
The seventh item includes the subsidiary coin, silver bullion, and standard silver
dollars in t h e Treasury, the issue of the standard dollar having resulted i n ^ h e retirement into the Treasury of t h e subsidiary silver, which would otherwise have remained
incirculation.
.
°
The eighth item shows the amount of silver certificates actually outstanding, which
had become a charge uppn the standard silver dollars held in the Treasury.
There should also have been shown upon the diagram the amount of silver and
gold coin actually in circulation, b u t as both these items, except in the case of t h e
standard silver dollar, would have been of widely differing estimates, it was deemed
best that the table should show merely the funds indicated by the lines upon t h e
diagram, and their present status.
xcn
il l £
I
DIAGRAM
Showing tke amount of N A T I O N A L B A N K N O T E S i n c i r c u l a t i o n , ^ amount of G O L D , S I L V E R 8t U N I T E D m m *
in o u t s t a n d i n g
6 O L » , S I L V E E mm*
NOTES
U R R E NCY
|
the T R E A S U R Y of t h * U N I T E D S T A T E S , wiOi tKe c o r r e s p o n d i n g
liability
C e r t i f i c a t e s.
1884.
18 7 8 .
1885.
1886
Millions
Million?
-310
.TOO
irtO
* National BankNote s. _
MiO
270
270
2SO
MO
240
230.
aao
2'JO
_ J?20
210
200.
_200
too
190
1BO.
no.
100
160
150
-J50
1+0
140
130
12 O
110
aoo
+
United StatesMrtes..
(hirrericy CertiiiclsGold.Certificates.__.
%.B.Mempt.Iund
SILVER
_.*»0
.20
Silver Certificates..
H Ex J & .
491
* The notes of Liquidating, reducing and flailkd National BanKs , in
notes held by National BanKs are not maUmM hereinv.
This issue of United States
May 31, 1878.
f
Held Joy Treasurer
arid failed National
(
Notes
iss ffwml Jrv law at $346,681,016.
1
:
- See
Act
U. S. for redemption afi'n&itfe® in circulation, of liquidating, reducing
Banks.
i
1
|
.
9
s
8
(t
i l l
i
iciv
REPORT OF THE SECRETARY OF THE TREASURY.
T A B I . E I.—Statement of the STANDABD SILVEB DOLLABS, SILVEB BULLION, and SUBSIDIABY SILVEB COIN in the Treasury ai the end of^ each month
from December 31, 1877, io January 30, 18b6.* .
'
"
•
Standard silver
dollars.
Silver bullion.
S u b s i d i a r y silv e r coin.
Total.
1877—December 3 1 . .
1 8 7 8 - ^ a n n a r v 31 . . .
F e b r u a r y 28 . .
' M a r c h 30
A p r i l 30
^May 31
J u n e 29
J u l y 31
Aiigii.st31 . . .
S e p t e m h e r 30 .
O c t o b e r 31
Novciinber 30 .
Decera uer 3 1 . .
.$810, .'•)61
3,109, OSI
5,9.50,451
7,718, 3')7
9, 550, 2:{6
11,292,849
12, l.^;>, 205
13,397,571
14.843,219
16, 704, 829
$1. 736, 984 89
2, 827, 368 07
2, 955, 577 65
3, 534, 480 53
7,350. 710 68
.5,891. 204 95
7,311. 470^^84
7, 665, 7fO 19
8, 982, 239 07
9, 634, 034 48
8. 35tJ, C42 21
10, 159, 491 41'
9,439, 461 25
1879—January 31
IVI)I liarv 2 8 . . .
M a r c h 31 .
Aprd30..'
M a y 31
J i i n o 30
J u l y 31
A u g u s t 31 . . .
S e p t e r a b e r 30 .
Octol.)cr31 . . . .
Noveral)er 30 .
December 3 1 . .
17,874,4.57
19, 5(.I5, 7()7
2I..5.')8,894
23. 094, 563
26. 1.8!. (M.^)
28, 147,351
20. l.-.l, 8nl
30. 67.-i, 464
31,559.870
32. 3 J2, 631
32, 839, 207
33,168. 064
10,347,889 50
9. 837, 402 62
8, 688, 2(iU 74
6,949,046 43
5. 672, 6.")5 55
5, (19.', 565 91
5,112.223 H2
4, !)04, till 89
4. .5.-)7, 504 3U3, .537, 22 I 31
4,323,097 69
4,492,421 19
1880—January 31 ...^
F e b r u a r y 28 . .
M a r c h 31
A p r i l 30
M a y 31
J u n e 30
July3l
A u g u s t 31
S e p t e m b e r 30 .
Octobei- 3 1 . . . .
- ,
N o v e i n b e r 30 .
December 3 1 . .
34,961 611
36, 0 1 - t 093
38, 780. 342
40, 411; 673
42, 778, 190
44, 425, 315
46, 192. 791
47,405, 063
47, 6.34. 675
47, 084,4.^9
47, 397. 4.53
48,190, 518
4, 888, 035
4, 52.5.306
4, 086. 839
5. 007, 331
4, 853, 587
5, 124,,536
6,081, 647
6, 3S0,258
5. 5.57,759
6, 043,3(i7
6.255; 389
6, 183,224
97
25
58
04
99
42
91
46
74
37
81
05
20, 204, 809
21, 170,312
21, 989. 814
22, 767, 072
23, 577, 091
24, 350. 481
24, 975, 713
2.5, 152,971
• 24, 799,925
24. 629, 489
24, 653, 5:{0
24, 769, 057
83
32
48
95
99
80
52
89
40
89
37
32
1881—^January 31 . . .
F e b r u a r y 28 . .
M a r c h 31
A p r U 30
M a y 31
J m i e 30
. J u l y 31
A ugust 3 1 . . . .
- S e p t e n i b e r 30 .
'
Oct;()ber3l . . . .
N o v e r a b e r 30 .
Deceuiber 3 1 . .
50. 235,102
52. 939, 400
55, 176, 158
58, 044, 826
60,518,273
62, .541, 722
64,246,302
65, 948. 344
66, 092, 067
66, 576, 378
68.017,452
69, 589, 937
6, 704, -197
5. 356. 308
4,017. 770
3. 803, .582
3. 457. 192
3, 305),949
2, 96.',•^77
2, 732, 862
2, 632. 184
3, 424, .575
3, Or'8,709
3, 607, 829
36
00
08
74
85
10
52
69
67
15
63
86
25,490, 914
25, 813, 058
26, 283. 891
2(5,493, 612
26,841, 956
. 27, 247,696
27, 29.3,486
27, 0 J2,806
26,313. 113
2-5, 984,687
2.5. 9IS.252
k5, 963, 641
88
08
96
.56
74
93
63
63
63
76
00
48
' 82.430,214 24
84.108, 826 08
85, 477, 820 04
88, 402, 021 30
90.817, 422 59
93, 102, 36 s 03
94, 5(:4. 066 15
95, 724, 013 32
9.5. 037,965 30
95, 98.5, 640 91
97, 024, 413 63
.99,161, 408 34
1882—J.an u a r y 3 1 . . . .
February 28...
. M a i c h 31
A p r i l .30
'
May31
J u n e 30
J u l y 31
A u g u s t 31
S e p t e r a b e r 30 .
October 3 1 . . . .
N o v e r a b e r 30 .
Deceraber 3 1 . .
72, 421..584
~ 75, 1.^8, 957
78,178, 583
81,59.5,0.56
84, 606, 043
87,153,816
88, 840. 899
91,166,249
92. 228, 649
92,414,977
92. 940, 582
94.016,842
3,'2.18.926
2, 806. 143
4,440, 6'J I
3, 239, 033
3, 793, 664
3, 230. 908
2,816, 269
2, 730, 716
3, 343. 565
4, 012, 503
3, 769, 219
4,468, 193
18
12
97
43
11
36
83
27
26
27
77
10
26, 567, 873
26. 86!).906
27. 187, 680
27, 439. 1>3
27, 755, 923
28, 048, 630
28,153, 956
27, 990. 387
27,426, 139
• 26, 749,432
26, 544, .544
26,521, 692
37
26
67
93
33
58
16
75
93
45
43
20
102,248, 383
104. 815, 006
109, 806, 925
112,273, 273
116, 1,55,630
118.433. 354
119,811, 124
121,887, 353
122, 998, 354
123, 176,912
123, 254, 346
. 125, 006,727
55
38
64
36
44
94
99
02
19
72
20
30
74
78
79
88
20
05
128.428,171
131, 742,833
135,291,766
137,913,727
141, 359, 390
144,882,236
88
82
09
03
96
34
1883—January 31 . .
P e b r u a r y 28 .
. March 3 1 . . . .
A p r i l 30
" ' M a y 31
J u n e 30
97, 530, 909
100.261.444
103, 482, 305
100, 3(i6, 348
108. 898, 977
111,914,019
3,761,958 12
3,974, 114 04
3, 943, 467 30
3,478,7.50 15
4,157, 217 76
4,482,216 29
" See d i a g r a m .
$5. 532, 283
5, 6-'6, .541
6.261, 437
7, 139. 637
7, 029, 306
8, 103,228
6, 861),505
7, 079. 007
6, 478.64i
6, 143,903
. 6,323. 132
6, ((09,834
6,031, 804
95
22
76
34
77
02
97
36
22
02
31
43
52
6,143,449 13
6, 278, 490 66
6, 4 2 ^ 185 06
6,621.940 .39
6. 813, .589 32
8, 903,401 3()
12, 7:{ 1.765 97
1.5,230.724 48
16, K14. 308 94
17,755,9.-6 76
18.432,478 13
18, 881, 629 15
27,135, 244
27, 507, 275
27, 865. 993
28, 068. 628
28. 303, 196
28,486, 001
$7, 269, 268
8, 453,909
9, 217,015
"11,484, 678
17, 549, 698
19,944, 883
21,92'", 333
24, 295, 663
26, 7.53, 730
27, 933. 142
28, 072, 745
31,012. 544
32, 176,094
84
2,9
41
87
45
97
81
55 ,
29
.50
52
84
77
34, 305, 795
35,621, (iCO
36, 675. 339
37, 265. 549
38, 667^ 2^9
42. 113 318
46, 99.5. 790
50,819. 800
52.931, 6^3
53.015. 845
55. 594, 782
56,542, 114
63
28
80
82
87
27
79
37
25
07
82
60, 054, 4.56
62. 67(),711
64, 8-56,996
68,186, 676
71,208. 869
73, 900, 333
77. 250. 1.52
79. 028, 293
78,012. 360
77, 757, 316
78, 306, 373
, 79,142,799
80
57
06
99
98
22
43
35
14
26
18
37
34
REPORT OF THE SECRETARY OF THE TREASURY.
XCV
T A B I . E l,—Siat(m(nt'of the STANDABD SILVEB DOLLABS, SILVEB BULLION, and SVBSIDIABY SILVLB 60iiY,^'c~ContiDued.
S t a n d a r d silver
doUars.
S i l v e r bullion.
$113, 057, 052
114,320.197
114, .587, .372
116, .036, 450
117, 708, 966
119, 449, 385
$4, 486, 638 23
4, 694,.559,45
1884—Jauuarv 31
F e b r u a r y 29 . . .
M a r c h 31
A p r i l 30.
M a y 31
J u u e 30
J u l v 31
A u g u s t 30
Se|)teraber 30 ..
O c t o b e r 31
:Noveniber29 ..
December 3 1 . . .
123,
126,
129,
130,
132,
13.5,
137,
140,
142,
142,
.144,
140,
4, 674, 432 92
4,919,912 8.5
5, 043,}-24 61
5, 150,842 97
4,023; 158 03
4, 0.55, 4 98 27
4, (:0:i. 009 95
4. 723, 420 00
4,934,404 86
' 4 , 64(),496 89
4, 778, H48 90
4,716,055 33
1885—Januarv 31
F e b r u a r y 28 . . .
M a r c h 3i
A p r i l 30
May-9
J u n e 30
J u l y 31
A u g u s t .30
bei)teraber 30 . .
October 31
N o v e m b e r 30 . .
1.50,
153,
156,
159,
162,
165,
16li.
166.
16.5,
163,
165,
1883—July 31 . . . . . . . .
A u g u s t 31
S e p t e m b e r 29 . .
O c t o b e r 31 . . . .
N o v e r a b e r 30 . .
December 3 1 . . .
.
5, 107,911
4, 936, 364
4, 624, 279
4, 534, 372
4,613. 582
3, 901, 129
3, 887, 493
4, 042, 186
4, 098, 143
4, 038, 885
3, 944, 837
3, 766, 19U
3, 916, 122
3, 840, 536
3, 583, 956
29
86
34
93
23
93
52
86
86
.52
32
12
84
45
42
S u b s i d i a r y silv e r coin.
$28, 058,141
27,819,711
26 7.50,161
26.71-2.424
26,960,614
27, 224.126
67
70
13
15
40
33
Total.
$145,601,831 90
146.834,468 15
146,445,444.42
147. 68.5, 259 01
149, 362, 859 74
151, 207, 884 26
28,014, 414
28, 490, 906
28. 86(.i, 556
29, 1.58,480
29, 377. 206
29, OUO, 720
29, 707.485
20. 650, 003
29, 474, H,0
29, 346, 757
29. 143,283
76
91
33
47
41
05
76
38
89
24
48
29, 194, 355 52
1.56,163. 595
IfiU, 233,218
162, 916, 481
161, 623, 388
166,027, 117
169,217, 134
172. 093, 21.4
174, 9;).-i,145
176,407, 352
•17(;,919, 970
178 667, 207
180, 413, 275
68
76
94
44
44
32
71
38
75
13
38 ,
85
29,901. 104 54
3U, 244, 83(5 12
185,146,.840
187,7i:6,''073
101,218, 301
194,427, 269
198, 037, 363
200,(588,,897
195,-7!)9, 80.3
19.5,344, 698
193.04.1,'737
190,623, 414
197, 072, 283
77
05
72
07
66
0155
.'35
63
15
86
30, 63 J,320 20
30,944. 048 81
31,(i94, 304 80
31, 236, 8:>9
25, 355, 020
24,724, 287
23,641, 893
22, 9()5, .^>35
27, 920, 309
49
23
43
79
70
44
T A B I . E yi.—STATEMENT showing the ANNUAL A P P B O P B I A T I O N S made hy CONGBESS for E A C H FISCAL YEAB from 1878 to 1886,
- f
inclusive.
2d s e s s i o n
44th C o n g r e s s .
Fiscal vear
1878.
1st a n d 2d
s e s s i o n s 45th
Congress.
. Fiscal year
1879.
. 3d session
45th Cor.,Tress,
2d session
a n d 1st session 46th C o n g r e s s .
46th C o n g r e s s .
Fiscal year
Fiscal year
188i.
1880.
3d session
46th C o n g r e s s .
Fiscal y e a r
1832.
1st s e s s i o n
47th C o n g r e s s .
Fiscal year
1883.
2d session '
47th C o n g r e s s
F i s c a lI y e a r
1884.
X
a
<
2d session
1st session
48th C o n g r e s s . 48th C o n g r e s s .
Fiscalyear
Fiscal year
1886.
1885. '
O
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 Governm e n t '...
F o r legislative, e x e c u t i v e ,
a n d j u d i c i a l e x p e n s e s of
the Governraent
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 i n m e n t
F o r s u p p o r t of t h e A r r a y . . .
F o r t h e naval service ..
F o r t h e ^ndian s e r v i c e
F o r rivers and harliors
F o r forts a n d fortifications.
iTor s u p p o r t of M i l i t a r y
Acaderay
F o r s e r v i c e of Post-Office
Department
F o r invalid and other pen• s i o n s , i n c l u d i n g deficiencies
F o r con s u l a r a n d d i p l o r a a t i c
service
F o r s e r v i c e of A g r i c u l t u r a l
Departraent
F o r e x p e n s e s of t h e D i s t r i c t of C o l u r a b i a
For
raiscellaneous
—..
Totals.
H
$2, 547,186 31
$15, 213, 259 21
$4, 633, 824 55
$6, 118, 085 10
$5,110, 862 39
$9, 853, 869 30
^ $2, 832, 680 04
20, 763, 842 .55
15, 756, 774 05
15, 868, 694 50
16,136, 230 31
16, 532, 008 93
17,797,397 61
20, 322, 907 65
17, 079, 256 19
24, 968, 589
51,279,679
14,153, 431
4, 734, 875
8, 322, 700
275, 000
19, 724, 868
26, 797, 300
14, 028, 468
4, 713, 478
9,577,494
275,000
22, 503, 508 23
26, 42.5, 800' 00
14,40.5,797 70
4, 657, 262 72
8, 976. 500 00
.550, 000 00
22,011,222
26,687,800
14,566,037
4, 587, 866
11, 451, 300
575, 000
25, 425, 479
27,032,099
14, 903, 558
5,219,603
18, 988, 875
375, 000
13, 539, 932 90
4, 827, 665 69
275, 000 00
68
39
70
72
00
00
56
00
95
58
61
00
87
00
55
80
00
00
23, 713, 404 22
45
24, 681, 250 00
18
15, 954, 247 23
98
91
5, 388, 655 91
00
00 ""'"670,"000'00
$4, 385, 836 10 §$3, 332, 717 30
21,556,901 65
O
21, 495, 660 70
22, 346, 749 74
25, 961, 904 12
24, 454, 450 00
24, 014, 052 50
t8, 931, 856 12 1121,280,766 93
5, 903,151 26
5, 773, 328 56
14, 948, 300 00
700, 000 00
725, 000 00
309, 902 14
Ul
o
-pi-
H
286, 604 00
292. 805 00
319, 547 33
316, 234 28
322, 435 37
335. 557 04
2, 939, 725 00
4, 222, 274 72
5, 872, 376 10
3, 883, 420 00
2,152, 258 00
1,902,177 90
28, 533, 000 00
29, 371, 574 00
56, 233, 200 00
41, 644, 000 00
68, 282, 306 68
116, 000, 000 00
*86, 575, 000 00
^20, 810, 000 00
60, 000, 000 00
1,146, 747 50
1, 087, 535 00
1, 097, 735 00.
1,180,335 00
1,191,435 00
1,256,655 00
1, 296, 255 00
1, 225,140 00
1, 242, 925 00
H
253, 300 00
335,500 00
427, 280 00
405, 640 00
480,190 00
580, 790 00
W
H
318, 657 50
Indefinite.
314, 563 50
Indefinite.
Indefinite.
1, 425, 091 49
2, 226, 390 29
2, 995,123 77
3, 42.5, 257 35
4,959,332.01
3, 379, 571 44
1,128, 006 15
3, 490, 060 47
5, 888, 993 69
3, 505", 494 97
1, 806, 438 75
3, 594, 255 54
7, 800, 003 86
3, 622, 683 20
2,268,383 15
88, 356, 983 13
172, 016, 809 21
162,404, 647 76
155, 830, 841 32
179, 578, 999 86
251, 428,117 57
187, 911, 566 17
137, 451, 397 77
170, 608,113 60
Pi
K
.Ul
* A n d r e a p p r o p r i a t i o n of u n e x p e n d e d b a l a n c e s , e s t i m a t e d a t $38,000,000.
t F o r s i x m o n t h s e n d i n g D e c e m b e r 31,1884.
1 A n d r e a p p r o p r i a t i o n of u n e x p e n d e d b a l a n c e s , e s t i m a t e d a t $66,000,000.
5>Not i n c l u d i n g $6,150,061.98 a p p r o p r i a t e d for t h e n a v a l "service for s i x m o n t h s
e n d i n g J u n e 30,1885.
II I n c l u d e s $6,150,061.98 for s i x m o n t h s e n d i n g J u n e 30,1885.
d
REPORT OF T H E SECRETARY OF THE TREASURY.
XCVII
T A B I . E lu.—STATEMENTof the N E T B E C E I P T S (hy warrants) during the fiscal
year ending June 30, 1885.
CUSTOMS. V
.
^
Quarter
Quarter
Quarter
Qaarter
ended September 30, 1884
ended December 31, 1884
ended March 31. 1885
ended June 30,1885
Quarter
Quarter
Quarter
Quarter
ended
euded
ended
ended
'.
:
$54,102, 858 65
38,491,727 80
45, 636, 078 30,
43, 241, 274 59 .
$181,471,939 34
INTERNAL REYENDE.
September 30. 1884."
December 31, 1884
March 31, 1885
June 30,1885
28,639,010 76
27, 888,438 98
25,070, 977 51
30,900,298 29
112, 498, 725 54
SALES OF PUBLIC LANDS.
Quarter
Quarter
Quarter
Quarter
Quarter
Quarter
Qua.rter
Quarter
Quarter
Quarter
Quarter
Quarter
ended
ended
ended
ended
Septeraber 30, 1884
December.31, 1884
March 31, 1885
June 30, 1885
^
1,446,1.87 88
1, 887, 321 27
1,258,29199
1,114,185 30
.'
5, 705, 986 44
TAX ON CIRCULATION OF NATIONAL BANKS.
ended September 30, 1884-•
1,474,132 14
ended Deceraber 31,1884
9,296 62
ended March 31,1885'
1,419, 358 46
ended June 30, 1885
11, 435 03
.
REPAYMEJTT OF. INTEREST BY PACIFIC RAILROADS.
ended September 30, 1884
' 709,171 88
ended December 31, 1884
1
159,.246 70
ended March .31, 1885
136,903 46
ended J a n e 30,1885
:602,689.54
CUSTOMS, FEES, FINES, PENALTIES, AND FORFEITURES.
Quarter ended September 30, 1884
235,124 88
Quarter ended December 31, 1884
!
199, 032 07
Quarter ended March 31, 1885
-.
238, 688 64
Quarter ended-^ June 30, 1885
234, 618 68
:
FEES, CONSULAR, LETTERS-PATENT, AND LANDS.
Quarter ended September 30, 1884
,951,463 09
Quarter ended December 31, 1884
727, 592 80
Quarter ended March 31, 1885
;
1,003,476 91
• Quarter ended J u n e 30, 1885
"....:
t
.1,032,080 78
—r:—-
2, 914, 222 25
1,608,071 58
'
^
907, 464 27
3, 714, 613 58
PROCEEDS OF SALES OF GOVERNMENT PROPERTY.
Qaarter
Quarter
Quarter
Quarter
Quarter
Quarter
Quarter
Quarter
ended September 30,1884
ended December 31,1884
ended March 31,1885
ended June 30,1885
ended
ended
ended
ended
September 30,1884
December 31,1884
March 31,1885
June 30,1885
:
PROFITS ON COINAGE.
....:
^
•
55,132 96
87,684 70
75, 643 67
84,420 74 '
—
^
1,927,644 70
310,507 38
819,079 96
2,994,052 92
-rREVENUES OF DISTRICT OF COLUMBIA.
Quarter ended September 30,1884.".
.-..
261, 040 00
Quarter ended December 31, 1884
866,257 50
Quarter ended March 31,1885
117,369 29
Qaarter ended June 30,1885
684, 631 32
'•
.
MISCELLANEOUS.
Quarterended September 30,1884.....
1,917,382 56
Quarter ended December 31,1884
1,431, 8'62 63
Quarter ended March 31,1885
1,106,65143
Quarter ended June 30,1885
'.
2,130, 321 62
Total ordinary receipts, exclusive of loans
Excess of receipts from loans over redemptions ..•-..
-.
,•,
302,882 07
<»
6, 051, 284 96^
1,-929.298 11
6, 580, 218 24
323, 690, 706 33
- - - 33,435,949 57
Total net receipts
357,126,655 95
Balance in Treasury June 30,1884
*424, 941,403 07
Grand total
782,008,059 02
* Ijgiclading $28,101.,.644,91 deposited "with the States under act June 23,1836/
XCVIII
REPORT OF THE SECRETARY OF THE TREASURY.
T A B I i E m.—STATEMENT of the N E T DISBUBSEMENTS (by warrants) dunng
the fiscal year ended June 20, l\:^86.
CIVIL.
Congress
Executive...-'
Judiciary
Government in the Territories—
Sub-treasuries
' Public land offices
Inspection of steam-vessels
Mints and assay offices
'
^...
:
$6,128,176 45
12,073,26378
3,94.5,691 37, "
310, 797 09
383, 571 54
700,884 18
.
36,64163 \ ^
247, 916 07
Total civU..^..:..
$23,826,942,11
FOREIGN INTERCOURSE.
Diploraatic salaries
«-.
'
Consular salaries
Contingent expe'nses of foreign
raissions
Contingencies of cousulates
•.
Prisons for Araeiican convicts
Coraraission to Central and South America
Publication ol" consular and comraercial reports
American-aud French Claims Coraraission
.".
Interuational Fishery Ev:hibition of 1883 at London
Expenses Court of Alabaraa Claims
"
MisceUaneous
'-
--- -
•...
444,8.54 90
_ 542, 744 88
94,086 71
173,12194
11,932 02
31,479 66
20,000 00
595, 4.58 82
9,994 31
3,42.5, 389 77
90, 546 10
Total foreign intercourse
5,439,609 11
MISCELLANEOUS.
Mmt establishment
'..."
Life-Saving Service
^
Revenue-Cutter Service
-^Engraving aud printing
Coast and Geodetic Survey
Lighthouse estabUshnurat
Maiine hospital establishment
Custorarhouses, court-houses, post-offices, &c
„
'Repairs and preservation of public buildings
Pay of assistant custodians and janitors for pubUc buildings
Fiu 1, lights, and water for public buildings
Furniture aud heating apparatus for public buildings
Vaults, safes, and locks, aud plans for public buildings
Refunds, reliefs, <fcc., under customs laws
".
Storage of silver
Collectiug revenue from customs
2
Detection and prevention of frauds on custoras revenue
Refunding excess of d.'po.sit.s, &c
'..
Debentures and drawbacks under custoras laws
- Cora])en.sation in Leu of moieties
Expenses of re.aulntiug imraigration
lujipection of neat cattle
Salaries and o.xpeuseashipping .service
Expenses .seal li.sheries in Alaska
Assessing and collecting iuternal revenue
Internal-revenue stamps, jvaper, and dies
Redeniption of interual-revcnuo stamp.s
. Punishing violatious of iuternal-i-eveuuo laws
Refunds, reliefs, (fcc, under inierunl-ievenue laws
Allowance or drawback under iuteinal-revenue laws
Rebate of tax on tobacco ... :
'
•Payraent ot judgraents, Court of Claims
Preventing tbe spread of epidemic diseases
Purchase of proces^< for refining bullion
Expeuses of national ourrency
Distinctive paper IVu- United States securities
'.
Suppressing counterfeiting i»nd other crimes...
Fayraeuts to various States .
.Payment of judgment iu case of Kilboiirn vs. Thompson etal
Propagation, <fcc., of food-lisbes
Expenses under Smitli.sonian Institution
Contingent expen.ses, independent Treasury
Siuking fund, Pacific lailioads ..'.
Mail transportation, Pacific railroads
>
World's Industrial lixposition, New Orleans, La
Industrial'I.Cxi»(isition, Cincinnati. Ohio . . . :
Industrial Ex])Osiiion, Louisville, .Ky ..'.
>
Expenses of the District of Colurabia
'
. Chaiitable institution.s, District of Columbia
AVashington Aqueduct
"•.
;
Water fun<l, Distiict of Colurabia
.'
Interest and sinking; fund, District of Colombia
5^efunding taxes, Distiipt of Colijiinb^.a
1,095,346 47
859,193 17
857, 713 45
542,147 71
557, 618 42
2,284,868 97
424,638 19
2,480, 578 02 *
145,120 64
374,148 02 555, 744 54
372, 694 69
49, 775 80
18, 539 74
3,268 92
6,499,169 10
73, 373 90
4,703, 737 39
-'..
8, 560,4.55 43
31, 947 54
125, 538 58
26,708 80
47,078 13
38,102 61
3,853,232 36
375, 090 24
152,175 04
44,335 02
, 90,617 90
28,775 47
6, 397 18
"....
475,272 89
50,828 30
30,000 00
109, 449 84
34,991,67
64,066 00
97,919 24
29,293 85
278, 383 39
112,786 51
. 71,636 26
;..
3,785, 804 63
1,989,160 99 .
1, 307,945 75
9,999 50
10.000 00
2,426,752 50
138,872 49
'
20,000 00
:.. .
139,870 01
1,216,29186
2,pOO OP
^
REPORT OF THE SECRETARY OF THE TREASURY.
XCIX
T A B l . W : m . — S T A T E M E N T of the N E T DISBUBSEMENTS (by tvarrantfiy durinj
ihe fiscal year ended June 30, lS6iJ^Conimxx(dd.
MISCELLANEOUS-Continued.
Guarantee fund, District of Columbia
Maintenance of public order
,
inproveraents and repairs, Districtof Columbia
.'
Sewerage s.ystera. District of Colurabia
Buihlings and groands in Washington, under chief engineer
State, War, and Navy Departraents buildiug
,,
Fuel, lights, &c., ibr State, War, and Navy Departments buildiug
Reliefs, reiraburseraents, &c
,.
Corapletion of Washiugton Monuraent
Various raonuments and statues
:
Suppoit and treatment of transient paupers
Departraent of Agriculture
:
deficiency in the postal revenues
Capitol Building and Grounds
interior Departraent building
'.
Pension Office buihling
Governraent Hospital for the Insane
Colurabia Institu I ion for the Deaf and Dumb
-^Freedmen's Hospital and Asylura.'.
Howard University
.'
National Mus.ura
.'
Expeuses of Tenth Census
Penitentiary baildings iu Territoiies
Payraeut of surplus, proceeds of lands sold
Surveviug public and X)rivate lands
•
Geologieal Survev
YeUowstone Natioual Park
Hot Springs reservation, Arkan.sas
Deposits by individuals for surveyiuix public lands
Repayraent for lands erroneously auld
Swarap-lands and swamp-land indemnity
Depredations oil public timber
Piotecting public lands
•
Distribution of proceeds of pul)lic lands
Five, three, aud two per cent, fund to Statea
."
Photnlithographing, &c., for the Patent Office
Miscellaneous itenis
°
.$63, 300 50
8,000 00 445,855 45
275, 000 00
124, 551^ 17
554, 581 47
38, 000 00 .
39,26159
60,000 00
66, 308 63
1.5, 000 00
52.5,916 97
4, 541, 610 58
168. 001 47
166,744 31
307,000 00
305,736 00
58,000 39
5-4,125 00
22,500 00
156.329 17
34,474.79
18,994 97 •
20, 68.3' 14
441,489 41
• 453,797 13
39, 338 59
78. 220 96
786, 963 77
.77,329 35
116,909 44
64,907 05
74, 610 74
10.46189
17.5,580 20
107,900 80
50, 765 11
Total miscellaneous
•
•,•,,.
$58,227,707 16
.
INTERIOR DEPARTMENT.
Indians
•
1
Pensions
Total Interior Department
..-'.-.
6, 552,494 63
56,102,267 49
-.
62,-654, 762 l^-
MILITARY ESTABLISHMENT.
Pay Departraent
Pay Departmeut, bounty, and miscellaneoas
Comniissary Departraent
Quarterraaster's D.partinent
.'
Medical Departraent.
.Orduance Departuient
Military Academy
:.
Impioving livers uud harbors
Fortifications
,.
Constructiou of railitary posis, roads, .Lc
Natioual cemeteries, roads, &.C
Mississippi River Commission
Clairas, leimburseineuts, reliefs, &c
Expenses of recruiting
Contingencies of the Army
Signal Service
Expenses of railitary convicts
v
Publication of the (jfficiai Records of the War of the RebeUion
MisceUaneous Surveys
'.
Support National Uoinc for Disabled Volunteer Soldiers
T
Support of Sohliers'Horae
Supportof Military Prison, Fort Leavenworth, Kans
Array and Niivy Hospital, Hot Springs, Ark
liliscellaneous "items
;...:...
Total miUtary ©stabjishmept
. . . = „.. o
i
.•;.
12,293,694 99
298,474 83
1, 890, 844 77
9, 898, 348 82
434,852 70
1,805,785 50
295,712 07
10,511,201 60
182,055 41
146,673 41
^ 250,0.33 90
'
.59,000 00
1,207,550 53
74^ 275 71
18,764 15
719,500 91
7,946 10
31, 000 00
14, 779 85
1,589,134 00
521,962 70
8.5,522 51
72, OOO 00
201,459 Of
.«.
^
^
42,670,578 i7
C
=-
REPORT OF THE SECRETARY OF T H E
TREASURY.
T A B L E m.—STATEMENT of the N E T DISBUBSEMENTS (by warrants) during
the fiscal year ended June 30, 1885—Continued.
• '
NAVAL ESTABLISHMENT.
General account of advances
".
Pay and contingencies of the.Navy
Marine Corps
:
Naval Academy
,
\
Navigation
Oidnance
,
Equipment and Recruiting
Yards and Docks
:....".
Medicine and Surgery
Provisions and Clothing
:
Construction and Repair
Steara Engineering
Increase of the Navy
Extra pay to officers and men who served in the Mexican War
Mileai;o. Navy (Graham decision)
JMi.seeUaneous..
Total naval estabUshment
Interest on the pubUc debt
Total net ordinary expenditures
Balance in Treasury June 30, 1885
Total
...
i..
."
^
$615,719 78
7,316,926 58
812,735 55
177,083 82
110,571 08
577,603 68 •
756,496 52
644,099 74
57, 302 01
1,019,939 70
1,264,524 89
1,090,401 00
1,205,820 26
122, 639 81
208,857 66
40,177^59
$16,021,079 67
51, 386,256 47
260, 226, 935 11
*52i,841,123 91
782,068,059 02
* Including $28,101,644.91 deposited with the States under act J u n e 23,1886.
REPORT OF THE SECRETARY OF T H E TREASURY.
CI
T A I S L E '^.—STATEMENT of the net B E C E I P T S and DISBUBSEMENTS (by warrants) for the quarter ended September ?fO, IS'&o.
RECEIPTS.
Customs
Internal revenue
Sales of pubhc lands
Tax on national banks
Repayniont of interest by Pacific Railroads
Custoras tees, fines, penixltics, and forfeitures
Fees—consular, letters patent', and lands
Proceeds of sales of Governraent.property
Profits on coinage, &c
Miscellaneous
.^ - -
-.:
.-.
'.
Total net ordinary receipts
Balance in the Treasury June 30.1885.'
Total
....-.:
$52,203, 853 12
28, 600,281 06
1,173, 574 87
1, 354, 386 72
173,770 77 •
231, 801 28
796,731 12 .
71,-6;':9 37
724, S5.8 01
. 1,4'i2,-733^ 07
86, 763,179 39 .
*521, 794, 020 26
608,557,205 65
DISBURSEMENTS.
Castoms
Internal revenue
Diplomatic . : . :
Quarterly salaries
l."reasury
Judiciary
Interior civil
^^
-
•.
1
'
-
-
Total civil and miscellaneous
Tndians
Pensions
Militarv estabUshment
Naval establishraent
Interest on the public debt
Judgraents, Court of Alabaraa Claims
Total net ordinary expenditures
Redemptibn of certificates in excess of issues
Balance in the Treasury September 30, 1885
..'......
-
r
:
-•
•.
'.
:
.'.
.•
.
$7, 019, 570 18
1, 025, 206 34
300, 489 54
149, 064 85
8, 794,167 72
921,494 13
1, 906, 013 50
20,116, 006 26
1,631,2-17 73
20,986,820 .58
9, 718, 806 23
3, 985,104 33
13, 439, 623 41
16, 804 14
69, 894, 412 68
20, 592, 753 00 '
489,968, 395 06
Total
' 608,557,205 6 5 '
* Exclusive of $47,097.65 stolen from the Treasury by B. B. Halleck in June, 1875,
CII
REPORT OF THE SECRETARY OF THE TREASURY.
TAnijWl^^.-STATEMENTofBECEiPTSof UNITED STATES, froni March A, 1789,
i
N
Balance in
the Treasury
a t comraencementof year.
Customs.
I n t e r n a l reve, nue.
1791$4, 399, 473 09
1792
.$973 905 75
3, 443, 070 85
$'?08 942 81
1793
337! 705 70
^8.31444 51
4, 255. 306 56
1794
274, 089 62
753, 661 69
4,801,065 28
1795
337, 755 36
1,351,9:4 17
5, 588. 461 26
1796
516 442 61
6, 567. 987 94
475 289 60
1797.
57,5,491 45
888i 995 42
7, 549, 649 65
1798
1,021,899 04
7,106,061 93
644, 357 95
617,451 43
1799
6 610 449 31
779.186 44
1800 - 2,161,867 77
9, 080i 9;',2 73
809, 396 55
1801
2,623,311 99
10,750,778 93
1, 048, 033 43
1802
3,29.5,391 00
12,438.235 74'
621,898 89
1803
5, 020, 697 64
10,479.417 61
215.179 69
1804
4,825,811 60
11, 098, 565 33
50.941 29
1805
4, 037, 005 26 ^ 12,936,487 04
21,747 15
1806
3, 999, 388 99
14, 667. 698 17
20.101 45
1807
'4, .538,123 80
1.5,845.521 61
13, 051 40
1808
9, 643, 850 07
16, .363, 5.50 58
8,190 23
1809
9,941,809 96
7, 2.57, .506 62
4, 034* 29
1810
3, 848, 056 78
8. ,583. 309 31
. 7,430 63
1811
2, 67-', 276 57
13. 313, 222 73
2, 295 95
1812
3, 502, 305 80
8, 958, 777 53
4, 903 06
1813
3 i'C)2,2]l 41
13, 224, 623 25
4. 7.55 04
1814
5,196, 542 00
5. 998, 772 08
1,662.984 82
1815
1, 727, 848 63
7, 282, 942 22
4, 678, 059 07
18'6
13,106,592 88
36.306,874 88
5,124,7(8 31
1817
22,0^13,519 19
26, 283, 348 49
2, 678,100 77
1818
14,989,465 48
17,176.385 00
955. 270 20
1819
1,478, 526 74
20, 283, 608 76
•229, .593 63
2, OIO, 992 38
•1820
15,005,612 15
106. 260 53
1821
1^108,461 21
13, 004, 447 15
69, 027 63
1822
1,68', 592 24
17, 589, 701 94
67, 665 71
1823
4, 237, 427 55
19,088,433 44
34,242 17
1824
9, 463. 922 81
17, 878, .-^25 71
34,663 37
1825
1,946,597 13
20, 0. 8, 713 45
2.5.771 35
1826
5, 201, 6.50 43
23, .341,331 77
21, 589 93
1827
6.3.58.686 18
19,712,283 29
19, 885 68
182-8
6,668,286 10
23,20.5,-523 64
17,451 54
1829
5,972,435 81
22,681,965 91
14,502 74
1830
5,755,704 79
21,922,391 39
12, 160 62
1831
6,014, .539 75
24,224,441 77
6, 933 51
1832
4,502,914 45
28, 465, 237 24
11,6.30 65
1833
2,011,777 55
29, 032. .508 91
2, 759 00
1834
11,702,905 31
16,214,9.57 15
4,196 09
1835
8, 692, 8.58 42
19,391,310 59
10, 459 48
18f,6
26, 7<J9, 803 96
23,409,940 53
370 00
1837
46, 708, 4 o6 00
11. 109, 290 39
5, 493 84
37,327,252 69
2,467 27
16.158,800 .36
1838
1839
36,891,196 94
23,137,924 81
2, .553 32
1840
33."] 57, 503 68
1.3,499, .502 17
1,682 25
1841
29,963,163 46 . 14,487,216 74
3,261 36
1842. 28. 685. 111 08
18, 187, 908 76
495 00
103 25
1843* 30,521,979 44
7, 046, 843 91
1844
39, 186, 284 74
26,183, 570 94
1, 777 34
1845
86 742 5'9 62
3' 517 12
27 5'>8' 112 70
• 26. 7 U\ 667 87
2, 897 26
1846
36,104,274 81
38,261,959 65
1847
23, 747, 864 66
375 Ou
1848
375 00
33. 079, 276 43
31,'757! 0.70 96
1849
29, 416, 612 45
28, .346. 738 82
32, 827. 082 69
1850
39, 668^ 686 42
49. 017, .51)7 92
3), 871,753 31
1851
47, 339, 326 62
18.52
40,158. 353 25
1853
58^ 9Jl] 86.5- 52
'43' 338, 860 02
1854
64. 224] 19U 27
50,261,901 09
1855
48,'501.073 41
53, 025, 794 21
47,777,072 13
18.56
64, 022. 863 50
18.57
49,108,229 80
63, 875, 905 05
46, 802, 855 .00
18;^
41,789,620 96
1859
3 \ 113,334 22
49. 56.5, 824 38
1860
33,193,248 60
53.187,511 87
1861
3i, 979, 530 78
39, 582, 125 64
1862
30. 963. 857 8.3
49, 056, 397 62
1863
46, 965. 304 87
69, 059, 642 40, "37," 640," 787 9.5
1864
36, 523. 046 13
102,316,1.52 99 109, 741.134 10
18(}5 134, 433, 738 44
84, 928, 260 60 209, 464, 215 25
Direct tax.
.'.'.'.'..'.'.[..'.'..
_
Public lands.
$4,"836'i3'
83, 540 60
11,963 11
"$7.34." 233 "97' " " "
443'75'
534, 842 38
167, 726 06
206, 565 44
188. 628 02
71, 879 20
165. 675 69
50,198 44
487, 526 79
21,882 91
,540, 193 80
55, 763 86
765, 245 73
34,732 56
466,163 27
19,1.59 21
647, 939 06
7,-517 31
449,252 G3
12,448 68
696, 548 82
7, 666 66
• 1, 040, 237 53
859 22
710,427-78
3, 805 52
83.5,6-55 14
2, 219, 497 36
1,13.5.971 09
2, 162.673 41
1, 287, 9.59 28
4, 253, 635 09
1,717,985 03
1,824,187 04
1,99;, 226 06
204, 333 36
2, 600, 504 77
83, 650 78
3. 274, 422 78
31,5,^6 82
1,6.-55,871 61
29, 349 05
1,212,966 46
20,961 56
1,803,581 54
10,337 71
916,523 10
6,201 96
984,418 15
2, 330 85
1,216.090 56
6. 638 76
1.393.785 09
2, 626 90
1. 495, 845 26
2,218 81
],018,\308 75
11.335 05
1, .517, 175 13
16, 980 59
2,31=9,3.56,14
10.506 01
3,210,815 48
6,701 13
2, 623, 381 03
394 12
3, 967, 682 55
19 80 • 4, 8.57. 600 69
4, 263 33
14,757,600 75
728 79
24,877,179 86
1, 687 .70
6, 776, 236 52
3, 730, 945 66
75522'
7, 361, .576 40
3,411,81.8 63
1, 36.5. 627 42
1,33.5,797 52
898,158 18
2, 059. 939 80
2, 077, 022 30
2, 694. 4.52 48
2, 498, 355 20
3, 3-8. 642 56
1,688,959 55
1, 859, 894 25
2, 352, 3(J5 30
2, 043, 239 58
1, 667, 084 99
8,410, 798 39
11, 497,049 07
8,917,644 93
3, 829, 486 64
3, 513, 715 87
1 756 687 30
1, 778! 557 71
870, 658 54
1,52, 203 77
'i,* 79.5,'331'73'
167,617 17
1,48.5,103 61•475,648 96
588, 333 29
1, 200, 573 .03
996, 553 31
Miscellaneous.
$10, 478 10
9, 918 65
21,410 88
53,277 97
28. 317 97
I , ! 69, 415 98
• 399,139 29
58,192 81
86 187 56
152,712 10345,649 15
• 1, 500, 505 86
131,945 44
139, 075 53
. 40, 382 30
51,121 86
38, 550 42
21,822 85
62,162 57
84,476 84
. 59,211 22
126,165 17
271,571 00
164.399 81
28-5, 282 84
273, 7 2 35
1< 9, 761 ,08
57,617 71
" 5 7 , 098 42
61, 3 :8 44
152,589 43
452,957 19
141, IL9 84
127, 603 60
130,451 81
94, 588 66
1,..3I5, 722 83
65, 126 49
112, 648 55
73, 227 77
584, 124 05
270,410 61
470. 096 67
480,812 3 2 '
7.59,972 13
2, 245, 902 23
. 7,001,444 59
6, 410, 348 45
979, 939 86
2, ,567,112 28
1, n04. 054 75
451, 995 97
285,' 895 92
1,07.5,419 70
361 4.53 68
289.950 13
220, 808 30
'
612,610 69
685, .379 13
2 064 308 21
l i l 8 5 J C 6 11
464 249 40
988,081 17,
1,105, 352 74'
827,731 40
1,116,190 81
1,259,920 88
1,352,029 13
1, 454, 596 24
1, 088, 530 25
1,023,515 31
915, .327.97
3. 741,.794 38
30.291,701 86
25,441,556 00
*= For the half-year from Jan
REPORT OF T H E SECRETARY OF T H E
TREASURY.
cm
to June 30, 1885, by calendar years to 1843 and by fiscal years (ended June 30) from that time.
Receipts
i
1791
1791
1793
1794
1795
1796
1797
1798
1799
1800
1801
1802
1803
1804
1805
1806
1807
1808
1809
1810
1811
1812
181.3
1814
18! 5
18*6
1817
1818
1819
1820
1821
1822
l8-.^3
1824
1825
1826
1827
1828
1829
1830
1-831
1832
]833
1834
l835
l826
l837
l838
]839
l840
l841
l842
i843
Interest.
j
Unavailahle.
Premiuras.
notes.
$8, 028
38, .500
303. 472
160,000
160, 000
8'.). 960
79, 920
71,040
71.040
88, 800
39, 9(J0
00
00
00
00
00
00
00
00
00
OO
00
$4,409,9,51 19
3,069,960 31
4, 65i, 923 14
5,431,904 87
6, 114,.5:*!4 59 '$4,'800
8, 3"7, 529 65 42, 800
• 8, 6s'8, 780 99
7, 900, 495 80 78, 675
7,546,813 31
10,848,749 10
12, 935, 3;i0 95 '16,125
14,995,793 95
11, 0G4,097 03
ll.^tO, 3U7 38
13, .'-60,693 20
1.5,5.59,931 07
16, 3P8,'OI9 26
17,060,661 93
7,773,473 12
9,384,214 28
14,42-2.634 09
9.801, 132 76
14,340.41)9 95
85
11.181,625 16
1.^696, 916 82 11,.541
68.665
47, 6.0. 985 60
33. 009. 049 7) 267, 819
412
21,5.8.5,171 04
24, (i()3, 374 37
17.840,6(39 55
14,573,379 72
20,232.427 94
20, 540, 666 26
19,381,212 79
21,840,858 02
25,260,434 21
22, 9G6, S63 96
24, 763. 629 23
24, 827. 627 38
24.844,116 51
28, .526, 820 82
31 867 4."'0 66
33, 948. 426 25
21,791,935 55
3.5.430,087 10
50. 826, 790 08
24, 954, 153 04
26, 302. .561 74
31,482,-749 61
19,480,115 33
16,860,160 27
19, 976,197 25
8,231,001 26
29, 3L'0, 707 78
29. 970,105 80
29, 699, 967 74
26,467:403 16
35,698,699 21
30,72l,ff77 50
43, 592, 888 88
52, 555, 039 33
49, 846, 815 60
61, ,587, 031 68
'^^,
00
00
00
00
202, 4:6'3u
525, 0( 0 00
675, (IOO 00
1, 000, 000 00
1U5, 000 00
297, 500 00
350, OCO 00
350, 000 00
367, 500 00
402, .500 00
420, 000 00
455, 000 00
490, 000 00
490,000 00
490, 000 00
490, 000 00
474, 985 00
234, 349 50
.506,4t0 82
292, 674 67
• - «
J856
7857
7858
859
'
73, 800, 341
6.5, 350, 574
74, 056, 699
68,96.5,312
46, 655. 365
52,777,107
56, O H , 599
41, 476, 299
51,919,261
112, 094, 945
243,412,971
322,031,158
40
68
24
57
06
92
83
49
09
51
20
19
nary 1 to J u n e 30,1843.
$361,391
5,1.! A 498
1,797.272
4,00T, U50
3 396 'l-'4
320. 000
70, 000
200,OOO
5. 000, 000
1, 565, 229
1
34
45
01.1
78;
00'
00
CO
00
< 0
24
.$4,771,342 53
8,772,458 76
6,450,105 15
9,439,855 65
n 515 758 .50
8,740,329 65
8, 758, 780 99
8, 179. 170.80
12,546,813 31
12, 413, 978 34
• 12,94.5,4.55 95
14,995,793 95
Si
.
11,064,097 63
11 8'-'6 307 38
1:{,5CU. (Jfl3'20
15,559,931 07
10 398, 019 26 ...
-"
17 0(iO, 661 93 ... .
7,773.473 12
..
12,134,214 28
2, 750, 000 00
14,422.6-4 09
22, 6 9. 032 76
12.837,900 00
40, 524. 844 95
26,184, 135 00
31,559,536 95
23, :>77, 826 00
50. 961, 237 60
35,220,671 4u
'"$32,'i67"6'i
57,171 4>\ 82
686 09
9,4.:5, Ool 91
33, 8:!3, 592 33
466, 723 45
2l..59:-{ 9;i6 66
8,3.53 00
2 '^91 00
24. 605 6h5 3 7
3,000,824
13
.20.881,493
68
40,000 00
.:V
19, 573, 703 72
5, 000, 324 00
20,232,427 94
20. .54(1, 666 26
. 24,381,212 79
26, 840, 858 02
5, 000, 000 CO
•2.5,260,434 21
22, 906, 303 96
24, 763. 629 23
24, 827, 627 38
24,841,1-6 .51
28, 526, 820 82
31,8(37,450 66
$1, 889 50
33, 948, 426 25
21,971,935 .55
35.430,087 10
5U, 826. 796 08
27.947,142 19
2, 992. S89 15
'63; 288 35
39,019,382 60
12,716,820 86
35, 340, 025 82 1,4.58,782 93
3,857,276.21
25, 0f-.9, 662 84
5, 589, 547 51
37, 400 25
30. 519, 477 65
13,6.59.317 38
. 14, 808, 735 64
34, 784. 932 89 • 11,188 00
20 78-' 410 45
71, 700 83 . 12,479,708 36
31,198, .555 73
666 60
1, 877,181 35
29,970,105 80
.28, 251 90
29, 699, 967 74
5.5,368,168 52
"28,36.5 91 "28, 872,'.399'45
.30, 000 00
56.992,479 21
37, 080 O J ^21,256,700 00
59, 796, 892 98
28, 588, 750 00
487, 065 48
47,619,388 88
4, 045, 950 00
10, 550 00
.52,762,704 25
203,400 00
4, 264 92
49,893,115 60
46, 300 00
16, 350 00
61, 608, 404 18 103,301 37
22 50
2,00167
73, 802, 343 07
800 00
65, 351,"374 68
200 00 . 74, 056, 899 24
3, 900 00
68.969,212 57
c
70, 372, 665 96
23,717,300 00
28, 287, 500 00
709, 357 72
81,773,965 64
15,408 34
20, 776, 800 00
76,841,407 83
10, 008 00
41,861,709 74
83,371,640 13
33, 630 90
11,110 81
68, 400 00 529, 692, 460 50 581,680,121 59
6, 000 01
602, 345 44 776, 682, 361 57 889,379,6.52 52
9,210 40
21,174,101 01 1,128, 873, 945 361, 393, 461, 017 57
11,683,446 89 1,472,224,740 85 1,805,939,345 93 . 6 , 095 11
^
""soo'b'o
l844
l845
l846
l847
l848
1849
18.50
i851
J 8 52
l853
7854
i855
i860
1861
1862
1863
1864
1865
N e t ordinary
receipts.
Dividends.
79
74
16
14
62
""'5*666,"(j6o'6b
.
CIV
REPORT OF T H E SECRETARY OF THE
TREASUI-Y.
T A B L . E .O.—STA TEMENT of the B E C E I P T S of the UNITED
1
Balance in the
Treasui-y a t
commencem e n t of year.
Customs.
1866 $33, 983, 657 80
1867 160, 817, 000 73
$170,046,651 58
176,417,810 88
198, 076, 537 09
158, 936, 082 87
183, 781, 965 76
177, 604,116 51
138,019,122, 15
134, 666, 001 85
159, 293, 673 41
178, 833, .339 54
172, 804. 061 32
149, 909, 377 21
214, 887. 645- 88
286, 591, 453 88
386, 832, 588 65
231, 940, 064 44
280, 607, 668 37
275, 450, 903 53
374)189,081 98.
424, 941, 403 07
164,464, 599 56
180, 048, 426 63
194,538,374 44
206, 270, 408 05
216,370,286 77
188, 080, 52-;j 70
163,103, 833 69
157,167, 722 35
148,071,984 61
130, 956, 493 07
130,170, 680 20
137, 250, 047 70
186, 522, 064 60
198,159, 676 02
220,410,7.30 25
214, 706. 496 93
195, 067, 489 76
181,471,939 34
1868
1860
1870
1871
1872
1873
1874
1875
1876
1877
1878
18'9
1880
1881
1882
188.3
1884
1885
5, 448, 779, 758 70
I n t e m a l revenue.
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
1.-.8, 356. 460
184, 809, 756
143,098,153
130, 642, 177
113, 729, 314
102, 409, 784
110,007,493
116,700,732
118,630,407
110,581,624
113,561,610
124, 009, 373
135, 264, 385
146, 497, 595
144, 720, 368
121,,586, 072
112, 498, 725
41 1, 788,145 '85
86
765, 685 61
49
229,102 88
63
580, 355 37
72
14 "'315,'254 51'
90
58
03 " " 9 3 , ' 7 9 8 ' s o '
83
74
58
92
30 85
51
1, 516 89
45
160, 141 69
98
108.1.56 60
51
70,720 75
54
1,348,715
4, 020, .344
3,350.481
2, 388, 046
2,575,714
2,882.31.2
1, 8.52, 428
1,41.3,640
1,129, 40-3
976, 253
1, 079, 743
9'4. 781
1,016,506
2,201,863
4, 753, 140
7, 9.55, 864
9,810,705
5, 705, 986
41
34
76
68
19
38
93
17
95
68
37
06
60
17
.37
42
01
44
17, 745, 403 59
13, 997, 338 65
12, 942, 118 30
22,093,541 21
15. 106,051 2 3
17,161,270 05
32, 575, 043 32
1.5; 431 915 31
24, 070, 602 -31
30, 437, 487 42
1.5,614,728 09
20, 585. 697 49
21,978,525 01
2-5,154, 850 98
31,70.3,642 .52
30, 795, 695 02
21,984,881 89
24, 014, 055 06
3,332, 660,128 76 27, 989, 292 51 235, 991, 878 82 547, 082, 485 49
•Amounts heretofore credited to the Treasurer aa
REPORT 01^ T H E SECRETARY OF T H E
TREASURY.
CV
STATES from March 4,1789, to Juna 30, 1885, #c.—Continued.
i
Dividends.
Net ordinary
receipts.
Interest.
Premiums.
<D
1866
1867
$519, 949, 564 38
462, 846, 679 92
R e c e i p t s from
loans and
. Treasury
notes.
"
•
Gross receipts.
Unavailable.
$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
2, 675, 918 19
1868
1869
1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880
1881
188^
1883
884
1885
376, 434, 453
357,188, 2.56
395, 959, 853
374, 431,104
364, 694, 229
322,177,673
299, 941, 090
284, 020, 771
290, 066, 584
281, 000, 642
257, 446, 776
272, 322,136
333, 526, 500
360. 782, 292
403. 515, 250
398, 287, 581
348, 519i 869
323, 690, 706
82
09
87
94
91
78
84
41
70
00
40
83
98
57
28
95
92
38
29, 203, 629
13, 755, 491
15, 295, 043
8, 892, 839
9,412,637
11,500.530
5, 037, 665
3, 979, 279
4, 029, 280
405, 776
317,102
1, 505, 047
110
50
12
76
95
65
89
22!
69
58
58
30
63
00
625, 111, 433 20 1 030 749 516 52
609 621 828 27|
238, 678, 081 06
285,474, 496 00
696, 729, 973 63
268, 768, 523 47
652, 092, 468 36
305. 047. 054 00
679,153, 921 56
548, 669, 221 67
214,931,017 00
744,251,291 52
439, 272, 535 46
387 Q71 556 no
675,971,607 10
691, 551, 673 28
397, 455, 808 00
630,278,167 58
348,871,749 00
662, 345, 079 70
404, 581. 201 00
792, 807, 643 00 1, 066, 634, 827 46
545, 340, 713 98
211, 814,103 00
474, 532, 826 57
11,3,750,534 00
524, 470, 974 28
120, 945, 724 00
954, 230,145 95
555, 942, 564 00
555,397, 755 92
206, 877, 886 00
568, 887, 009 38
245,196,303 00
*2. 070 73
*3, 396
*18, 228
*3, 047
12,691
18
35
80
40
47,097 65
$9,720,136 29 9,602,223,680 57 485,224 45 204,259, 220 83 11,840,006,718 84 21,442,230,399 41 2,614,768 88
unavailable, and since recovered and charged to his account.
CVI '
REPORT OF THE SECRETARY OF TflE TREASURY.
^
T A B I . E V.—STATEMENTof EXPENDITUBESof UNITED STATES from Mar.A,
Year.
1791..
1792..
1793..
1794..
1795..
1796..
1797..
'1798..
1799..
: 1800..
1801.
1802..
-1803..
1804..
1805..
1806..
1807..
1808..
•1809..
1810..
1811..
1812..
1813..
1814..
1815..
1816..
.1817..
1818..
1819..
1820..
1821..
1822..
1823..
1824..
1825..
• 1826..
1827..
1828..
1829..
1830..
1831..
1^32..
1833..
•1834..
1835..
1836-.
1837..
1838..
1839..
1840..
1841..
1842..
1843*.
.1844..
1845..
1846-.
1847. .
1848..
1849..
' 1850..
1851..
1852..
1853..
1854,:
1855..
1856,.
1857..
1858..
1859..
I860..
1861..
1863..
1863..
1864..
War.
^632, 804 03
100,702 09!
130. 249 08
639, 097 59
480,910 13
260, 263 84
039, 4(r2 46
009, 522 30
4 66. .946 98
560. 878 77
(372,944 08
179, 148
822, 055 85
875, 423 93
712.781 28
224,355 38
288, (:85 91
900, 8-34 40
345, 772 17
294, 32;-{ 94
032,828 19
817,798 24
652,013 02
350, 806 86
794, 2!<4 22
012, OUO 80
'004,236 .53
622,715 10
506, 300 3
630, 392 31
461,291 78
111,981 48
096,924 43
340, 939 85
659,914 18
943,194 3'
948, 977 88
145, .544 56
724,291 07
767,128 88
841,835 ,55
446, 034 88
704,019 10
696,189 38
759, 156
747, 345 25
682, 7.30 80
897,224 16
916, 995 80
095, 267 23
801, 610 24
610,438 02
908, 671 '95
218, 183 66
746. 291 28
413. 370 '58
840, 030 33
688,334 21
558,473 26
687, 024 58
161, 965 11
521,506 19
910, 498 49
722, 282 87
11, 648, 074 07
14, 963.160 51
16, 159,150 87
19, 679,121 63
25, 154, 720 53
23, 472, 202 72
16, 001,530 67
23, 173, 562 29
389, 314,411 82
603, 391,048 66
Navy.
$61,408 97
410,562 03
271.784 04
382,631 89
1,381,347
2,858,081 84
448,716 03
2, ]11,4J4 00
91.5,501 87
215,230
1, 1.SO, 832 75
1,597,500 00
649,\641 44
_, 722,1,64 4
1,884.067 80
2, 427, 758 SO
1, 054, 244 20
_, 965, 566 39
3,9.59.365 15
416, (iOO 10
7,311,290 60
660, 000 25
9(>8, 278 30
314,598 49
953, (:95 00
847, 640 42
387, 990 00
319,243
06
3
224, 458 98
503, 765 83
904, 581 56
049, 083 86
218,902 45
263. 877 45
918,786 44
308,745 47
239, 428 63
856, 183 07
956, 370 29
901,356 75
956, 260 42
864, 939 06
807,718 23
646,914 53
131, 580 53
182, 294 25
113,896 89
001,076 97
397. 242 95
727,711 53
498,199 11
297, 177 89
455,013 92
900, 635 76
408,476 02
786. 705 92
904, 724 66
880, 581 38
918,842 10
067, 789 53
790, 096 32
327, 095 11
074, 834 64
651, 694 61
053, 264 64
690, 927 90
514, 649 83
387,156 52
640, 353 09
261,235 31
85, 704, 963 74
Indians.
$27, 000 00
13, 648
27, 282 83
13, 042 46
23. 475 68
113, 563
62, 396 58
16, 470 09
20, 302 19
31 22
9, 000 00
000
00
94,
60, 000 00
500
00
11(5.
196. 500 00
234, 200 00
205, 425 00
21.3, 575 00
337, 503 8'4
177, 625 00
151, 875 00
277, 845 00
167. 358 28
167, 394 86
530, 7.'0 00
274. 512 16
319, 463 71
505, 704 27
46.3, 181 39
31.5, 750 01
477, 005 44
575, 007 41
380, 781 82
429, 987 90
724, 106 44
743, 447 83
750, 624 88
705, 084 24
576, 344 74
622,
262 47
930,
738 04
1, 352,
419 75
1,802,
980 93
1, 003,
9.53 20
1,706,
444 48
5, 037,
022 88
4, 348,036 19
5, 504,191 34
•2, 528,917 28
2,331, 794 86
2,514, 837 12
1,199, 099
578, 371 00
1,256, 532 39
1, .539,351 35
1. 027,693 64
1, 430,411 30
1, 252,296 81
1, 374,161 55
1, 663,591 47
2, 829,80177
3, 043,576 04
3, 880,494 12
1, 550,339 55
2, 772,Q90 78
.2, 644,263 97
4, 354,418 87
4, 978,266 18
3, 490,,534 53
2, 991,121 54
2, 865,481 17
2, 327,948 37
8,152, 032 70
2, 629,975 97
Pensions.
Miscellaneous.
$17.5,1813 88
109,:243 15 •
80,1087 81
81, 399 24
08, 673
i 22
100.1843 71
92, 2.5(r 97
104,}845 3:{
9.5,'444 03
64, 130 73
• 73.;
533 37
- 85.'
440 39
62,!902 10 •
80.1092 80
81. 8.54 59
. 81,875 53
70,!500 00
82, 576 04
87,;833 .54
83,'744 16
75, 043 88 •
9i, 402 10
80,!989 91
90, 104 36
-69, 656
( 06
188,1804 15
297, 374 43
890.'719 90
2,41.5, 939 85
376 31
3, 208.;
242, 817
i 25
199 40
1, 948.;
1, 780,5S8
i .52
1, 499,:
.326 59
l,308.i810 57
1, .556.593
i 83
976,.:138 86
57
850, .573
i
949, 594
i 47
297 31
1, 363,:
1,170,1065 14
1,184, 422
- 40
4, 589,152 40
3, 364,285 30
1, 954,711 .32
2, 882,'
797 96
2, 672,:
162 45
2,156,1057 29
3,142,'750 51
2, 603,1
562 17
2. 388,'.
434 51
931 33
1, 378,)
839,1041 12
2, 032,008
( 99
2, 400,'
788 11
1,811, 097 56
1, 744,1
883 63
1, 227,'
496 48
1, 328,1
867 64
1, 866,1
886 02
377 22
2, 293,;
2,401, 858 78
1, 756,;
306 20
1, 232,1
665.00 "
1, 477,1
612 33
1, 296,229
\ 65 ,
1,310,;380 58
1, 219,'
768 30
1, 222,;
222 71
1,100,1802 32
1,034,1599 73
852, 170 47
' 1, 078,513
i 36
4, 985,473
< 90
$1, 083,971 61
4,672,664 38
"511. 451 01
750, 350 74
1, 378,920 66
801, 847 58
1, 259,422 62
1, 139,524 94
1,039, 391 68
1, 337,613 22
1, 114,768 45
1. 462,929 40
1,842.635 76
2,191, 009 43
3, 768,.598 75
2, 890.137 Oli
I,(i97, 897 5l!
-1,423, 285 6li
1,21.5, 803 79'
144 98
1.101,
1.367,291 40
088
2li
1, 683,
1,729; 435 6lj
029
70
2, 208,
2, 898,870 47i
2, 989, 741 17,
3, .518.936 76
3, 835,839 51
211 41
3, 0G7.
021 94
2, 592,
121 54
2, 223,
996 24
1,967,
093 99
2, 022-,308 81
7, 1.55,
544 89
2, 748,
177 79
2,600,
•476 58
2,713,'052-64
3, 676,234 65
3, 082,416 04
3, 237,646 10
3, 064,141 45
4, 577,245 93
5,716, 728 95
4, 404,698 53
4, 229,-279 72
5, 393,370 27
9, 893,.664 76
7,160,.990 89
5, 725,398 96
5. 995.881 45
6,490, 624 61
6, 775,713 00
3, 202,183 86
5,645, 760 98
5,911, 283 89
6,711, 608 35
6, 885,851 25
5, 650,334 24
12, 88.5,763 36
16, 043,992 18
.17, 888.171 45
17, 504,068 01
17, 463, 144 68
26, 672,425 43
24, 090,038 87
31,794,498 77
28, 565,016 42
26, 400,.544 40
23, 797,978 30
27, 977,287 69
23, 327,862 59
21, 385,382 37
23,198, 216 87
27, 572,
" For the half year from Jan
REPORT OF THE SECRETARY OF THE TREASURY.
CVII
1789, to June 30,1885, hy cal. years io 1843 and hy fiscal'years (ended Jmie ZO) from that time.
Year.
N e t ordinary expenditures.
Premiums.
1791
1792
1793
1794
-1795
1796
1797
1798
1799
1800
1801
1802
. 1803
1804
1805
lS06
1807
1808
1809
1810
l&ll
1812
1813
^ 1814
1815
1816
I 1817
1818
1819
1820
18il
1822
1823
1824
1825
1826
1827
. 1828'
1829
1830
1831
1832
1833
1834
- 1835
1836
1837
1838
1839
1840
1841
1842
1843^*
1844
1845
1846
1847
1848
1849
1850
1851
1852
1853
1854
1855
18.56
1857
1858
1859
1860
1861
1862
1863
1864
$1, 919, 589 5.2
5. 896, 258 47
749, 070 73
1 545, 299 00
3. 362, 541 72
4; 551, 303 15
2, 836, 110 52
•
2;
651, 710 42
4, 480, 166 72
6, 411, 369
7, 981, 669 90
•4, 737, 079 91
3, 002, 824 24
4, 452, 858.91
4, 357, 234 62
6, 080, 209 36
0, 984, 572 89
4, 504, 338 85
6, 414, 672 14
7, 311, 082 28
5, 592, 604 86
5, 829, 498 70
1'7, 082, 396 92
28, 127, 686 38
30, 953, 571, 00
26, 373, 4'32 58
4.54,
23, 808, 609 92
15, 300, 673=78
13, 134, 273 44
16, 723, 530 57
13, 827, 479 07
10, 784, 643 51
9, 330, 154 59
9, 490, 144 71
15, 062,- 459 94
11, 653, 316 27
095 65
13, 296, 041 45
12, 641,
. 13,229, 210 40
12, 864, 533 33
13, 516, 067 90
13, 713. 388 77
16, 425, 7.55 11
22, 514, 417 25
18, 868, 950 28
17, 243, 164 04
30, 849, 214' 24
37, 496. 718 08
33 139, 948 73
26, 196, 920 11
24 361, 840 29
26, 256, 336 59
24 650. ^08 60
11 89.5, 108 01
20, 418, 369 61
$18,231 43
21 801, 459 59
26, 227, 569 .37
,53, 933, 454 77
45, 165, 542 61
82, 865 81
39, 054, 990 09
37, 389, 717 66
69,713 19
44, 078, 954 56
170, 063 42
40, 967, 1.56 35 . 420, 498 64
44, 316, 528 42 2, 877, 818 69
51 772, 197 72
872, 047 39
56, 041, 527 64
385, 372 90
6(), 330, 143 70
363, 572 39
66, 35.5, 437 17.
574, 443 08
72, 056, 9.50 07
66, 616, 754 71
60, 379, 055 78
62, 004, 896 81
456, 283, ,575 56
694,
676 14
811,
aary 1 to J u n e 30,1843.
2673 F
VIII*
Interest.
Puhlic debt.
$1,177, 863 03
2, 373, 611 28
2, 097, 859 17
. 2, 752,523 04
2, 947, 059 06
3, 239,347 68
3,172, 516 73
2, 955, 875 90
2, 815, 651 41
3, 402, 601 04
4, 411. 830 06
4, 239, 172 16
3, 949,462 36
4,185. 048 74
2,657, 114^° 22
3, 368,968 26
3, 369, ,578 48
2, 557,074 23
2, 866,074 90
'3,163, 671 09
2, 585,435 57
2,451, 272 57
3, 599,455 2;
4, 593, 239 04
,5, 990,090 24
7,822, 923 34
4, 536, 282 55
6, 209,954 03
5,211, 730 56
5,151, 004 32
5,126, 073 79
5,172, 788 79
4, 922,475 40
4, 943,557 93
4,366, 757 40
3, 975,542 95
3, 486, 071 51
3, 098,800 60
2, 542,843 23
1, 912,574 93
1, 373,748 74
561 50
772, 796 87
303, 152 98
202. 863 08
- 57,
14, 996
399, 8.33
174, 598
-284, 977
773, 549
• 523,583
1, 8.33,452
1, 040,4.58
842, 723
1,119, 214
2, 390, 765
3, 565,535
3, .782,393
3, 696,760
4, 000, 297
3, 665. 832
3, 070; 926
2,314, 464
1, 953,822
1,593, 265
1, 652, 055
2,637, 649
3,144; 120
4, 034,157
13,190, 344
24, 729,700
53, 685,421
48
89
08
55
85
13
18
27
72
88
78
03
75
80
74
69
99
37
23
67
70
94
30
84
62
69
G r o s s expenditures.
Balance
in
Treasury at .
thc^ end of
theyear. .,
984 23
797,436
$973. 905 75
962, 920
693, 050 25
783, 444 51
479,, 977
2, 633, 048 07
753, 661 69
041, 593
2, 743, 771 13
1,151, 924 17
151,240
2,841, 639 37
. 516,44^ 61
3(J7, 776
2, 577, 126 01
888, 995 42
625, 877
2, 617, 250 12
1,02 J, 899 04
583,618
976, 032 09
617, 451 43
1, 706, 578 84
2, 161,867 77
11, 002, 396
1,138, 563 11
2,6?3, 311 99
1^, 952, 534
2, 879, 876 98
3, 295, 391 00
• 12; 27.3, 376
270,
487
5.294, 235 2 4
5, 020,697 64
13,
4, 8-2.5,811 60
3, 306, 697 67
11, 258, 983
4,037, 005 26
12, 015.113
3, 977,206 07
13, 598, 309
3, 909, 388 99
4, 583, 960 63!
15, 021,196
5, .572,018 64
4, .538,123 80.
292, 292
9, 64:{,850 07
2, 938, 141.621
n, 762, 702
9,941, 809 96
7,701, 288 96:
16, 867, 226
3, 586,-479 26
. 3, 848,056 78
13,
809, 994
4, 835, 241*12
2, 672, 276 57
13, 592, 604
5, 414, 564 43
3, 502,305 SO
13,
279,121
1,998, 349
3, 862,217 41
22, 190, 520
7, 508, 668 22
5, li(6,542 00
39,
028, 230
3, 307,304 90
1, 727,848 63
38, 582. 493
13,106, 592 88
6, 638,832 11
244, 495
22, 033, 519 10
17, 048, 139 59
14,980, 465 48
20, 886,753 57
40, 877, 646
15, 086, 247 59
35, 104,875
1, 478,526 74
24, 004,199
2, 492, 195 73
2, 079.992 38
21, 763, 024
1,198, 461 21
3, 477,489 96
19, 090, 572
1,681, 592 24
3 241, 019 83
17, 676,592
2, 676,160 33
4, 237,427 55
15, 314, 171
9, 4b3,922 81
607, 541 01
31, 898, 538
1,946, 597 13
11, 624, 835 83
23, 585, 801
,5, 201,650 43
7, 728,587
24, 103, 398
6, 358,686 18
7. 065. 539 24
22, 656, 764
6, 668, 2?6 10
6,517, 596 88
35, 459, 479
9, 064, 637 47
5, 972,435 81
,
..
25,044,
358
304
77
9,860,
5, 755,•704 79
24, 585,281
9, 443,173 29
6,014, 539 75
30, 038,446
4, 502, 914 45"
14, 800,6-?9 48
34, 356, 698
2,011, 777 55
17, 067,747 79
24, 257,298
11, 702, 905 31
1,239, 746 51
24, 601, 982
8, 892,858 42
5, 974, 412 21
17, 573,-141
328 20
26, 749, 803 96
30, 868,164
46, 708, 436 00
37, 26.5, 037
37, 327, 252 69
21, 822 91
39, 455,438
36,891, 196 94
5, 590,723
37, 614, 936
33,157 ;503 68
10, 718, 153 .53
28, 226, 533
29, 963, 163 46
3,912, 015 62
28. 685,"111 08
. 31, 797, .530
5. 31.5,712 19
32, 936, 876
30, 521, 979 44
7, 801,990 09
12, 118,105
39,186, 284 74
338, 012 64
33, 642,010
36; 742, 829 62
11,158, 450 71
30, 490, 408
36,194, 274 81
7, 536,349 49
27, 632, 282
371, 100 04
38, 201, 959 65
60, 520, 851
33. 079, 276 43
5, 600.067 65
60, 655,143
29; 416, 612 45
13, 036,922 54
56, 386,422
32, 827,082 09
12, 804,478 54
44, 604,718
35,871, 753 313, 656,335 14
48, 476,104
40,158, 353 25
654, 912 71
712,
608
293
05
46.
43, 338,860 02
2.152,
50, 261,901 09
. 54,577, 061
• 6,412,574 01
473,170
896
95
48,
591, 073 41
75,
17, 556,
66, 164, 775 96! 47, 777, 672 18
6, 662,065
726,
341
618
66
72,
3, 614,
49,108, 229 80
71, 274, 587
3, 276,606 05
46, 802, 855 00
062,186
2.50
82
82,
35,113, 334 22
7, 505,
83, 678, 642
33,193, 248 60
14, 685, 043 15
055,125
250
00
77,
32, 979, 530 78
. 13, 854,
85, 387, 313
30, 963,857 83
18, 737, 100 00
667, 563
322
09
46, 965, 304 87
96, 097,
565, 81.5, 911
36, 523,046 13
181, 081, 635 07
•899, 541,114
134,433, 738 44
430, 572, 014 03 1,295,
CVin
. REPORT OF TUE SECRETARY, OF THE TREASURY.
' T A B I . I : T^—STATEMENT of the EXPENDITUBES of the UNITED
Year.
1865
1866
1867.:
18G8....
3809
1870
] 871
1872
1873 , . '
vI874
1875.
1876....
1877 . .
1.V78.
1879
18S0
1881....
1882..-.
1883
.1884
1885
War.
* Navy.
Indians.
Miscellaneous.
! - . . . . $1, Q30. 690, 400 06
283,154,676 06
$122,617,434 07
43, 285, 662 00
$5, 059, 360 71
• 3, 295, 729 32
$16,347,621 34 ,
15, 605, 549 88
$42,989,383 10
40,613,114 17
3,568,638,312 28
*3, 62L,780 07
71-7,551,81.6 39
*77,992 17
103,369,211 42
*53, 286 61
119,607,656 Oi
*9, 737 87
643, 604, 554 33
*718, 769 52
119, 617. 393 88
20,936,551 71
23, 782, 386 78
28,476,621 78
28, 3-JO, 202 17
.34,443,894-88
28, 533, 402 76
29,3.59,426-80
29,038,41.4 Cb
29, 456, 216' 22
28, 257, 395 G9
27, 963, 752 27
27,137, 019 08
35,121,482 39
56, 777,1-74 44
50, 059, 279 62
61', 34.5,193 Of
66, 012, 57.3 64
55, 429, 228 06
56,102, 267 49 '
644, 323. 323' 85
51,110, 223 721
53, 009, 867 67
50,474, 061 53
53,237,461 56
60,481,916 23
CO, 984, 757 42
73, 323.110 06
85,141, 593 61
71,0-70,702 98
73, 599, 661 04
58, 926, 532 ,53
53,'l77, 703 57
65, 741, 555 49
54, 713, 529 76
64, 416, 32.4 71
-57, 219, 750 98
08.678,022 21
•70, 920, 433 70
87, 494, 25S 38
3, 572, 260, 092 35
717, 629, 808 56 103, 422, 498 03
9-5,224,415 63
31,034,011 04
4,642,531 77
123, 240, 64 S 62
25, 775, 502 72
4,100, 682 32
)
7, 042, 923 06
' 20. 000, 757 97
78.501.990 61
3.407,938 i r
21,780,229 87
57,65.5,675 40
7, 420, 997 44
;35.790.991 82 . .19,431,027 21
21, 249, 809 99
35, 372,157 20
7, 061,-728 8v
23, .526, 2.56^ 79
7,951,704 88
• 46,323,138 31
30, 932, 587 42 '0 6, 692, 462 09
4-i, 313, 927 22
'.
21, 497, 626 27
8, 384, 656 82
• 41.120, 645 98
5, 966, 558 17
38, 070. 888 64 • 18, 96.3'. 309 82
5, 277, 007 22
. • .
37, 082, 7;!5 90
14. 959, 035 36
32,154, 147 85
17, 365, 301 37
4, 62!>, 280 28
40, 425, 680 73 ' 15, f2.5,T26 84
.5, 206,109 08
.38,110.916 22
13,536,984 74
•
5, 945, 457 09
1 '>, f-SO, 671 66
. 40,40U, 46'> 5.'.
6,514,161 09 •
43,"570; 494 19
•. . :
15, 032, 046 2{.
9, 736. 747 40
48,911,382 93
15,1=83,437 17
7, 362, 590 34
17, 29-2; 601 44
• 39, 429, 603 36
6, 475, 999 29
.16, 021, 079 67
, 42, 670, 578 47
6, 552, 491 63
Total
Pensions.
4, 528, 717, 551 98 1, 092,124,112 17
223, 800, 527 97
836,189, 878 33 1,864,049,791 00
* Outstanding
N'OTE.—This stateraent is made from -warrantspaid by the Treasurer up to J u n e 30, 1866. The out
aaco in the Treasury June 30, 1885, as shown by this stateraent, includes the amount deposited with
a:|d 1884, as shown by thO reports for.those, years.
REPORT
OF T H E
SECRETARY
OF
THE
TREASURY.
CIX
STATES from March 4, 1789, to June 30, 1835, cj-c—Continuecl.
. '
Year.
1865
1866
N e t o r d i n a r y expeuditures.
Premiums.
$1, 217, 704,199 28 $1,717,900 11
58,476 51
385,954,731 43
5,152,771,550 43 7,611,003 56
*4,481. 566 24
Interest.
$77, 395, 090 30
133, 067, 624 91
•Public d e b t . " G r o s s e x p e n d i tures.
Balance
in
Treasury at
t h e e n d of
the year.
$609, 616,141 68 $1,906,433,331 37 133. 933. 657 89
620.263,249 10 1,139, 344, 081 95 165, 301, 654 76
502,689,519 27 2,-374, 677,103 12 8, 037, 749. 176 38
. *2. 888 48
*100 31
*4. 484. 555 03 *4 484. 555 03
"
5,157,253,116 67 7,611,003 56 502, 692, 407 75 2, 374, 677.,203 43 8, 04.2. 233. 731 4l|l60, 817, 099 73
1867
202, 947, 73S 87 10, 813, 349 38 148,78l,.59r91
735,530,980 11 1.093,079, 6.55 27 198,076. ,537 09
1868
229.915,088 11 7,001,151 04 140,424,045 71
692, 549, 685 88 1,069.889,970 741158," 936, 082 87
1869 - 190. 496, 354 95 1,(J74.680 05 130, 694, 242 80
201,912,718 31
.584,777,996 111183,781,985 76
3870
164,421,507 15 15,-996, 555 60 1L'9.2,:!5,498 00
393. 254, 282 13
702,907,842 88 177,604.116 51
1871
157, 583, 827 58 9, 016, 794 74 ,125,576,565 93
399, 503, 670 65 ' 691. 680, 858 9o 138, 019,122 15
1872
405, 007, .307 .54 682, .525, 270 21134, 666. 001 85
••153,201,856 19 6, 958, 266 76 117,.357, 839 72
1873
233; 699, 3.52 58 524,044,597 9 r 159, 29.3; 673 41
180,488,636 90 5,10.5,919 99 104, 7.50, 688 44
1874
422, 065, 060 23
194,118, 985 00 1, 395, 073 55 107,119, 815 21
724, 698, 933 99 178, 833, 339 '51
1875
407,377,492 48
171, 529. 848 27
103, 093, 544 57
682 000 885 32172 804 061 32
449,
345,
272
80
714, 446i 3.57 39! 149, 909. 377 21
O270 164, 8.57, 813 36
ol00, 243,271 23
323, 965. 424 05
565, 299, 898 911214. 887, 645 88
1877
144, 209; 963 28
97,124, 511 58
353, 676, 944,90
590 641 271 70 ^'86 591.4.53 88
134, 463. 452 15
102,500,874 65
1878
699,445,809 16
105, 327, 949 00
1879
. 161,619,934.53
966, 303, 692 69 386. 832, 588 65
432,
.590,280
41
95, 757, 575 11
1880
169, 090, 062 25 '2,''795,"3-26"42
700, 233, 238 19 231,940,064 44
165,152,335 05
82,508,741 18
1881
177,142,897 63 1, 061, 248 78
425, 865, 222 64 280, 607, 668 37
271, 646, 299 55
71, 077, 206 79
1882" • 186. 904, 232 78
529,627,739 12 27,5,450.903 53
590. 083, 829 96
59.160,131 25
1883
206, 248, 006 29
85.5,491,967 50 374, 189,081 98
260,
520,
690
50
54, .578; 378 48
189,547,865 85
1884
504. 646, 934 83 424,941,403 07
211, 760, 353 43
51,386,256-47
208, 840, 678 64
471. 987, 288 54 521, 794, 026 26
1885
8, 544, 881, 861 45 69, 429, 363 872, 424. 391,135 78 10, 083, 770, 993 15 21,122,473, 354 25
standing warrants are then added, and the statement is by warrants issued from that date. The balthe Srates, $28,101,644.91. This amount was inadvertently omitted from the balances for 1882, 1883,
REPORT OP THE SECRETARY OF THE TREASURY.
cx
T A ^ l . ' E ^ . — R E C E I P T S and D I S B U B S m i E N T S hi/ UNITED STATES ASSISTANT TBE AS UB.ICBS during the fiscal year ended June^ 30, I88v^. ,
BALTIMOPvE.
Balanco June 30, 1884
.'
'.. $10, 688, 301 68
RECEn»T8.
.Onaccount of custoras
.On accounl-of internal revenue
^
.'
OuaccoiiuLof certificates of deposit, act June 8, 1872:
On .account, oyo.st-OlUce Departraent
Ou account of tiansfers
On account uf patent foes
".
"
?
Ou'accounb of disbursinjx officers .
Ou acconnt of somi-anuual dnty
:
On account of tlio Secretary of the Treasury
On accouut of redemptions
.1
On account of mi.-cellaueous......
"...
$2,118,246 92
605,170 15
- 9,855,000 00
302,330 80
10, 228, 009 28
. 140 00
3, 570, 261 74
50, 201 48
128 14
1,551,335 16
98, 292 11
28, 379,115 78
. '
'
' . .
DISBURSEMENTS.
On account of
Ou acconnt of
On account of
On accountof
On acc<nint.of
Onaccountof
On account of
•
Treasury drafts
"
Post-Office drafts
-.
disbursing accounts
inteiest
-"
l
;
transfers
certificates of deposit, act June 8, 1872
:.
fractional currency (silverand rainor coins) redeemed..
•
. Balance June 30, 1885
4, 015; 583 29
367,"344 41
^3,147, 894 94
567, .530 22
7, 761, 509 41
7,885,000 00
1, 528, 475 16
,.:
25, 273, 337 43
13,794,080 03
BOSTON.
Balanco June .30, 1884
39,067,417 46
\
^
.'...-
$25, 259,349;70
RECEIPTS.
On account of
On account of
On account of
Onaccountof
.On accouut of
On account of
On account of
On account of
On account of
On a(3Count of
customs
certificates of deposit, act June 8, 1872
Post-Office Department
transfers
p.ateut fees
disbursing officers
semj-anuual duty
.t
the Secretary of the Treasury . L
rederaptions
miscellaneous
$21, 26O,.705 14 '
6, 025, OCO 00
1,698,758 27
....• 12,800,150 08
'
/ 7, 240 80
38,571,700 32
423, Oil 95
13, 945 08
, 1,710,217 26
4,267,375 38
—
. 86, 778, 704 28
112,038,053.98
DISBURSEMENTS.
On account of
On accountof
On account of
On account of
,0u account of
0.n acconnt of
On accouut of
On account of
On account of
Tre.isury drafts
Post-Office drafts
disbursing officers
interest.. transfers
:
certificates of deposit, act June 8, 1872.
'.. -.
fractional currency (silver and minor coins) redeemed..
silver dollars exchanged
miscellaneous
Balance June 30,1885
^
17,226, 512 38
2,661,465 63
40,793,763 26
5, 974, 343 57
15, 409, 245 00
5, 385, 000 00
732,429 76
974, 255 00
6, 287 97
:...,.
89,163, 302 57
22, 874,J51 41
REPORT ^OF THE.' SECRETARY OF THE TREASURY.
CXI
TTABIiE €i.—BBCEIPTS arid DISBUBSEMENTS, #c.—Continued.
,
\
CHICAGO.
Balance June 30, 1884
'
.
-.
$19, 613, 501 25
RECEIPT^.
.
On account of customs
On acco'unt of internal revenue
• On account of sales of public lands
On account of gold certificates
On acconnt of certificates of deposit, act June 8,1872
Onaccountof Post-OfficeDepartment
On account of transfers:
Treasurer's.--:.-.
Standard dollars
On accouut of patent fees.-. On account of disbursing ofiicers
On account of semi-annual duty
-.
On account of th e Secretary of the Treasury
On account o f repayraents
On account of redemptions, silver exchange
On account of miscellaneous
1
$4,706,564 74
1,056, 682 42
30,593 27
480,000 00
800, 000 00
4.176,21867
-
'.
....---.
-..
-.
••
25,437,781 93
648,900 00
6,997 00
11; 086, .362 58
50,373 48
7, 788 86
749, 695 90
1,298,174 00
47,629 37
y
50,583,762 22
. 7 0 , 1 9 7 , 263 47
-
.
On account of
Onaccountof
On account of
On account of
Ou accountof
On account of
On accouut of
Onaccountof
On account of
Onaccount of
On account of
On account of
• DISBURSEMENTS.
Treasury drafts
Post-Offi'ce drafts..
disbursing officers
:
Secretary'of the Treasury. interest*.-.
gold certificates
silver exchange
transfers
United States notes
rautilated
.certificates of deposit, act J u n e 8,1872
fractional curreucy redeemed
'.
miscellaneous
•.
17,801,94172
. ^
4,659,622 70
. •
11, 669, 556 16
9,499 76
682,119 54
6, 709, 500 00
• „ 1, 276, 234 00
6,804,413 71 ,
.".
3, 785, 000 00
610,000 00
'.
404 78
2,181 57
—
54, 010, 473 94
^
Balance June 30, 1885.
'
16,186,789 53
CINCINNATL
Balance J u n e 30, 1884.:
:
1
$5,543,224 13^
RECEIPTS.
On account of customs
:
On account of gold certificates
°
On account of certificaf.es of deposit, act June 8,1872
On account of Post-Oifice Department.
On account of transfers:
Treasurer's
:
Standard dollars
On account of patent fees
On account of disbursing oflficers
:
On account of serai-annual duty
On account of the Secretary of the Treasury
Ou account of interest
:
^
On acco.unt of repayraents
On account of redemptions
On account of
raiscellaneous
»
'
$1,173, 532 76
318,000 00
1, 665, OOOIOO
1, 556, 068'^01
;....:....
"
'
"
11,893,68191
73,100 00
1,000 70
2, 097, 871 54
93,737 33
5, 976 85
^578,114 80
. .^ 26,130 42
"1,714,076 00
3e, 084 98
'
.
"
21,228,375 30
26,771,599 43
DISBURSEMENTS.
On a:ccount of
On account of
Oli account of
On account of
On account of
On account of
On account of
On accouut of
On account of
Ou account of
Treasury drafts
Post-Office drU'fts
:
disbursing officers
'..
interest
'.
gold certificates
.:
silver certificates •
transfers .'
;
-.
United Statea notes
rautilated
certificates of deposit, act J u n e 8,1872
fractional currency (silver .and miuor coins) redeemed..
Balance June 30,1885
-.
2,446,093 19
1,713,289-36
2,061,885 61
578,114 80
233,000 00
1, 246, 000 00
5, 390, 847 07
2, 650, 000 00
1, 555, 000 00
1, 721, 241 00
:
_.
• .
19,595,47103
7,176,128 40
CXII
REPORT OF THE SECRETARY OF THE TREASURY.
"S"AUljWl.<io—BECEIPTS and DISBURSEMENTS, cf-c.-Continucfl,
NEW ORLEANS.
' -'
Balance June 30,1884
$15,602,713 62
RECEIPTS.
On account of customs
'.
On accouut of interual revenue
On account of sales public lands
:'.
On acpount of Post-Ofiice Departraent
On account of translers:
Treasurer's
. Standard dolla.rs
On account of patent fees
•
On account of disbursing oflicers
.^
On account of assay ofiice: Ordinary expenses
On account of seral-annual duty.--'.
On account of the Secretary of the Treasury
On accountof repayments
On account of
raiscellaneous
$1, 734, 031 Ol
588,314 30
106, 106 74 •
" 846,132 50
'.
•--
^
'
*
21, 615,5.57 93
3,768, ,500 00
360 00
3,467,458 74
.9100
34,832 13
7,735 74
179,607 35
119, 700 07
,
.
.
.•
32, 468, 493 69
48,071,207 31
DISBURSEMENTS.
On account
On account
On account
On account
On account
On account
On account
Onaccount
of Treasury drafts
.of Post-Office drafts
of disbursiug officers...
of interest .
•
of gold certificates
.,
of transfers
."
of United States notes
rautilated
'..;
iof fractional currency (sUver and minor coins) redeemed..-
'4, 289, 631 44
862,457 24
3,470,933 88
255, 951 31 .
2,239,720 00
'18, 622, 981 69
2, 284,950 65
'
430 70 "
32, 027, 056 91
Balance June 30, f885
16,044,150 40
N E W YORK.
Balance June 30, 1884
$129, 679, 713 41
RECEIPTS.
On account of customs
On account of internal revenue....'
On account of gold certificates
,
:
On accounfcof certificates of deposit, act June 8, 1872
On account of Post-Office Department
On account of transfers:
.
Treasurer's general account
'
Standard dollars
On account of patent fees
On account of disbursing officers
On account of assay office: •
'
°
Bullion :
'
•. Ordinary expenses
On account of serai-annual duty On account of the Secretarv of the Treasury
On account of interest
".
On account of Uuited States bonds purchased for siuking fund
On account of
raiscellaneous
.-
$129,591,977 05
90,43174
48,100,000 00 . '
21,730, 000 00
9, 634, 587 44
-.
--.
...
135,172,829
3,127,915
3,247
234,366,507
2,840,620
155,550
371,086
45, 018
38,934,8.57
-4,634, 784
8,152,101
•'
63
00
20
61
81
00
32
42
30
38 >
90
636, 951, 514 80
766, 631, 228 21
DISBURSEMENTS.
On
On
On
On
account of Treasury drafts
199, 319,298 48
account of Post-Oflice drafts
11, 027,389 73
accountof disbursing officers
-. 122,290,890 35
acconnt of assay office:
.
.'
Bnllion
'..
'
24,382,848 66
Ordinary expenses
157, 077 15
On account of interest
.'
38,934,887 30 '
On account of purcliase United Stafces bonds for sinking fund
4. 634, 784 38
On account of gold certificaites, act Juiy 12,1882
-'
' 3,65.5,000 00
On accDunt of gold certificates, act July 12, 1882, Washington series ..
380,000 00
On ai:count of gold certificates, old issue
-. -..
51,620 00
On acconnt ofsilver certificates
12,417,000 00
On account of transfei-s
:
120,580,827 48
Ou acconnt of United St.ates nofces
rautilated
.. 34,983,703 00
On account of iia tional-bank notes
•
:
5, 767, 000- 00
On acconnt of certificates of depo.sit, act June 8,1872
12,065,000 00
On account of fractional currency
."
3,920 00
-.-—;
590, 651, 246 53
Balanco Juno 30,1885
,,.,,,.„,,,,,,,,
175,979,981 68
REPORT OF THE SECRETARY OF THE TREASURY.
cxnr
T A S I . E ^.—BECEIPTS and DISBUBSEMENTS, ^-c—Continued.
PHILADELPHIA.
Balance June 30, 1884.....
$28,874,938 46.
RECEIPTS.
On account of customs
On account of internal revenue
On account of certiticates, act June 8, 1872
On accountof Post-Office Departraent
Onaccountof transfers
'
On accouut of patent fees
On account of disbursing officers
On account of serai-annnal duty
On account of raiscellaneous. ..1.
'
-
.
.
$12, 532,527 31
^
1,375 90 . '
14,780.000 00
1,991,473 77
10,250, 180 43
3, 078 20
17,267,507 91
1.40,372 80
2,483,182 16
r—
:
59, 449, 608 48
;
i8, 324, 636 94
DISBURSEMENTS.
On account of Treaf>nry drafts
Onaccountof Post-Office dia fts
On account of disbursiug otlicers
On account of intere.st
On account oT transfers
On account of certificates of deposit, act June 8, 1872
^ 9,v295, 615 24
2,251,557 80
17,181,044 93
.:...
2,891,362 37
18, 052, 058 66
- 10, 38o, 000 00
:
'.
60,051,039 00
Balance June 30, 1885
28,272,907 94
SAINT LOUIS.
Balance June 30, 1884
^
.'
'
$19,2.53,007 83
RECEIPTS.
On account of customs
On account of internal r e v e n u e . - - . . - . .
On account of sales of public Linds
On account of gold certificates
...-".
^ Onaccountof certificatesof deposit, act June 8, 1872
On accouut of Post-Office Departraent
'.-..
On acconnt of transfers:*
"
Tre:iaurer'S
-Standard dollars
On accountof iDatentfees
.'
On account of disbursing officers
On account of assay-office:
Bullion
:...;
:
Ordinary expenses
•
On account of serai-annua;! duty
On account of the Secret.ary of the Treasury
On account,of repayments
On account of miscellaneous
.".
$1, 299, 452 09
1,294 00 '
67, 230 94
800,000 00
205,000 00
1,668,453 06
'
;
•....
:
14, 922, 684 38
166.300 00
3,456 50
10,730,322 54 .i
75,00000
5. 682 90
23, 391 35
710 40 ^^
382,614."".O
52,479 73
;
30, 404, 072 43
49,657,080 31
'
^
,
DISBURSEMENTS.
Onaccountof Treasury drafts .:\
•
12,289,043 06 v
On account of Post-Office drafts
. 1,659,385 03
On account of disbursing officers
1 .10, 808,407 54
On acconnt,of assay-office:
Bullion
•.....'....
- 86,,54018
Ordinary expenses..
.6,-20146
On account of in terest
-421, 453 85 ,
On account of gold certificates
4,000 00
On account of. silver certificates
-262,000 00
On account of transfers
1, 720, 020 00
On account of United States
rautilated
' 154, 000 00
Oli account of certificates of deposit, act Juue 8, 1872
. 120, 000 00
On aocount of fractional currency (silver and rainor coins) redeemed ..
' 8 , 496 20
.
•
;- 27, 540,147 32
Balance J u n e 30, 1 8 8 5 . . .
.-..;,,.,..,,....,.,...,,,..0.,--,
22,116,932 99
CXIV
REPORT OF T H E SECRETARY OF THE
TREASURY.
• T A B I i E ^ . — B E C E I P T S and DISBUBSEMENTS, tj'c—Continued.
•
.
SAN PKANCISCO.
Balance June 30, 1884
*$82, 872, 311 45
RECEIPTS.
On account of custoras
Ou account of internal revenue
On account of sales of public lands
Ou account of Post-Office Dei^artraent
Onaccount of tra us fers:
Treasurer's
Standard dollar.s
On account of patcut fees
Ou accountof diribiir.sing officers
On account of aenii-annual duty
Onaccountof iepayniuuts
^..,
On account of
raiscellaneous
,
-
'
,$7,106, 471 90
2, 030, 676 83
779, 345 92
1,153, 545 81
:
>
."
, 5,910,000 00
3, 274, 500 00
10, .577 70
13, .5(i3. 300 27,
10, 399 08
538,527 73
730, 752 54
•
......
1."
.-
.
35,744,103 78
118,616,415 23
"
'On account of
On account of
On account of
Onaccountof
Onaccountof
0
Treasury drafts..-.
Post-Office drafts
disbnr.*^ing ofiicers
intei-cst
•
tran.sfers.
Balance Juno 30, 18S5
Total receipts
Total disbursements
Receipts over disbursements
DISBURSEMENTS.
-
,..
.':
^
1
RECAPITULATION.
-.
10, 905,180 38
1,147, 018 3f
12, 668,126 57
507,196 67
8,025,196 29
.
33,312,718 22
85,303,697 01
981, 987,- 840 81
931, 625, 392' 95
50, 362,447 86
' • * $2,240,000, heretofore erroneously inchided iu this balance as a reserve fund, dropped.
T A B I i E f^.—STATEMENT of UNITED STATES BONDS and other OBLIGATIONS B E C E I V E D and ISSUED by Vie OFFICE of the SECBETABY'of the TBEASUBY, from November 1, 1884, io Ociober 31, 188S.
Description.,
Loan of February, 1861, act of February 8, 1861
-,
Oregon tvar debt, act of March 2, 1861 Seven-thirty notes of 1861, act of July 17, 1861
-..
Loan of July aud August, 1861, acts of July 17, and August 5, 1861
Five-twenty bonds of 1862, act of February 25, 1862
:..:...
Bonds issued to Pacific railroads, acts of July 1, 1862, and July 2, 1864 .
Loan of 1863 (1881), act of March 3, 1863
Gold certificates, act of March 3. 1863
Ten-forty bonds of 1864, act of March 3, 1864
Seven-thirty notes of 1864-'65, acts of J u n e 30, 1864, and March 3,1865..
Five-twenty bonds of June, 1864, act of June 30, 1864
Five-twenty bonds of 1865, act of March 3, 1865
Consolsof '1865, actof March 3, 1865 . - . . :
-,
Consolsof 1867, actof March 3, 1865
•
Consols of 1868, act of March 3, 1865
Funded loan of 1881, acts of July 14,1870, and January 20,1871
Funded loan of 1891, acts of July 14, 1870, and January 20,1871
Funded loau of 1907; acts of July 14, 1870, and January 20,1871
Certificates of deposit, act of .June 8, 1872
'....:
3^ per cent, bqnds, acts of July 17, and August 5, 1861
3 | per cent, bonds, act of March 3, 1863
3 | per cent, bonds, acts of July 14, 1870, and January 20, 1871..,
.,...
3 per cent, bonds, act of July i2, 1882
Total.
Keceived
refor excbange and Keceived/or
demption.
transfei'.
Issued.
$1, 000 00
1, 650 00
50 00
44, 550 00
23,950 00
$3,258,000 00
32, 595,400 00
82, 240, 200 00
27, 225, 450 00
145,319,050 00
27, 225,450 00
$1, 000 00
1, 650 00
50 00
44, 550 00
23, 950- 00
6, 516,000 00
33, 500 00
29, 040 00
52, 300 00
2, 150 00
800 00
800 00
51, 850 00
55, 700 OO7, IOO 00
27, 450 00
65,190, 800 00
164, 530,800 00
114, 660,000 00
8.5,450 00
17, 100 00
264, 150 00
72, 916,800 00
203, 049,450 00
424, 512, 990 00
$3, 258, 000 00
33, 500
29, 040
52, 300
2,150
800
800
51, 850
55, 700
7,100
27,450
00
00
00
00
00
00
00
00
00
00
56, 980. 000
85, 4-50
17,100
264,150
18,465, 900
00
00
00
00
00
76,144, 490 00
Total.
82, 595, 400 00
82, 290, 600 00
57, 680, 000 00
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TABLiE
S.—DESCBIPTION of D I S T I N C T I V E P A P E B - S I L K - T H B E A D E D F I B E B — M A N U F A C T U B E D , S H I P P E D , and DELIVEBED^
for the fiseal year ended June 30,1885.
•
t
.
.
•
X
<
•
DESCRU"nON OF PAPER.
Transactions.
l-i
Hi
° National currency.
(D
0?
^HOO
©r-l
^-lOO
Pi
73 .-
U n i t e d States check.
Certificates.
u
•M O
m
02
>-.
•
.
R e g i s t e r e d b y a u t o m a t i c r e g i s t e r to e n d of fiscal y e a r
37, 348, 606 12,295„754 8,113, 626 584, 628
1885 (a)
..
D e s t r o y e d a t mill i m p e r f e c t t o e n d of fisoal y e a r 1885 (6). 4, 598. 606 1, 795, 754
813, 626 84, 628
S h i p p e d from mill p e r f e c t t o end of fiscal y e a r 1885 (c). 32,750, 000 10, 500, 000 7, 300,000 500, OOJD
B a l a n c e on h a n d a t t h e raill J u n e 30,1885 . . .
R e g i s t e r e d b y a u t o r a a t i c r e g i s t e r d u r i n g fiscal y e a r 1885 5,219,163 1, 204, 077 2, 214, 903
T o t a l t o b e a c c o u n t e d for b y t h e U . S. s u p e r i n tendent
5, 219,163 1,204, 077 > 2, 214, 903
D e s t r o y e d a t t h e m i l l (rejected) d u r i n g t h e y e a r
619,163
204, 077
214.903
4,600,000 1, 000,000 2, 000, 000
4, 860, 891 1,219, 473 3, 208, 588 83,'092
B a l a u c e s in S e c r e t a r y ' s office J u n e 30,1884
' T o t a l t o b e a c c o u n t e d for b y t h e S e c r e t a r y ' s office 9,460, 891 2,219,473 5, 208, 588 • 83, 092
2,800
437
L e s s s h e e t s d e s t r o y e d b l a n k o r u s e d for s u n d r i e s { d ) . .
636
9, 458, 091 2, 219, 473 5, 207, 952 82, 655
B a l a n c e s in S e c r e t a r y ' s office J u n e 30,1885
4,150,191 1, 590, 423 3,109,177 75,535
Delivered to Bureau Engraving and Printing during
7,120
the year
5, 307, 900
629,050 2, 098,775
B a l a n c e s i n B u r e a u E n g r a v i n g a n d P r i n t i n g J u n e 30,
539, 205
563, 7 8 1 | 405, 016^ 26, 804
1884
T o t a l t o b e a c c o u n t e d for b y B u r e a u E n g r a v ing and Printing
-. 5, 847,105 1,192, 831t 2, 503,791 § 33, 924
Delivered b y P r i n t i n g Bureau as perfect impressions
during the year
4. 860, 000
703, 546i 1,719,029 32, 000
Remainder
987,105
489, 285i 784, 762^ 1,924
D e l i v e r e d b y P r i n t i n g B u r e a u a s i r a p e r f e c t irapres78, 552
133, 508J 1, 924
232. 766
sions d u r i n g t h e year
B a l a n c e s i n B u r e a u E n g r a v i n g a n d P r i n t i n g b y Secr e t a r y ' s b o o k s J u n e 30 1884
.:
754, 339
410,733i 651, 254
o
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m
|-
S
lO
00 fl
1
%
-*
o
Pi
H
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4,435, 012 1,1.52, 775 1.434,941 456, 918 444, 666 3°97,167 28, 930 18,196 66,711,219
111, 941 114,918 50,136 33,217 2, 930 1,196 8,191, 739
465, 012
119, 775
3, 970, 000 1. 033, 000 1, 323, 000 342, 000 394, 530 363, 950 26, 000 17,000 58, 519,480
Ul
55,101
, 531,738
320, 688
531. 738
31, 738
500, 000
506, 645
1, 006, 645
467, 940
•467,940
1, 006, 645
587,695
467, 940
465, 840
55,101
320, 688 54,748
5,101
4,748
20, 688
50, 000
300, 000 50, 000
147, 843 58.146 ' '92,'495 93, 892 8,440
447, 843 108,146 92, 495 1437892 8,440
2,324
317
1,106
445, 519 108,146 92,178 142, 786 8,440
79,
004
880
90,852 11, 895
17
9, 600,418
1,100,418
8, 500, 000
10, 747, 445
19,247,445
7,620
19, 239, 825
10,161, 509
63, 782 7,560
9, 078, 316
54,748
9, 600, 4i8
418, 950
2,100
354,667
96,251
92,161
47, 740
56, 470
" 5, 245
851
4.779
466; 690
58,570
359, 912
97,102
96, 940
64, 225 7,560
10, 728, 651^
314, 000
152,690
6,000
52, 570
268,100
91, 812
64, 825
32, 277
77,150
19, 790
50, 218 7,200
14, 007
360
8,102, 068^
2, 626, 582f
. 12,567
.573
10, 889
3,937
3,635
7, 094
140,123
51,997
80, 923
28, 340
16,155
6, 913
443
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1,650,335^
360
-
485,805^
2,140, 777^
NOTES.—The references (a), (b), and (c) represent the aggregate araonnts of silk-threaded paper, with distributed silk fiber raade for the Government, under a contract
. that expired in Juue, 1885. The new contract omits the distributed silk-fiber feature. I n reference.(d) the 2,000 sheets of United Sta-tes note paper were used for currency
certificates.
' :
.
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T A B I . E T . — S T A T E M E N T of D I S T I N C T I V E P A P E E S I L K - T H B E A D E D FIBEB—issued from the OFFICE of the SECBETABY of the
. TBEASUBY to the B U B E A U of ENGBAVING and P B I N T I N G , and D E L I V E B I E S and BALANCES of the same, for NATIONAL-BANK
CUBBENCY, S E B I E S 1882, for fiscal year 188b.
.
Denominations.
Combinations.
N u m b e r of
sheets. •
Amount.
5'8.
BALANCES.—Balances in B u r e a u E n g r a v i n g and Printing,,
J u n e 30 1884
5,5,5,5
10,10,10,20
50,100
,
204,187
188,375
12, 454^
405, 016^
5, 5, 5 5
10,10,10, 20
50,100
B L A N K P A P E R . — D e l i v e r e d t o B u r e a u of E n g r a v i n g a n d
P r i n t i n g from t h e Office of t h e S e c r e t a r y of t h e T r e a s u r v for p r i n t i n g c i r c u l a t i n g n o t e s , d u r i n g t h e fiscal y e a r
1885.
Balancfta 1884 hrouffht d o w n
-
T o t a l t n bft aroonntft'd •for
...
........
5,5,5 5
10,10,10, 20
50,100
' P E R F E C T NOTES.—Delivered b y Bureau E n g r a v i n g and
P r i n t i n g t o t h e Office "of t h e C o m p t r o U e r of t h e C u r r e n c y for i s s u e , d u r i n g fiscal y e a r 1885.
T o t a l d e l i v e r e d Tnerfecti
'.
I M P E R F E C T NOTES.—Delivered b y Bureau E n g r a v i n g and
P r i n t i n g t o t h e Office 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
for d e s t r u c t i o n d u r i n g fiscal y e a r 1885. .
T o t a l deUvered (imnerfect)
.
5, 5, 5 5
10,10,10,20
50,100
5, 5, 5 5
10,10,10, 20
50,100
5p'8.
20'8.
lOO's.
$4,083,740
$5, 651, 250
4, 083, 740
1,175,285
851, 785
71,705
23, 505, 700
2,098, 775
405, 016^
$3,767, 500
5, 651. 250
3, 767, 500
O
Pi
,$4, 083, 740
9,418,750
3, 736, 350
$1, 245,450
$2,490, 900
1,245, 450
2,490, 900
17, 238, 840
O
• 25,^53,550
17,035, 700
7,170,500
14, 341, 000
23, 505, 700
42, 589, 250
21 511 500
23,505,700*
4, 083, 740
25, 553, 550
5, 651, 250
17, 035, 700
3, 767, 500
7,170. 500
1, 245, 450
14, 341, 000
2,490, 900
87, 606, 450
17, 238, 840
2, 503, 7 9 H
27, 589; 440
31, 204, 800
20, 803, 200
8,415, 950 •
16, 831,900
104, 845, 290
966, 027
707, 741
45,261
19, 320, 540
•21,232, 230
14,154, 820
4, 526,100
9, 052, 200
19, 320, 540
35, 387. 05013, 578, 300
. 1, 719 029
19, 320, 540
4, 526,100
9,052,200
68, 285, 890
, 528,450
i, 056,900
1 411 440
2, 882, 600
1, 585, 350
w-
528, 450
1, 056, 900
5, 879, 390
H
Pi
70, 572
57,652
5, 284h
133,508^
-
BALANCES.—Balances in Bureau E n g r a v i n g and P r i n t i n g
J u n e 30, 1885.
° lO's.
1
21, 232, 230
14,154, 820
1, 729, 560
1,153,040
.
1,411,440
1, 411, 440
1, 729, 560
342, 873
274,767
0 33,614
6,857,460
651,254
6, 857, 460
8,243,010
' 1, 719, 029
133, 508^1
651,254
19, 320, 540
1,411,440
6, 857, 460
2, ,503, 791J
27, 589,440
1,153, 040
3,361,400
6, 722, 800
. 6, 857, 460
13, 738, 3.50
10, 084, 200
5,495, 340
3, 361,400
6. 722.800
30, 680, 010
21, 232, 230
1,729,560'
8,243,010 _
14,154,820
1,153, 040
5,495,340
4, 526.100
528, 450
3,361,400
9, 0.52. 200
1,056,900
6, 722, 800
68, 28.5, 890
- 5, 879, 390
"30 680 010
31,204,800
20,803,200
8,415, 950
16,831,900
104, 845, 290
8,243,010
5, 495, 340
^
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RECAPITULATION.
Balanrf>«i on h a n d J u n e 30 1885 b r o u g h t d o w n . . .
.......
•
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T A B I I E V , - ^ S T A T E M E N T of D I S T I N C T I V E P A P E B — S I L K - T H B E A D E D FIBEB—issued from the O F E I C E of the SECBETABY of
the T B E A S U B Y to the B U B E A U of E N G B A V I N G and P B I N T I N G , and D E L I V E B I E S and B A L A N C E S of the same, for NATIONALB A N K CUBBENCY, S E B I E S 181b, for fiscal year 188b.
Combinations;
Denomination.
N u m b e r of
sheets. '
Amount.
5's. .
•
lO's.,
50's.
20's.
lOO's.
500's.
O
Balances in Bureau Engraving. and Printing See F i n a n c e R e p o r t
1884. .
• J u n e 30, 1884.
5,
5, 5, 5
BLANK 1*APER..—Delivered to Bureau Engrav10, 10, 10, 10
ing and Printing from the Office of theSec10, 10, 10, 20
retary of tbe Treasury for printing circu10, 10, 20, 20
lating notes during the fiscal year 1885
10, 10, 20, 50
10, 20, 50, 100
10, 50, 50, 100
20, 20, 20, 20
20, 20, 20, 50
20, 20, 50, 100
50, 50, 50, 100
50, 100
100, 100
I
•
'
.
50, 50 .
500
500,1000
Total deUvered (perfect)
563, 781f $5,786,920
324, 000
6,480, 000
25, 000
259,000
2, 000
^.
5,
5,
5,
10, 10, i p ,
•10,- 10, 10,
10, 10, 20,
10, o 10^ 20,
10, 20, 50,
10. 50, 50,^
20, 20, 20,
20, 20, 20,
20, 20, 50,
50, 50, 50,
"50, 100
100, 100
50, 50
500
, 500,1000
5
10
'20
20
. 50
100
100
20
-50
100
100
$7, 592, 970
$4,, 959, 700
•1, 000. 000
7, 770, 000
5,180, 000
40, 000
•40,000
100,000
180 000
160, 000
300, 000
250, 000
160, 000
550, 000-
2, 000
5, 000
$2,507,850
11,050
1,105, 000
1,000
200,000
$3, 816,100
$762, 000
$166, oqo
2, 210, 000
$25,
6,
1,
12,
591,
480,
000,
950,
540
000
000
000
3, 315, 000
O
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•H
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pi
200, OOP
Pi
1,192, 831§ 12, 266, 920
Toi al to be .accounted for
**
Pi
1,000's.
•
PERFECT NOTES.—Delivered by Bureau of Engravin"' .nnd Printin"" to the Office of the
Comptroller of the Currency, for issue during the fiscal year 1885.
* •
O
^
405,680
23,363
255, 593
16, 402, 970 • 10, 639. 700
4,162, 850
6, 026,100
762, 000
8,113, 600
,
555
934, 520
7, 667, 790
5, 111, 860
11,100
11,100
2,265
4,702
.260
100
10, 287i
87i
650
3i
181, 200
282,120
0 10,40Q
703, 646i . 8,113,600
——
8, 613,-410
5, 596 680
~
166,000
50, 426, 540
o
8,113, 600
934, 520
12, 779, 650
27, 750
49, 950
235,100
13,000 ' " " " 2 6 , 0 0 6
15, 000
10, 000
1, 028, 750
2,057,500
35, 000
130, 000
•
1 4.4Q m o
^ _ i - _ .
•2..128, 500
5,000
181 200
517, 220
49,400
25, 000
3, 086, 250
35, 000
130, 000
5, 000
5,000
25, 906; 790
1
•
X
>
Ul
d
w
I M P E R F E C T N O T E S . — D e l i v e r e d b y B u r e a u of
E n g i - a v i n g a n d P r i n t i n g t o t h e Office of t b e
S e c r e t a r y .'of t h e T r e a s u r y for d e s t r u c t i o n
d u r i n g fiiscal y e a r 1885. •
5,
10,
10.
10,
10,
10,
10,
20,
20,
20,
50,
^ 45,121
3. ,414
26, 287
5,
5,
5
10, 10, .10
10, 10, 20
10,. 20, 20
10, 20, 50
20, 50, 100
50, 50, 100
20, 20, 20
20, 20. 50
20,^50,100
50, 50, 100
50, 100
100, 100'
50, 50
500
500,1000
426
78, 552
B A L A N C E S . — B a l a n c e s i n B u r e a u of E n g r a v i n g
a n d P r i o t i n g J u n e 30, 1885.
Total balance
.
Dftliirered S p c r e t a r v ' ^ Office (irauerfectl
.
T o t a l d e l i v e r e d durinsr fiscal v e a r 1885
T o t a l a c c o u n t e d for
,5,
10,
10,
10,
10,
10,
20,
20,
20,
50,
10,
5,
10,
10,
10,
20,
50,
20,.
20,
20,
50,
10,
50,
100,
50,
. 5,
5
10, 10
10, 20
20, 20
50, • 100
50, 100
20, 20
20, 50
50, 100
50, 100
20, 50
100
100
50 500
500,1000
•
162, 545 .
26, 455
191,522
714
136, 560
788, 610
525, 740
8, 520
8,520
570
57
616
986
45
254
1,192i
22|
111
15
5
T o t a l dftlivprpd ^inrnerfect)
>
902} 420
"
V
21,300
'
5, 7C0
49, 280
59,160
1, 800
5, 700
49, 300
2, 250
38,100
119, 250
»
934, 260
644,500
22, 500
5,000
"16,000
27, 500
. 10, 000
' 3, 059, 880
4,500
25, 400
238, 500
9,000
1. 058, 200
5, 745, 660
• .14,280
3, 830, 440
28, 560
258,100
283,100
38,340
11 970
49, 280
108, 460
8,550
63 500
357 750
9 000
22 200
22, 500
15, 000
22, 200
90.2, 420
902, 420
136 560
1,314,350
•
3, 250, 900
3, 250, 900
1,058,200
9 576 100
42 840
i
•
255, 040
205, 200 •
42,120
. 3.188
3. 420
1,053
3,081
l,-858
14, 367A
819
l,l98i
4344
78
37,160
37,160
171, 000
52, 050
462,150
92, 900
1,436,750
651,500
78, 000 ,
156,000
055 Q4()
376, 200
200 070
770 ^50
1G7,.220
4,310,250
3-:i7 600
239, 700
651, 500
234 000
729,-500
156, 000
21,459,870
5,000
27, 500 " " 10,000
25, 900, 790
3, 059, 880
105, 300
308,100
2, 873, 500
327,600
239, 700
410,733-i-
3, 250, 900
6, 855, 300
4, 398, 520
2, 455,150 1 3, 614, 500
703, 546^
78,552
8,113, 600
902,420
. 8,613,410
•
934,260
5, 596, 680
644, 500
1,440,600
258,100
2,128, 500
283,100
782, 0981
410,733^
9, 016, 020
3, 250, 900
9,547,670 1 6.241.180
6, 855, 300
4, 398, 520
1,707,700
2, 455,150
2, 411, 600
3, 614, 500
32, 500
729, 500
156, coo
4; 162, 8.50
6,026,100
'762,000
166, 000
1,192, 831f 12, 266, 920
16,402, 970
10,639,700
10, 000 i 29. Ofifi H7n
21,459,870
50, 426,- 540
o
X
I—I-
X
T A B I . E 'V. -STATEMENT of INTEBNAL-BEVENUE STAMP PAPEB—WATEB MABKED—MANUFACTUBED, S H I P P E D , - D E L I V E B E D , and B.ALANCES, for the fiscal year ended June ZO, 188b.
O
X
X-
T r a n s a c t i o n s i n t h e office 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 .
T r a n s a c t i o n s i n t h e B u r e a u of E n g r a v i n g a n d P r i n t i n g .
pi
Cutting and transfer, c r e d i t account.
A c c o u n t e d for a s foUovrs.
A c c o u n t e d for a s follows.
.S'S'
II
D e s c r i p t i o n of p a p e r .
<u o
a^
Carried
to—
9 2
O
Pi-
) ^ to
o
'^ 2 o \ a « ;
-" 2 (D
Carried
from^—
^§'$ •
« o -^
4J O -
p4
^
CD t ,
lal ^
£^
.(U - M
PM
M
pi.
S h e e t s for—
915,
Beer stamps
57,
Sheet tobacco stamps
S h e e t snuff s t a m p s
S t u b snuff s t a m p s
492,
Stub tobacco stamps
13,
E x p o r t tobacco and cigar stamps
13,
E x p o r t distilled spirits s t a m p s . .
203,
Tax-paid staraps
v
351
Warehouse stamps
207.
R e c t i f i e r s ' s t a m p s . . - -,
Iraported liquor s t a m p s
336,;
Wholesale liquor dealers' stamps
. 25's, c i g a r s t a r a p s
4,;
50's, c i g a r s t a m p s
380, i
lOO's, c i g a r s t a m p s
1,156,;
250's, c i g a r s t a m p s '.
2,'
200's, c i g a r s t a r a p s
,500's, c i g a r s t a r a p s
Brewers' permit staraps .
...
lO's, c i g a r e t t e s t a r a p s .-.
20's, c i g a r e t t e s t a r a p s
50's, c i g a r e t t e s t a m p s
lOO's, c i g a r e t t e s t a m p s
- -..
4, 040,
140,
225,255
34, 650
5,
1, 000,
10,
150,
550,
200,
300,
12, 000
68, 000
100,
330,
6, 000,
808,
45,
30,000
325, 000
55,
' 15,
600,
610,
5,
40,
1,050
17, 000
15, 000
50, 000
27, 000
7,000
5,180, 927
54, 650
142, 831
34, 650
, 13,400
1, 492,415
23, 082
175,'
821,118
38, 000
513,125
507, 852
3, 381, 700
74,450
34, 650
7,390
1, 084, 290
17, 700
131,700
546, 565
327, 950
346, 770
30, 000
184,050
277, 200
4,918,000
, 868,400
25, 100
1,050
12, 550
'19.900
• 503, 400
427, 900
8, 350
25,100
406,167
364, 397
6, 705, 598
399, 000 1, 565, 399
47,414
1,050
58, 424
16, 050
20, 771
17, 000
650,402
664, 627
9,418
47, 442
1,796,739
68, 379
5
1,331
232
71
6,005
406, 794
5, 382
44, 058
274, 316
185, 173
161,011
221,420
97
1,290
85, 907
5,058 1, 782, 500
1,531 ^^695, 468
54
22, 260
183
272
"i,'221
45, 874
871
146, 819
236, 455
1, 068
21,12l|
268, 503
21,229
12,281
1,635
117,814
2,403
8, 075
62, 867
40, 096
49, 312
19, 085
30, 305
12, 330
208. 320
59, 200
3, 1C6
250
1, 261
6, 411
33, 591
34,400
1,288
3.850
3, 381, 700 3, 650, 203
• 74,450|
95, 679
34, 650'
40, 931
7,390
9, 025
1, 084, 290 1,202, 104
17,700
20. 103
131,700
139, 775
546, 565
609, 432
327, 950
368,046
346, 770
396, 082
1!.», 085
•184, 6.50
214,955
277, 200
289, 530
4,918,000 5,126, ;-i20
868, 400
027, 600
25,100
28, 266
1,050
1,300
12, 550
13,811
. 19,900
20.311
503, 40u
536,991
427, 900
462, 300
•
8.350
9,638
25,100
28, 950
3, 069, 000
80, 000
41,000
6,400
991,200
17,OUO
122, 000
496, .500
288, 000
339. 500
70, 900
• 1, 976
1, 358
866
29,859-
393
2, 3i.O
24,'h78
13,736
13, 598
10 085
182,000
7, 253
251,000 12, 400
4, 577, 000 71,600
820,OoO 17, 100
26, 000 '
934.
r, 000
16
12. 000
258
25, 000
541
465,000 16, 500
414, 000 14, 000
9, 000
154
26, 000
487
510, 303
13-, 703
4, 573
1,759
181,045
2. 710
1-5, 475
88, 054
66,310
42, 984
"'25,'702
2C', 130
477. 7-. 0
90, 500
1, :?32
284
1,.553
770
55. 491
34. 30b
4K4
2,463
r-1
1-oz. t o b a c c o s t a m p s
2-oz. t o b a c c o s t a m p s
3-oz. t o b a c c o s t a m p s
4-oz. t o b a c c o s t a m p s
8-6z. t o b a c c o s t a r a p s
16-oz. t o b a c c o s t a m p s . : . . . .
^-oz. snuff s t a m p s
1-oz. snuff s t a m p s
2 oz. snuff s t a m p s
3-oz. snuff s t a m p s :
4 oz. snuff s t a m p s .."
8-oz. snuff s t a m p s
6-oz. snuff s t a m p s
16-oz. snuff s t a m p s
S p e c i a l t a x 1884 s t a m p s
S p e c i a l t a x 1885 s t a m p s
S u r p l u s p a p e r , size 12^x16 .
Aggregates
313, 580 200, 000
882, 419 1, 700, 000
172. 461 200, 000
844,429 2, 730, 000
408, 781 1,000,000
1,265
350,000
36,000
10, 650
18, 726
4,184
4,470
4,788
140, 000
80, 000
26, 415
245, 000
50,000
9,171
60, 000
'16,660
1,000
6, 30.0
25, 000
10,650
6,300
17,867
39, 397
481,000
17,867
189, 501
535, 284
238, 624
843,914
188, 045
91,170
45,482
31,616
4,470
17, 664
52, 693
19, 492
37, 414
40, 900
324, 000
364.900
346. 500 6, 000
152, 200 2, 044, 700 2,196, 900 1, 973, 500 24, 200
13, 900
133, 570
147, 470
139. 000 2,300
160,100 2, 689, 500 2, 849, 600 2,497, 000 48, 400
67,100 1, 220, 000 1,287,100 1,111,000 29, 300
1, 300
258, 900
260, 200
230, 000 4, 200,
3,400
10, 650
14, 050
13, 000
350
6,700
102, 500
109, 200
97,000 3,600
7,150
62,550
69,700
61, 000 1,000
' 30
30
. 30
5, 820
41,800
47, 620
41, 000
485
1,186
6,300
7p486
7,000
97
18, 400
243. 600
262, 000
226, 000 4,700
4,792
39, 600
44, 392
38, 000
598
3, 071^
21,530 " 24,601^
23, 125 1,476^
461, 380
461,380
439, 650 10,419
12,400
199, 200
6, 570
304, 200
146, 800
26, 000
700
8, 600
7,700
882, 772
882, 772 29, 412,353 20, 885, 345
Pi
• 6,135
o
889
Pi
31,300
5,794
11,311
'247,'255
247, 255
^. | 7,143, 353 22,269,000
- 513,580
324, 000
791
2,582,419 2, 044, 700 2,435
372, 461
267:
133, 570
3, 538,429] 2, 689, 500 5, 0151
736
1,408, 781 1, 220, 000
351, 265
258, 900 1,195
10. 650
. 10,650
102, 500
148, 076
94,184
62, ^50
4,470
41, 800
24
, 59,488
6,300
6,300
243.600
122
296,415
39, 600
59,171
79
21, 530
21, 530
461, 380
498, 867
H
23, 9591 8, 503, 049 1,483, 721^ 20, 885, 345 22, 369,066^ 19, 501, 375 457, 347^] 2,410; 344
N O T E . — T h e p a p e r o n w h i c h t h e a b o v e s t a m p s w e r e p r i n t e d w a s m a n u f a c t u r e d b y t h e F a i r c h i l d P a p e r C o m p a n y , w h o s e c o n t r a c t e x p i r e d J u n e 30, 1885.
T A B 1 . E ^ ^ . — S T A T E M E N T of UNITED STATES S E C U B I T I E S UNISSUED, and MUTILATED in process of P B I N T I N G , received bi/ the
OFFICE of the SECBETABY of the TBEASUBY for FINAL COUNT EXAMINATION, °and DESTBUCTION during the fiscal year mded
June 30, 1885.
.
.
T i t l e of s e c u r i t y .
ITnited S t a t e s n o t e s , s e r i e s of 1880, m u t i l a t e d i n p r i n t i n g
U n i t e d S t a t e s s i l v e r certificates, m u t i l a t e d i n p r i n t i n g
ITnited S t a t e s gold c e r t i f i c a t e s , D e p a r t m e n t s e r i e s , m u t i l a t e d i n p r i n t i n g
U n i t e d S t a t e s c e r t i f i c a t e s of d e p o s i t for U n i t e d S t a t e s n o t e s , m u t i l a t e d i n p r i n t i n g
U n i t e d States 4 p e r cent, registered bonds, mutilated in printing
U n i t e d S t a t e s 4^ p e r c e n t , r e g i s t e r e d b o n d s , m u t i l a t e d i n p r i n t i n g
<..
Nationabbank currency, unissued
f
N a t i o n a l - b a n k c u r r e n c y , s e r i e s 1875, m u t i l a t e d i n p r i n t i n g
N a t i o n a l - b a n k c u r r e n c y , s e r i e s 1882, m u t U a t e d in p r i n t i n g
A g g r e g a t e of s e c u r i t i e s d e s t r o y e d
Total.
021,960 00
633, 240 00
230. 520 00
960 000 00
305. 000 CO
265, 000 00
112. 690 00
210,270 00
671, 910 00
34,410, 590 00
O
Pi'
PiO
WH
>
Ul
a:
Pi-
X
X-
CXXII
-REPORT, OF THE SECEETARY OE THE TREASURY.
T A B I . E . IL.—STATEMENT of D I S T I N C T I V E
J^APEB—SILK-THBEADED
F i n EB—issued from ihe office of ihe SECJIEXAHY of Ihr, T.REASDBY to the
. B U B E A U of ENGRAVIN(i and P R I N I ING, and D E L I V E B I E S of th.e same,-for
the printing of (sundry moueii-valae) ON I T E D STATES S E C U B I T I E S , for the fiscal
year ended June 30, 1^85.
*
.
' •
TRANSACTIONS I N T H E BJJREAU OF E N G R A V I N a AND P R I N T I N G .
•
^
Name of security.
UNITED STATES NOTES,, SERIES 1880
Denoraination.
STieets.
I's
2's
5's
lO'a
20's
50's
lOO's
500's
1, OOO's
539,205
• Accounted for. as follows:
Received
frora the Total to be
Secretary accounted Delivered Delivered B a l a n c e s .
during'
for.
as perfect as iraper- on b a u d
fect dur- J u n e 30, •
year.
during
mg year.
year.
1885.
5, 307, 900
5, 847,105
4, 860, 000
$241,656 $11,.528, 000 $11,769,656 .$10,196,000
784, 976 13,054,000 13, 838, 976 11,804,000
5,191,400 11, 480, 000 16,671,400 .11,740,000
3, .427, 960 6, 080, 000 9, 507, 960 . 6,520,000
2, 832, 000 3, 680, 000 6,512,000 4, 560, 000
2,100, 000 2,100, 000 2, 000, 000
2, too, 000 2,100, 000 2, 000, 000
6, 500, 000 6, 500, 000 6.000 nnn
12, 600, 000 12,600,000 12,000,000
-
232,766
754,339
$475, 944 $1,097,712
534, 648 1,'44 0,3-28
650, COO 4, 280, 800
408, 440 2, 519, 520
124,040 1, 827, 360
100,000
100,000
500, 000
600, 000
12, 477, 992| 69,122, 000 81, 599, 992! 66 880 nnn 3, 554, 272 11,165, 720
Total
SILVER
Balances
on b a n d
J u n e 30,
1884.
CERTIPICATES, .SERIES 1880.
'
Sheets.
47, 740
418, 950
466, 690
314;000
' lO's $1, 368, 200 $10, 500, 000 .$11,868,200 $7, 620, 000
20's 1, 082,800 10, 500, 000 11,582,800 7, 960, 000
2.100,000 . 2,100,000 2,. 000, 000
50's
4, 200, 000 4, 200, 000 4, 000, 000
lOO's
4, 200, 000 4, 200, 000 4, 000, 000
.500's
8,400, 000 8, 400, 000 8, 000, 600
1,000's
"
•
12, .567
2, 451, 000 39, 900, 000 42,351,000 33, 580, 000 1. 471, 840
Total
140,1J3
$337,520 $.3,910,680
234,320 3,388,480
100 000
200 000
200! 000
400, 000
7, 299,160
•
GOLD C E R T I F I C A T E S , DEPARTMENT S E R I E S .
-
Sheets.
• Total
UNITED STATES REGISTERED
F U N D E D L O A N , 4 ^ PER
CENTS AND 4 P E R CENTS.
• 2,100
58, 570
6,000
573
51, 997
•
6, 427, 960 63, 000, 000 69,-427, 960 CO, 320, 000 3, 104, 520
Total....
C U R R E N C Y CF RTIFICATES,
SERIES"1875.
56,470
$3,266,160
$ i.5. .^20 $2, 930, 640
$320, 000
20's $3,266,160
22, 600 3, 072, 800
3, 095, 400
50's 3,-095, 400
66, 400
66,
400
66,
400
lOO's
$21, 000, 000 21, 000, 000 20, 000. 000 1, 000, 000
5. OOO's
.
42.
000,
000
2,
000,
000
42, 000, 000
40, 000, 000
10, OOO's
Sheets.
.2, 800
26, 804
$942, 000
lOO's
1, OOO's 14, 250, 000
10, OOO's 21.000,000
50, OOO's 51, 700, 000
Total
2,668
132
$84, 000, 000 $84, 000. 000 <fisn n4n nnn$3, 960, 000
10, OOO's
Sheets.
2,-800
6, 003, 440
7,120
33, 924
32,000
1, 924
..,..
$67, 000
$25, 000
$967, 000
^$900, 000
6,750,000' 21,000,000 20 000.000 1, 000, 000
21. 000, 000 20, 000. 000 1. 000, 000
6 000,000: .57.700.000 50, 000, 000 7, 700, 000
87, 892, 000 12, .775, 000 100,667,000 90, 900, 000 9, 767, 000
RECAPITULATION.
United States notes, series
1880'
Dollars.
Silver certificates, s e r i e s
1880
. •
• ' . . do "
Gold ^certificates,, depart. do
ment series
Currencv certificates, series 1875 ".
^.do .
United States registered
..do
bonds 4A's iand 4's . . . .
National currency, series
1875
..do . . .
National currency, series
1882
--do...
$12, 477, 992 $69,122, 000 $81, 599, 992 $66, 880, 000 $3, 554, 272 ifil 1 165 720
2, 451, 000 39, 900, 000 42, 351, 000 33, 580, 000 1, 471, 840
7, 299,160
6, 427, 960 63, 000, 000 69, 427, 960 60, 320, 000 3.104; 520
6, 003,440
84, 000, 000 84, 000, 000 80,040,000 3, 960, 000
87, 892, 000 12, 775, 000 100, 667, 000 90, 900, 000 9, 767, 000
25,591,540 24, 835, 000 50,426, 540 25, 906, 790 3,059,880 21,459,870
17, 238, 840 87, 606, 450 104, 845, 290 68, 285, 890 5, 879, 390 30, 680, 010
Grand aggregates*... DoUars. 152, 079, 332 381, "238, 450 533,317, 782 425, 912, 680 80,79'6,902 7,6, 608, 200
^ A B L E
^ . — S T A T E M E N T of BEDEEMED UNITED STA.TES SECUBITIES B E C E I V E D hy the OFFICE of the SECBETABY of the
TBEASURY, for F I N A L COUNT, EXAMINATION, and DESTBUCTION during the fiscal year ended June 30, 1885.
Denominations.
T i t l e of s e c u r i t y .
I's.
$5; 507 50
^ 'United States ndtes, n e w issue ..
36,852 00
^ U n i t e d S t a t e s .notes, s e r i e s 1869..
25,702 .50
U n i t e d S t a t e s no^es, s e r i e s 1874..
130,728 00
U n i t e d S t a t e s n o t e s , s c r i e s 1875..
245,816 50
I U n i t e d S t a t e s n o t e s , s e r i e s 1878..
S U n i t e d S t a t e s n o t e s , s e r i e s 1880.. 11,450,669 50
*% Unitc^d S t a t e s d e m a n d n o t e s
O n e - y e a r n o t e s of 1863
.:
T w o - y e a r n o t e s of 1863
• T w o - y e a r c o u p o n n o t e s of 1 8 6 3 ' . .
C o r a p o u n d - i n t e r e s t n o t e s of 1863.
C o m p o u n d - i n t e r e s t n o t e s of 1864.
S i l v e r certificates, s e r i e s 1878
S i l v e r c e r t i f i c a t e s , s e r i e s 1880
Gold certificates, N e w Y o r k ,
s e r i e s 1882 . . ^^
G o l d certificates, W a s h i n g t o n ,
s e r i e s 1882 ..,
.»
R e f u n d i n g certrificates
U . S. b o n d s a n d c o u p o n s
N a t i o n a l - c u r r e n c y n o t e s of failed
7,563
and liquidating banks
. National currency redeemed and
48,635
retired
1
11,951,474 00
Totals -
2's.
5's.
$114,742 50
$8, 542
50,641
888,087 50
32; 423
246, 756 2,490,630 CO
260, 875 3,016,127 50
1,859,580 12,345,522 50
160 00
lO's.
20's.
50'£
$237, 395
3, 448. 300
$259, 770
3, 399, 690
2,'391,'380
3, 662, 520
4, 888, 035
190
310
2,.616, 700
5, 092, 010
1,319,950
140
940
.$32, 050
491,175
1, 821. 275
260, 850
1, 541, 450
402, 200
90
1,180
264, 960
9, 518, 625
2,200
360,100
7, 653,460
lOO's
100
1,850
398, 750
440, 850
1,000's.
$18, 000
$22,000
16, 500 1, 261,.000
829, 500^
970, 500
869, 000
997, 000
3,,500
38, 000
1, 787,
2, 911.
303,
300
200
1, 267, 560
133,140
$44,
1, 297,
Totals.
500's
2,151,360 00
2, 820, 940
0,000
10,000'E
$20,000
300
600
100
346,
514,
1, 279,
500
102, 000
365, 500
395, 000
630, 000
1, 026, 500 1,297, 000 3,910,000 10,170, 000
• $742, 307
10,889,645
2, 708, 900
10, 895,144
18, 646, 399
40, 610, 757
490
1, 850
800
100
190
6, 630
1, 867, 510
19,122,535
00
50
50
00
00
00
00
00
00
00
00
00
00
00,
20, 279,110 00
38, 750
144, 000
100
1,500
6,000
542, 990 00
61, 300 00
7, 600 00
61, 300
6,506
5,000'3.
129, 000'
10, 000
1, 611, 860
484,750
494,
7,500
2,000
7, 587, 079 00
41,154 27,578,623 00 30, 828, 873 19, 922, 757
5, 907, 700
8, 718,
342, 000
66, 000
93,453,792 00
48,58.5,253 00 58,124, 098 43, 640, 277 13,150,800 17, 787, 250 4, 696, 500 4, 843, 000 3, 940, 000 10, 200, 000
Redeemed internal-revenue stamps.
Redeemed U n i t e d States fractional currency.
United
United
United
United
United
United
United
States
States
States
States
States
States
States
fractional
fractional
fractional
fractional
fiactional
fractional
Iractional
currency,
currency,
currency,
currency,
currency,
currency,
currency,
first i s s u e
second i s s u e
third issue
fourth issue
'.
f o u r t h i s s u e , second s e r i e s .
f o u r t h issue, t h i r d s e r i e s . .
fifth i s s u e
Totals
A g g r e g a t e of r e d e e m e d U n i t e d S t a t e s s e c u r i t i e s r e c e i v e d for d e s t r u c t i o n .
$13 58
$33 84
46 12
15 12
10c.
$61
72
187
. 727
15
45
65
40
95 08
2,793-85
Ul
o
H
>
Pi
o
^^
w
fel
150. .
25c.
$182
210
620
244
1, 242
1, 366
2, 672
355 12
422 29
1, 203 49
- 2, 581 74
1,242 75.
1, 366 25
• 8, 713 79
.Ul
$285 41
$77 63
92 97'
367.49
1, 324 93
6,159 01
'6, 538 50 ;
.229,365,018 031
•X
tn
1, 745 80
13 58
H
W
H
•pi
t=j
Denominations.
5c.'
O
H
1,924,003 6 0 |
3c.
O
Pi
H
50c.
50
75
25
00
75
25
00
a
SI
o
X
-APPENDIX TO THE REPORT ON THE FINANCES.
2673 F——1
EE P O R T
OF
THE SUPERVISING SPECIAL AGENT.
TREASURY DEPARTMENT^
O F F I C E OF THE SECRETARY,
Washington^ B. C, November 17, 1885.
SIR : I have the honor to submit the folloAviiig .report of the results
accomplished by tlie special agents of the Treasury Department for
the fiscal year endeci June 30, 1885:
Money paid into the Treasury—
On account of seizures
Fines and penalties
Suits
•
Duties
Miscellaneous
$10, 231
14, 476
33,096
772,202
312
Total
62
15
10
35
00
$830 318 22
Number of suits brought
Amount involved
:
Number of seizures
Appraised value of seizures
Duties on seizures.:
;
Reduction in expenses recommended
Number of reports received
29
$176,898 18
144
$87,158 99
$23,484 81
$77, 973 18
4,144
"
Of these reports, 129 relate to smuggling, 339 to undervaluations, 69
to misconduct of customs officers, 158 to seizures, 97 to inspection of
customs districts, 23 to arrests made, 26 to suits, and 3,303 to miscellaneous subjects.
The exiienses of the special agents were as follows:
Salaries
Expenses.....
;
.^.....
Total
$73,308 00
14,158 42
".
:..
$87,466 42
There have been emxiloyed during the fiseal year a number of special
inspectors and persons xiaid from the axiproxiriation for the xirevention
and detection, of frauds upon the customs revenue, Avhose salaries and
exxienses amounted, in the aggregate, to the sums folloAving:
Special inspectors
Fraud-roll employes
:...
-
$52,672 02
. 69,867 14
With reference to the amount of duties reported as ^ixid into the
Treasurj^, it must be stated that, although it includes sums x:>aid in on .
account of advances made by ax3x:>raising officers, 3^et it is the result
flowing from information famished these officers from time to time by
sxiecial agents in regard to the class.es of goods upon Avhich the advances
were made.
These goods include silks, woollen and worsted goods, gloves, silk
and cotton velvets, wool, earthen and glass ware, embroideries, linens,
3
4
,
REPORT ON THE FINANCES.
proprietary articles, straw-braids, fancy articles, isinglass, varnish,
cutlery, pixies and xiix^x^ iii^terials, chamois leather, and other, articles.
The annual examinations of the several customs collection districts
show tha^t the business in the main has been conducted in. accordance
with the laws and regulations, and that all moneys receiA^ed liave been
properly accounted for.
^ TJnder sxiecial instructions issued fi.'om the Dexiai'tment, agents in
malving these examinations have I'ecommended larger reductions in the
number and compensatioii of emxiloy6s than were made during the
previous fiscal year, the diffei'ence in favor of the present 3^ear being
$63,794.19.
Important results have followed the Avork of special agents who Avere
specially insti'ucted to iuA^estigate irregularities in the customs serAdce
at the port of ISTew York. Special reports Avere made by these officers
on underA^aluations, fraudulent damage allowances, imxiroxier draAvbacks,
and other iri'egular xiractices at that x:>ort, and theip repoits and recommendations caused a modification of the regulations gOA^erning the xiayment of draAvbacks on exxiorted bags, and the correction of irregularities
of admiiiistra.ti.on relating to drawbacks generally, the abolition of tlie
practice of recalling iiwoices for the purxiose of changing the values as
originally rexiorted by the appi'aisei', a change in the method of arriAdng
at the dutiable value of cotton embroideries, and stoxiped the xiractice of
making alloA^'ance for damage AAdthont xiroxier examination of the merchandise, thus xireA^enting the.xiayment of imxiroxier and excessiA^e damage claims, and made a r^,dical. change in the method of conducting reappraisements.
Sxiecial attention has been giA^en to iiiA^oices of silks consigned by foreign manufacturers to tlieii' agents at 'New Yoi'li, and iuA^oices of this
class of goods liaA^e been, as a rule, adA-anced to the A-alues rexiorted by
the silk ex]iei'ts emxiloyed at Lyons, France, and Zurich and Horgen,
Switzerland.
The consular rexiorts noA\^ show a steady decrease in the percentage of
undervaluations of this class of goods. This is due, it is belicA^ed, to
the combined efforts of the consuls under whom the exxierts are em.ployed and tlie apxiiaising officers charged Avith the duty of x')assing the
iuAT^oices.
The consul at Zurich rexiorts that for the yeai' ending September 30,
1883, the declared value of silks shipped from his consulate amounted
in round figures to $2,700,000, and that the A-alue of silks shixixied during
the 3^ear ending Sexitember 30, 1885, amounted to $1,800,000, a decrease
of $900,000. While there are other causes AA-hich have operated to effect
this decrease, he is ofthe oxiinion that the falling off" is to be attributed
largely to the success attending the suxixiression of underA^alnati ons.
As has been rexieatedl^^ stated, foreign .manufacturei;s have resorted to
underA^aluation to maintain their Ameiican ti'ade at the exxiense of the
customs rcA^^enue.
It is belicA^ed that undervaluations of other classes of consigned goods,
subject to ad valorem duties, haA^e been to a considerable extent aixested.
The investigations and reports ofthe sx3ecial agents on this subject, and
the Avide xmblicity given thereto, have no doubt secured excellent results in the interCvSt of the customs rcA^enue. They liaA^e stimulated the
apx)raisiiig officers to a more careful examination of the goods under
their charged; they have gradually comxielled the iniporters to enter
their goods at prices moi;e nearly in accordance with the actual dutiable
SUPERVISING SPECIAL AGENT.
5
value contemplated by the law, and have made evasions ofthe revenue
more difficult for those who are averse to pa^dng honest duties, or who
do not hesitate to resort to any dieAdce to gain an advantage OA^^er competitors in trade. Such efforts on the xiart of the customs officials, which
it is their bounden duty to make, have, however, but xiartial and temporary effect, arid do not cure the CAdl. It is radical, and is inseparable
from the system of ad A^alorem duties. While there is no doubt that
the customs laws might be enforced more equally and vigorously if the
barriers to the successful xirosecution of fraud erected by the act of 1874
were removed, 3^et there seems to be no certain cure for undervaluations
except the adoption of sxiecific duties.
From the foregoing, dt A\dll be seen that the special agents have been
usefully and profitably emxiloyed during the.year.
/
Attention is respectfully invited to the accompanying table, A\^hich
shows the business transacted in the several customs collection districts,
including receipts and expenses.
I also iuAdte attention to the table shoAving the number of packages,
with the invoice value and estimated duties thereon, forAvarded Avithout
appraisement, from and to the xiorts specified in the act of June 10, 1880,
and acts amendatory thereof.
Very respectfully^
^
' L. G. MAETIN,
Supervising Special Agent
Hon.
D A N I E L MANNING,
Secretary of the Treasury^ Washington^ D. C.
c:>
APPENDIX.
A..—STATEMENT sliowing BUSINESS TBANSACTED \ , each of the SEVERAL CUSTOMS COLLECTION DISTBICTS for the year ended
June 30, 1885.
A''essels e n tered.
Vessels cleared.
Districts.
Coastwi.se.
Foreign.
Coastwise.
'16
"is
41
309
162
21
40
341
142
63
28
66
34
660
22
27
506
1
60
73
2, 462
14
1,581
732
57
28
13
1,748
Foreign.
Ala«?lrn f^mfln ^ Al'uslrn
Albemarle, (Edenton,) N. C
A l e x a n d r i a , A''a
13
90
43
898
70
206
860
300
2,892
288
871
224
2,910
9
11,401
C h a m p l a i n , ( P l a t t s b u r g , ) N . Y..
C h a r l e s t o n , S. G
.':
1,272
6
949
231
514
5
81
391
1,305
12
1,017
217
432
1
813
210
i,654
35
5,935
198
C h i c a g o , 111
Corpus Christi, T e x
C u y a h o g a , (Cleveland,) Ohio...
Delaware, (Wilmington,) Del..
124
4
354
4
10. .313
54
3,281
25
243
4
431
11
10,303
52
3,266
8
2,618
25 L
1
2,731
642
21
2,556
260
1
2,811
642
21
11,796
1,050
838
22
89
12, 922
. 167
Buffalo Orpplc N
Y
CajDe A ' i n c e n t N V
. .
Detroit Mich
Duluth. Minn
Dunkirk N ' V
E a s t e r n (Crisfield ") M d
Erie. P a
47
16
307
"'22*
2
302
A g g r e g a t e receipts.
Expenses.
Doniestic.
>
728
46
14
61
17
55.
Duties and
tonnage-tax.
Foreign.
92
84
2,332
24
Bath Me
Beaufort N C
Beanfort S C
Belfast Me
Bo.ston, Ma.ss
Brazos, (Brownsville,) T e x
Bvidof>t,nri 1^ T
10
89
18
88
• A-alue of e x p o r t s .
% o
25
605
7,187
1,277
204
495
3
11
103
41,217
1,508
Baltimore Md
o
o
ii
Si
32
24
74
132
104
63
1,719
256
475
297
96
25
311
1,963
3
422
49
74
. -2.54
23
78
281
273
205
594
580
28
230
210
211
29
940
33
44
^1,237 89
225 35
2,3:37
15,010
2,023,747
50,808
222
60,281
46
8,944
1,403
19,610,597
19,960
48
10
00
76
67
83
72
73
72
28
06
4,856 09
874,792 98
37,130
186
237,882
37,589
64
51
70
01
4,134,037
30,844
244, 574
18,138
35. 562
2SS;439
3,239
8
37
22
39
&i
67
57
49
01
191 19
4,003 10
$3;003 31
904 97
1,313 34
875 76
3,958 17
17, .583 23
2,081, 766 51
54,978 50
2,764 89
63,511 00
1,433 55
9,900 95
3,185 96
19,730,908 12
22,438 70
1,916 62
209 49
7,600 44
899,817 41
452 17
40,284 98
1,021 40
245,256 67
47,948 94
1,554 86
4,163,785 17
35,623 70
251,355 07
21,187 95
35, 611 27
318,564 99
4,726 91
607 64
5,789 66
678 28
5,902 26
$24,468
158,940
266,240
S l l , 270
45,041,634
176,828
1,320
620, 902
138,804
795,315
- 11,415
61,376,964
673,523
1,570,519
•407,342
1.0, 271
291,328
i , i l 9 , 963
is;882,666
2, 512
268,864
5,536
14,459
2, OSO, 721
94G,000
443,1.63
276,590
1,500,642
6,161,434
1,623,778
3,413
S14,370 65
3,018 70
2,594 54
2,204 OS
2,989 92
9,018 12
300.911 30
20;397 19
7,416 35
8,291 68
3,447 00
6,074 59
4,443 14
099,342 59
42,428 .50
290 00
1,569 60
8,600 03
52,060 91
203 64
13,998 47
4,987 '84
24,1.92 13
24,1.67,91
3,030 40
154,723 67
25,119 65
21,729 53
8,603 GS
3, S83 62
67,026 89
5,710 19
.3,247 20
4,116 81
3,502 40
4,926 32
Iti
lis
'o
.o ,
o
Q
DoUs.
10 4 78
3 3.33
5 1 97
4 2.51
3
.75
8
.51
211
.14
11
.37
19 2.68
8
.13
4 2.40
7
.61
. 8 1.39
606
.035
31 1.89
1
.15
3 7.49
9 1.13
40
.057
2
.45
14
.34
6 4.88
26
.098
19
50
4 1.94
103
.037
19
.70
19
•.'OSO.
11.
.40
3
.10
66
.21
4 1.20
3 5.34
2
.71
• 5 5.16
4
.83
Fairfield, (Bridgeport,) Coim...
11
Fall River, Mass
18
Fernandina. Fla
Frenchman's Bay,(Ellsworth,
14
Me
157
Galveston, «Tex
603
Genesee, (Rochester,) N. Y...;..
8
Georgetown, D. C
3
Georgetown, S. C
138
Gloucester, Mass
Great Egg Hai-bor, N. .1
11
- Humboldt, (Eureka,) Cal
953
Huron, (Port Huron,) Mich
Indianapolis, Ind...
Kennebunk, Me....
Key VVest, Fla
Little Egg Harbor, N. J
Machias, Me
7
Marblehead, Mass
19
109
Miami, (Toledo,) Ohio
91
Mi ch igan, (Grand Haven ,)Mich
Middletown, Conn
;
9
Milwaukee, AVis
Minnesota, (St.A'"incent,)Minn .1
Mobile, Ala
151
Montana, (Fort Ben ton,) Mont
Nantucket, Mass
Natchez, Miss
Newark, N. .1
68
New Bedford, Mass
51
Newburyport, Mass
21
New Haven, Conn,
79
New London, Conn
IS
Newport, R. I
13
New York, (New York,) N. Y . 5,875
New York, (Albany,) N. Y
New York, (Patchogue,)N.Y..
New York, (Port Jefierson.)
N.Y..
Niagara, (Suspension Bridge,)
N.Y
403
Norfolk and Portsmouth, A^a...
119
New Orleans, (New Orleans,)
La
New Orleans, (Atlanta, Ga.)
New Orleans, (Burlington,
Iowa)
.,.
New Orleans, (Cairo, 111.)
New Orleans, (Chattanooga,
Tenn.)
New Orleans,(Cincinnati,Ohio)
New Orleans, (Dubuque, Iowa)
651
660
162
5
11
50
10
310
74
163
59
33
26
147
629
15
36
32
307
101
4
68
585
1,190
159
15
116
"r,'i73
2
4,090
15
3,970
1
245
1,391
9,043
282
242
628
148
189
163
23
146
92
4
1,359
9,119
o
8,528
220
'1
3,380
11
20
91
63
391
716
1,3.33
77
1
7
35
176
8,489
9
116
247
871
41
396
1,914
2
71
52
24
26
3
9
5,395
16
9
237
536
124
468
3,075
69
166
25
505
123
18
291,399
402
673
1,334
396
127
674
1,502
8,168
57
271
773
37
208
112
6
1,423 32
10,952 80
1,987 33
1. 847 98
1.60! 123 49
298! 575 S3
126 90
699 96
807 10
160.06
785 11
740 18
824 62
143 21
28
439,691 92
644 88
140
345 43
67
144 78
167 88
410
736 24
1, 041 96
• 71
13,704 15
15, 147 80
63
287 ,00
335
8, 671 58
70,161 39
120
71, 968 41
185,077 57
432
193, 553 30
67,536 06
43
74, 6.58 83
10,952 33
151
16, 173 52
300 25
65 87
14
223 26
4
2,942 19
664 00
145
48,720 79
50, 399 30
143
2,232 21
2, 812 54
43
298, 645 84
302, 228 61
313
IS,015 06
221
21, 661 35
1,248 82
554 72
184
4,204 125,249,110 11 126,183^ 873 57
108,106 37
113, 990 08
352
617 76
162
313
204
21
107
31
631
1.51
192 79
152,321 16
296,565 87
20,209 33
21 15
2,921 05
226 92
377 29
.66,921 56
66,718 37
20
503
311,739 67
22,930 10
333,688 37
29,182 81
549
1,511,483 75
244 38
1,562,464 45
244 98
151
26
"25,'896
5,980
• 12,677,884
. 594,336
31,537
624
776* 929'
201,500
7,662,452
20,951
267,315
SOO
54,147
865,936
ISS, 547
22, 650
156,101
1,823,075
3,015,082
500
63,890
33,037
837
96,799• .8,782
.554
334.670,539
9,'796," 534
774,927 85
1,266 11
5,362 57
50,189 23
26,465 39
5,773 00
1,843 82
13,895 66
2,312 04
3,881 63
49,317 15
5,990 00
701. 85
30,833 68
1,875 41
4,429 72
" 2,562 54
3,427 41
9,074 98
6,550 66
12,512 66
27,994 00
21,223 44
1,871 07
666 21
506 SO
3,447 87
5,783 .99
• 2,647 93
17,784 92
6,113 56
4,287 59
900,178 70
12,670 03
321 60
.66
.34
1.90
6 2.90
39
22
4
4
14
4
2
50
3
2
34
4
4
3
0
15
4
« 12
21
22"
1
2
1
3
6
4
16
5
7
1,512
8
1
.31
.088
.26
2.63
1.77
1.99
2.17
.57
.089
4.90
.068
5.42
2.06
2.45
.22
l!04
.091
.064
.37
1.31
6.23
10.11
2.26
.60
.11
.94
.058
.28
1.67
.022
.11
.52
1
.50
51,038 47
15,846 92
42
16
.15
.54
78,390,987
233,879 50
1,013 65
196
2
.14
4.13
260 25
1,146
2
5
6
2,367 63
4,358 64
5,169 03
S3,252
14,797,181
519 26
113
2,272
9
1,600
3,558 46
12,726 23
2,708 02
1,001 47
1,2.39 12
546 46
1,512 76
466 74
783,358 40
2,129 09
594 10
36,894 93
443 55
-
1 . .54
2 1.22
1 1.27
22
1
.047
.20
k.—STATEMENT showing BUSINESS TBANSACTED in eachof the SEVEBAL CUSTOMS COLLECTION DISTBICTS, ^c—Continued.
A''essels e n tered.
Vessels cleared.
Districts.
Foreign.
N e w Orleans,
(Evansville,
Ind.)
N e w O r l e a n s , ( G a l e n a , 111.)
N e w Orleans, ( K a n s a s City,
Mo.)
N e w O r l e a n s , (LaCrosse,AA''is.y
N e w O r l e a n s , Louisville, Ky.),
N e w Orleans, (Memphis,Tenn.)
N e w Orleans. (Nashville,Tenn.)
N e w Orleans, (Omaha, Nebr.).
N e w Orleans, (Paducah, Ky.)..
NewOrleans, (Pittsburgh,Pa.)
N e w O r l e a n s , (St. L o u i s , Mo.)..
N e w O r l e a n s , (St. J o s e p h , Mo.).
N e w O r l e a n s . ( W l i e e l i n g , AV.
A^a.)
:
Oregon, (Astoria,) Oreg
Oswegatchie,
(Ogdensburg.)
N . Y,
' 681
1,846
Oswego, N. Y
Pamlico, (New Berne,) N. C...
P a s o del Norte, Texas.!
Passamaquoddy, Me
P e a r l R i v e r , ^(Shieidsboro',)
Miss
Pensacola, Fla
. 330
Perth Amboy, N . J
33
Petersburg, Va
1
Philadelphia, P a
1,230
Plymouth, Mass.
4.
Portland and Falmouth,Me...
255
Portsmouth, N . H
37
Providence, R.I...!
67
P u g e t S o u n d , AVash
965
R i c h m o n d , A'^a
30
Saco, M e
:
1
Sag Harbor, N. Y
Salem, Mass.
109
Saluria, (Indianola,) Tex
S a n D i e g o , Cal
"31
Coastwise.
Foreign.
Coastwise.
tfl fJ
.2S
611
37
11
34
2
444
2,674
31
56
188
562
390
670
1,763
4
578
472
12
718
121
44
117
298
319
761
1
449
1
628
99
1,235
110
346
50
5
1,020
4
412
39
45
989
96
3
65
134
53
156
1, 275
107
299
6
117
77
Aggregate i
ceipts.
Expenses.
Foreign.
84
30
208
3 O .
A^'alue of e x p o r t s .
Duties and
tonnage-tax.
13
51
87
94'
35
23
34
199
4
19
4,083
2,127
9
1,512
1,089
9
85
34
1
20,589
62
3,745
• 83
722
299
27
1
132
558
154
^ 1 , 377 60
921 19
45,175 05
1,106 08
109,545 58
07
92
11,548 12
05 i
4,084 06
23 :
9,545 59
25
876 35
87
255,899 76
18
1,062,360 07
37
15,323 49
3,845 70
1,415 98
12,005 28
2,809 59
582 78
1,461 35
438 18
18,329 95
40,299 68
2,923 54
2
1
8
3
1
2
1
10
30
2
1,534 32
11,028 45
3
9
.27
.20
27,273 83
29,854 93
5,424 47
31,236 00
20,665 69
24
25
10
18
18
.11
.043
1.91
.67
.52
8,012 83
17,404 68
19,667 42
3,447 09
428,336 90
2,442 88
82,190 20
8,227 43
28,480 24
29,463 31
8,294 85
704 58
1,322 48
6,979 51"
- 19,176 96
6,787 86
7
19
9
5
283
4
54
8
19
20
10
2
3
8
14
4
1.71
.76
.34
9.55
.034
.10
.12
4.56
.14
.61
1.27
4.59
1.77
.38
.50
1.16
44,728 28 \
105,845
7,210
3,210
135
258
248. 972
1,049!126
15! 211
763 75
52,380 38
38
89
143
726
158
194
442
•
9
1,010
20
543
97
160
136
98
24
232
- 68
35
24
Dolls.
.21
.92
S6,534 35
995 96
S4,241_S6 :
5,667 24
54,492 61
236,488 85
674,224 52
1,732 10
42,701 14
. 33,816 66
243,341 75
686,296 85
2,831 80
46, 439 27
.39,550 07
1,854 63
18,258 10
52,651 87
2 25
12,415,044 36
23,686 37
634,052 41
1,013 58
197,589 30
27,820 07
4,670 36
2 64
4,682 10
22,835 79
57,800 65
360 68
12,491,5.13 35
23,796 87
651,786 73
1,800 54
201,977 87
47,980 23
6,503 76
153 20
744 54
17, 950 33
37,730 64
5,809 99
16,809 56
36,865 15
5.446 04
$1,997,313
$12,441
2,800
2,731,689
1, .333, 955
6,064
'468,275
81,654
5,129,665
1,230,851
443,513
1, 967,275
91,064
' 107,749
38,788,952
3,855,085
33
569
1,877,155
2,845,172
1,267
31,298
765
343,936
' 65,654
.085
1.28
.10 .24
.14
.15
.50
.071
.037
.19
QO
S a n d u s k v Ohio
San Francisco, Cal
,
St. J o h n ^ s , ( J a c k s o n v i l l e , ) F l a . .
St. M a r k ' s , ( C e d a r K e y s , ) F l a . . .
St M a r v ' s G a
S o u t h e r n O r e g o n , (Coos B a y . )
Oreg"
Superior,- ( M a r q u e t t e , ) M i c h
'^reche ( B r a s h e a r ) L a
366
818
292
2
20
5
2
1,380
217
381
22>
327
20 •
1
3
4
721
1
^ 333
200
481
17
A^ermont, ( B u r l i n g t o n , ) A't
AViscasset M e
AVilmington, N . C
AVillamette, ( P o r t l a n d , ) Oreg...
Y a q u i n a Ore**"
York Me
Yorktown,(Newport News,)Va
Total
686
363
1
.35
156
06
14
5
146
116
175
42
1
50
251
30,917 I 65,748
325
880
275
4
36
2
2
1,206
388
362
1
296
18
2
1
3
332
664
1
5
582
23,926
186
99
950
131
6
108
62
27
1
26
i.35
7
31
511
136
15
89
124
7
1'4.
259
30,707 ! 64,946
515,643
"30,248
679
391
4
13
230
113
19,7915
19
387
13 : .
60
1.67
54
63
.,81
124
634
• 39
, 13
169 ^
A m o u n t of e x p e n s e s r e p (3rted b y c o l l e c t o rs, a s a b o v e
M i s c e l l a n e o u s e x p e n s e s i o t i n c l u d e d in t l e a b o v (
T o t a l e x p e n s e s of e ollecting r e v e n u
10
09
68
47
18
09
9,394
6,743,800
.53,041
890
3,253
502
79
45
87
24
17
21
65
05
10,678 23
438 82
1.515 11
S; 700 29
988 72
1,700 18
1,31.7 70
760,061 05
4,804 25
728 59
47,207 99
28,053 56
189,481 42
S3,814 46
28 18
15,678 84
181,249,157 30
183,116,808 60
25
127
110
289
124
6
446
22
.490
7,069
6,641,794
46,382
74
514
38
28 25
667 05
5,182 74
86 51
727,568
898
28
45, 799
24,338
181,357
83,769
18
42
62
58
58
01
16
2, 111,673
1,040
5,384
422,808
21,478
2,189
5,063
4,627
1,830
27,810
37,OSO,583
20,856,022
2,810
44,161
918
9,100
.
24,369,728
.57
9
.062
234
.40
19
6 2.45
5 L55
. 5 9 20
3 23.16
3
4
14
2
6
3
64
7
• 4
11
13
22
1
3,065,685
3,205 80
1,684 39
10,764 41
1.221 00
6,036 OS
695 55
73,012 67
7,618 16
3,.578 06
11,651 20
13,507 48
33,727 15
1,265 30
260 46
1.3,826 89
. 724,611,2.34
6,688,874 45
4,527
5,013
.39,610
12,300
2,572
'""21'
5,619
88
81
52
65
88
17
97
1,484,891
1,829
1,152
96,428
4,425, 291
4,142,152
Q
./
Pi
o
6,918,221 19
J u n e 30, LSS5
AGGBEGATE R E C E I P T S and E X P E N S E S OF COLLECTION for ihe fiscalyears 1877, 1878, 1879, 1880, 1881, 188.2, 1883, 1884. and 1885.
Receipts.
1877
1878
1879
1880 ]8S1
:
.
.
•.
.
..
.
-
^132,634, 029
132,024,409
138,976,613
188,508,690
200,079,150
Expenses.
53
16
79
34
98
$6,501,037
5,826, 974
5,485,779
5,995,878
6,419,345
57
32
03
06
20
Cost
p e r ce i t .
4.90
4.41
3.94
3.18
3.20
Receipts^
1882
1883
1S84
1885
$222,559,104 83
216,962,210 35
196,935,3(50 SO
183,116,808 6^
Expenses.
$6,549,595
6,667,825
6,775,968
6,918,221
Ul
Ul
16,688,874 45
229,346 74
. .
7.30
1.11
1.23
1.23
3.55
.52
.096
1.58
4.91
.24
.48
.17
015
9.24
88
07
46
41
19
Q
Cost
per cent.
2.94
3 07
3.44
3 77
NOTE.—The accounts of receipts and expenditures published by the Register w i U v a r y in some cases from the figures above given, for the reason that his statement is made"up from warrants issued during the fiscal year, regardless of balances in the hands of oflicers at the beginning and end of the year. If the accounts of
each collector were closed and balances settled at the end of the fiscal year, the two statements would agree.
^.Q
10
REPORT ON T H E
FINANCES.
^ . - M E B C H A N D I S E TRANSPOBTED IVITHOUT A P P R A I S E M E N T during the
fiscal year ended Jane 30, I8d5, under _Aci June 10, 18S0.
P o r t of d e s t i n a t i o n .
Packages.
Atlanta, Ga
Boston, Mass
Baltimore, Md
Buffalo, N . Y
Bath, Me
C i n c i n n a t i , Olwo...
•Cleveland, O h i o ...'.
•Chicago, 111
D e n v e r , Colo
Detroit, Mich
;..
G e o r g e t o w n , D. C .
Galveston, Tex
Hartford, Conn
Indianapolis, Ind..
K a n s a s City, Mo...
Louisville, K y
Mobile, Ala
,
Memphis, Tenn
M i l w a u k e e , AVis....
Middletown, Conn
N e w H a v e n , Conn.
N e w Orleans, La...
N e w York, N.Y....
Pittsburgh, Pa
Portland, Me
Portland, Oreg
Philadelphia, Pa...
P r o v i d e n c e , R. I . . .
P o r t H u r o n , Mich .
R i c h m o n d , A^a
R o c h e s t e r , N . Y ....
Savannah, Ga
S a n F r a n c i s c o , Cal
St. L o u i s , M o
St. P a u l , M i n n
S t . .Joseph, M o
Toledo, Ohio
AVilmington, D e l . . .
40,810
7,549
23,838
64
29,107
9, 613
484,838
680
9, 316
521
1,926
2,977
15, 343
2,170
5,539
123
384
21,160
1
253
3,635
57, 639
67,933
1, 4S0
90
90,875
5,361
39,744
9
3, 313
1,378
47,700
138,370
7,604
760
231
192
, Total
Invoice value.
,$400
1,722,518
340,984
462,612
6,245
1,816,049
442,059
9,042,985
47,897
319,688
88,781
44,844
197, 933
142.045
y 82,110
189,308
5,833
13,871
3.38,297
163
21,234
141,61.8
993,439
277,306
7,131
1.0, 671
2,970,531
381,253
364,335
2,853
325,402
IS,412
2,791,268
2,022,027
184,349
22, 966
19,604
1,872
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
00
00
00
00
00
00
25,860,893 00
Estimated duty.
$320
•802,1.57
265,638
241,342
3,269
S7S,081
236,355
3,854,732
32,722
143, 817
22,849
20,200
66,621
62,756
38,569
113,^468
2,416
6,584
156,052
73
12.178
84,362
170,151
153,407
2,327
7,675
1,528,350
174,761
3,945
1,232
175,044
13,540
1,581, 272
808,851
65,990
11,417
7,986
' 585
00
75
12
24
56
53
81
37
94
41
48
41
39
81
15
16
55.
93
26
35
10
97
05
74
81
15
38
29
20
10
33
49
27
18
47
30
24
05
.11,751,109 34
_
The merchandise above referred to Avas forwarded from the following-named ports of
first arrival:
P o r t of i m p o r t a t i o n .
Packages.
Boston, Mass
B a l t i m o r e , Md.......
C h i c a g o , .1.11
Detroit. Mich
N e w Y o r k , N . Y....
New.Orleans, La...
Philadelphia, Pa...
Port Huron, Mich.
Portland, Me
S a n F r a n c i s c o , Cal
13,649
11,581
3,337
3. 632
387;568
89, 918
156.3;B7
19.566
205i 683
231, 257
Total
1,122,528
Invoice value.
$331,046
416,448
23,945
37,804
16,842,60S
1,523,485
2,771,011
134,609
753,408
3,026,529
00
00
00
00
00
00
00
00
00
00
25,860,893 00
Estiinated duty.
$1.38,704
184,870
5,571
10,165
8, 906,938
722,096
1,211,636
58,172
264-, 572
248,380
44
58
78
87
29
66
05
71
00
96
• 11,751,109 34
The following comparative statement shows the quantity, valne, and estimated duties
thereon of unappraised merchandise transported from ports of first arrival to ports of
destination during the year specified :
Year.
1879
1880
1881
1SS2
1883
1SS4
1SS5
Packages.
249,811
329,886
353,901
53D,183
1,120,619
1,423, 262
1,122,528
.
Invoice value.
$8,745,663 00
13,125,758 00
14,519,474 00
21,440,540 00
26,283, 922 00
27,896, 567 00
25,860,893 00
Estimated duty
'$4,284, SSO 54
6,169,710 85
6,604,447 26
10,186,940 14
12,225,630 46
12,323,879 82
11,751,109 34
!REPORT OF C0M.MISSI0iNER OF INTERINAL REVENUE.
11
REPORT
OF
THE COMMISSIONER OF INTERNAL REVENUE.
TREASURY DEPARTMENT,
O F F I C E OF INTERNAL
REVENUE,
Washington^ D. 0., Novemher 1, 1885.
S I R : IU compliance with your letter of August 4, 1885, I have the
honor to submit the annual report of the Commissioner of Internal
EeA'-enuefor the fiscal year ended June30, 1885, with certain additional
information concerning the work of the Bureau during the months of,
July, August, and September ofthe current fi.scaryear.
. In the appendix to the bound volume of this report will be found
carefully prepared tables, as follows :
Table A, showing the receipts from each specifi.c source of revenue,
and, the amounts refunded in each collection district. State, and Territory of the United States, for the fiscal year ended June 30, 1885.
Table B, showing the number and A-alue of internal-reyenue stamps
ordered from the office of the Oommissioner; thereceipts from the sale
of stamps, and the number and value of stamps for special taxes, tobacco, cigars, cigarettes, snuff, distilled spirits, aind fermented liquors,
issued monthly to collectors during the fiscal,year ended June 30,1885.
Table 0, showing the percentages of receipts from the several general
sources of revenue in each State and Territory of the United States to
the aggregate receipts from the same sources, by fi.scal years, from July
1, 1864, to June 30, 1885.
Table D, showing the aggregate receipts from alLsources in each collection district, State, andTerritoryof theUnited States, by fiscal vears,
from September 1,1862, to June 30, 1885.
Table E, showing the receipts in theUnited States from each specific
source of revenue now taxable, by fiscal years, from September 1, 1862,
to June 30,1885.
Table F, showing the ratio of receipts in the United States from specific sources of revenue to the aggregate receipts from all sources, by
fiscal years, from July 1, 1863, to June 30, 1885.
Table G, showing the returns of distilled spirits, fermented liquors,
manufactured tobacco, snuft*, cigars, and cigarettes, under the several
acts of legislation, and by fiscal years, from September 1,186^2, to Juue
30, 1885.
'.
'
'
Table H, showing thereceipts from special ta*xesin thescA^eral States
and Territories for the special-tax year ended April 30, 1885.
Table I. Abstract of reports of district attorneys concerning suits and
prosecutions under the internal-revenue laws during the fiscal year ended
June 30, 1885.
13
14
REPORT ON T H E
FINANCES.
Table K. Abstract of seizures of property for violation of internalrevenue, laws during the fiscal year ended June 30, 1885.
COLLECTIONS FOR P R E S E N T FISCAL YEAR.
It is estimated that the sum of $115,000,000 will be collected during
the current fiscal year from the various sources of internal revenue.
It was estimated that the receipts for the fiscal year ended June 30,
1885, would reach the same figures, but it is found they fall $2,578,878.93
short of that sum.
This deficit resulted from the extension of time granted under the
opinion of the Attorney-General, as announced December 24, 1884, by
Avhich owners of distilled spirits in bond, upon which the tax was due
or would have shortly accrued, were allowed seven months in which to
export the same.
It appears that there are now about 7,000,000 gallons distilled spirits
abroad, which, to find a market, will have to be reimported. This,
with more than 10,000,000 gallons that had, on June 30 last, been in
bond for three years, or longer under the seven months' extension, affords ample margin for assuming that the receipts for the,current fiscal
year will aggregate at least $115,000,000.
COMPARATIVE R E C E I P T S FOR THE LAST FOUR FISCAL YEARS.
The totalreceiptsfrom all sources of internal-revenue taxation for the
fiscalyear ended June 30, 1885, Avere $112,421,121.07, as compared with
$121,590,039.83 for theyear 1884, $144,553,344.86 for theyear 1883,and
$146,523,273.72 for the year 1882.
The folloAving statements Avill exhibit in detail the amount of internal
revenue collected during the past year, and also for the first three
months of the current fiscalyear, the sources from which the revenue
is deriA^ed, the States and districts in which the collections were made
during the past year, the cost of collections, &c.:
COMMISSIONER OF INTERNAL
15
REVENUE.
INTERNAL REVENUE R E C E I P T S DURINGI- LAST TA^^O FISCAL YEARS.
COMPABATIVE STATEMENT sho^wing the RECEIPTS fromthe SEVEBAL OBJECTS
of INTEBNAL TAXATION in the UNITED STATES dnring the fiscal years .nded
June 30, 1884 and 1885.
K e c e i p t s d u r i n g fiscal y e a r s
e n d e d J u n e 30—
Increase.
O b j e c t s of taxa*ion.
1884.
Decrease.
1885.
SPIRITS.
S p i r i t s distilled frora a p p l e s , g r a p e s , or
peaches
S p i r i t s distilled from g r a i n a n d otlier materials
l l e c t i f i e r s (special t a x )
R e t a i l liquor d e a l e r s (special t a x )
Whole.sale l i q u o r d e a l e r s (special t a x ) . . . .
M a n u f a c t u r e r s of stills (special t a x )
Stills or w o r m s m a n u f a c t u r e d (special
tax)
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 . ..
Total
'.
-...
$1, 023, 350 85
$1, 321, 897 58
70, 631. 860
183, 872
4, 597,139
448, 840
o
1, 241
60, 920, 324
167, 930
4,641,783
415, 503
1,194
48
92
33
51
67
39
23
99
49
20
2, 920 00
2, 665 45
16,159 50
39, 909 30
$298, 546 73
$9, 711, 536 0<>
15, 942 69
"'"44,'644'66"
33,337 02
47 47
254 55
23, 749 80
9, 394,176 63'
76, 905, 385 26 . 67, 511, 208 63
TOBACCO.
Cigars and cheroots
Cigarettes
Snuff
•.
Tobacco, chewing and smoking
.......
D e a l e r s in leaf t o b a c c o (special t a x )
D e a l e r s i n m a n u f a c t u r e d t o b a c c o (special
tax)
M a n u f a c t u r e r s of t o b a c c o (special tax) ..
M a n u f a c t u r e r s of c i g a r s (special t a x )
P e d d l e r s of t o b a c c o (special t a x )
Total
10, 368, 805
454, 409
448,211
13, 4F8, 047
. 48, 595
27
01
58
41
82
1,136, 786
5,117
97,962
14,465
20
49
19
01
10, 077, 287
529, 535
508, 943
13, 953, 410
53, 352
50
88
52
31
87
1,159, 897 78
5, 320 25
105,139 81
U
• 291, 517 77
75,126
.-.60,731
465, 362
4, 757
87
94
90
05
23, 111 58
202 76
7,177 62
264 45
9 0 0 5fi
26, 062, 399 98 i 26, 407, 088 48
344, 688 50
17, 573, 722 88
187, 988 82
323, 242 41
17,747, 006 11
183,561 67
300, 214 25
173, 283 23
18,084,954 11
18,230,782 03
145, 827 92
441 84
25, 000 00
24, 558 16
441 84
25, 000 00
24, 558 16
247, 714 52
289,144 12
- 24, 360 74
222, 681 19
FERMENTED LIQUORS.
A l e , b e e r , lager-beer, a n d p o r t e r
B r e w e r s (special t a x )
D e a l e r s i n m a l t l i q u o r s (special t a x )
Total
4,'427*l5
23, 028 16
BANKS AND B A N K E R S , NOT NATIONAL.
B a n k circulation other t h a n national,
and banks, bankers, and other parties
l i a b l e on a r a o u n t of n o t e s of a n y person, S t a t e b a n k , or S t a t e b a n k i n g association, or of a n y t o w n , c i t y , or raunicipal cojporation, paid out by t h e m . .
Total
MISCELLANEOUS.
Collections not otherwise provided for.. .
Penalties
1
Total
..
Aggregate receipts
223, 353 78
66, 462 93
536, 858 64
247, 041 93
289, 816 71
121, 590, 039 83
112,421,121 0*7
9,168, 918 76
16
REPORT
WITHDRAAVALS
ON THE
FINANCES.
FOR CONSUMPTION DURING- LAST TWO FISCAL
YEAR.S.
. The quantities of distilled spirits, fermented liquors, raanufactured
tobacco, snuff, cigars, and cigarettes, on which tax was paid duringthe
same periods, are as follows:
F i s c a l y e a r s e n d e d J u n e 30—
Increase.
Products taxed.
Decrease.
1884.
N u m b e r of gallons of s p i r i t s distilled
from a p p l e s , p e a c h e s , or g r a p e s
N u m b e r of gallons of s p i r i t s distilled
from g r a i n , m o l a s s e s , a n d o t h e r materials
N u r a b e r of c i g a r s
..
N u m b e r of c i g a r e t t e s
1
N u m b e r of p o u n d s of snuff
Nil III b e r of p o u n d s of t o b a c c o
N u m b e r of b a r r e l s of f e r n i e n t e d l i q u o r s . .
1,137, 056
1, 468, 775
331, 719
78. 479, 845
3, 455, 619, 017
908, 090, 723
5, 602, 645
168.593,419
18, 998, 619
67, 689, 250
3, 358, 972, 633
1, 058. 749, 238
6,361,794
174, 415, 619
19,185, 953
150, 6.58, 515
759,149
5, 822, 200
187.334
10,790,595
96, 646, 384
NOTE.—Many detailed tabular stale ments are omitted for want of space, but tliey
niay be found iu the bound volumes of* tbe Commissioner's report.
RECEIPTS
BY STATES
AND T E R R I T O R I E S
YEAR.
DURING
T H E LAST
FISCAL
STATEMENT SHOWING the AGGBEGATE COLLECTIONS of INTEBNAL REVENUE, by STATES and TEBBITOBIES, diiring the fiscal year ended June 30, 1885.
A g g r e g a t e collections.
States and Territories.
Alabaraa
Arkansas
California . . .
Colorado (a)
Connecticut
D e l a w a r e (h)
Florida
Georgia
Illinois
Indiana
Iowa
Ivansas
Kentucky
Louisiana
Maine
Marylaud
Massachusetts
Miunesota
Mississippi
Mis.eionri ..._•_
M o n t a n a (c)
N e b r a s k a (d)
(a)
(b)
(c)
(d)
(e)
(/)
(pr)
;
..
. _. . _
$73, 315
87, 292
2,613.160
195,194
412, 626
244, 184
218, 837
•
316, 441
23, 075, 864
4,031,866
2, 222. 059
170, 202
14, 842, 475
538,814
53,950
2, 774, 384
2, 287, 453
1,528,155
492, 704
47. 951
6, 276,165
90, 565
1, 971, 296
34
48
13
89
19
44
09
40
61'
00
15
02
44
89
16
20
96
16
97
13
85
20
12
A g g r e g a t e collections.
Statesand Territcries.
N e v a d a (<3)
NewHampshire
New Jersey
N e w Mexico (/)
New York
N o r t h Carolina
Ohio
.
...
Pennsylvania
Rhode Island
South Caroiina
Texas
Veimont
Virginia
.
: . .
,
..
. . . .
Wisconsin
Total b y States and Territories .
C a s h r e c e i p t s from sale of adh esive s t a m p s
A ggregate receipts
$55,938
383, 478
3, 661, 358
66. 969
13,823,644
1,686,828
12, 565, 516
119,723
7,371,209
127, 587
94, 518
1,057,189
181, 829
29, 889
3, 052,.639
543,188
3, 033, 017
112,419,490 58
1, 630 49
112,421,121 07
I n c l u d i n g t h e T e r r i t o r y of W y o m i n g .
I n c l u d i n g t h e S t a t e of D e l a w a r e , t w o c o u n t i e s of V i r g i n i a , a n d n i n e c o u n t i e s of M a r y l a n d .
I n c l u d i n g t h e T e r r i t o r y of I d a h o .
I n c l u d i n g t h e T e r r i t o r y of D a k o t a .
I n c l n d i n g t h e T e r r i t o r y of U t a h .
I n c l u d i n g t h e T e r r i t o r y of A r i x o n a .
I n c l u d i n g t h e T e r r i t o r y of W a s h i n g t o n .
66
83
75
85
60
95
62
07
62
62
23
43
61
83
72
59
78
COMMISSIONER OF INTERNAL
17
REVENUE.
R E C E I P T S FOR FIRST T H R E E MONTHS OF PRESENT FISCAL YEAR.
The following table shows the receipts from the several objects of taxation for the first quarter of the fiscal years ending June 30,1885 and 1886;
a comparison of ttie receipts for the two periods is also given:
A m o u n t of t a x p a i d d u r i n g first
t h r e e m o n t h s of fiscal y e a r —
O b j e c t s of t a x a t i o n .
Increase.
1885.
Decrease.
1886.
sPiRrrs.
S p i r i t s d i s t i l l e d from ai)ples, p e a c h e s , or
$158, 866 32
$173, 643 21
15,971,944 60
15,354,629 61
6, 017 35
275, 491 61
15, 404 20
8, 229 19
294,142 33
16, 700 03
$14, 776 89
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
W i n e m a d e i n i m i t a t i o n of c h a m p a g n e ,
(fee
;.
llectifiers (special t a x )
:
D e a l e r s , r e t a i l l i q u o r (special t a x )
D e a l e r s , w h o l e s a l e l i q u o r (special t a x )
M a n u f a c t u r e r s of stills, a n d stills a n d
w o r m s m a n u f a c t u r e d (special tax>,.....
S t a m p s for d i s t i l l e d s p i r i t s i n t e n d e d for
export
.
.
Total
1, 064 17
1, 453 33
6, 364 50
6,217 10
16,435,152 75
15, 855, 014 80
S617 314 99
2, 2 i i 84
18, 650 72
1,295,83 . . . i . . .
389 16
147 40
580,137 95
TOBACCO.
Cigars and cheroots
Cigarettes
M a n u f a c t u r e r s of c i g a r s (special t a x )
S n u i f of all d e s c r i p t i o n s
Tobacco,
raanufactured,
of all description s
- •
D e a l e r s i n leaf tobacco, n o t ' o v e r 25,000
p o u n d s (special t a x )
D e a l e r s i n leaf t o b a c c o (special t a x )
R e t a i l d e a l e r s in leaf t o b a c c o (special t a x )
D e a l e r s in m a n u f a c t u r e d t o b a c c o (special
tax)
M a n u f a c t u r e r s of t o b a c c o ( s p e c i a l t a x ) . .
P e d d l e r s of t o b a c c o (special t a x )
1.
Total
. . . .
2, 785, 639
130, 111
4, 530
128, 595
06
65
03
70
2, 770, 636
155, 708
4, 585
116, 718
40
80
50
67
25,597 15
55 47
3, 524, 656 34
3, 966, 742 91
442, 086 57
427 92
1,473 18
582 22
2, 624 60
154 30
1,151 42
91,407 71
252 00
1,398 00
• 94,436 77
292 50
1,631 95
6, 668, 491 59
7,113, 960 32
445,468 73
5,464, 697 09
4,289 61
30, 932 78
5, 614, 759 33
4, 762 52
34, 639 97
150. 062 24
472 91
3, 707 19
15, 002 66
11,877 03
3, 029 06
40 50
233 9 5 '
F E R M E N T E D LIQUORS.
F e r m e n t e d liq uors, t a x of $1 p e r b a r r e l o n .
B r e w e r s fsnecial t a x )
.•
. .
D e a l e r s in m a l t l i q u o r s ( s p e c i a l t a x )
5, 499, 919 48
Total
5, 654,161 82
154, 242 24
BANKS, B A N K E R S , E T C .
B a n k circulation .
N o t e s of p e r s o n s , S t a t e b a n k s , t o w n s ,
cities &c. p a i d o u t
•
X
.
Total
MISCELLANEOUS.
Penalties
Collections not
v i d e d for
otherwise herein • pro1 -.
Total
Aggregate receipts
2673 F-
39, 039 74
28, 781 17
4, 279 40
18,831 03
10,258 57
14, 551 63
43, 319 14
47, 612 20
4, 293 06
28, 646, 882 96
28,670 749 14
23, 866 18
18
REPORT ON T H E
FINANCES.
COST OF COLLECTION.
The cost of collection for the past flscal year, distributed among the
different items of appropriation, was approximately as follows:
For salaries and expenses of collectors, including pay of deputy collectors, clerks, &c
$1,780,289 32
For salaries and expenses of revenue agents, surveyors of distilleries,
gaugers, storekeepers, and miscellaneous expenses
1,963, .527 41
For stamps, paper, and dies
1
392,634 60
For expenses of detecting and punisliing violations of internal-revenue
laws
34,.387 29
For salaries of officers, clerks, and employes in the office of Commissioner of Internal Revenue
284,591 ^ 65
Total
4,455,430 27
As compared with the total cost of collection for the year 1884 of
$5,076,914.31. The total expenses of the service (including the expenses of this office) will be found in final adjustment to be about 3.9 per
cent, ofthe amount collected.
GENERAL CONDITION OF THE SERVICE.
I am pleased to report that the general condition of the service appears to be good, and that the collectors and their subordinates show
commendable zeal in the performance of their duties.
MISCELLANEOUS E X P E N S E S .
The act of Congress approved August 7, 1882, making provision for
sundry civil expeuses for the year ending June 30,1883, required the
Commissioner of Internal Revenue to make a detailed statement of all
miscellaneous expenditures in the Bureau of Internal Eevenue for which
appropriation was made in that act. In accordance with the aforesaid
requirement, I submit the following detailed statement of miscellaneous
expenses incurred:
«,
Express charges on public money
Telegraphing on public business
•.
Locks for distilleries
".
Hydrometers for use in gauging spirits
Gauging rods
-:
.•
Internal Revenue Record for internal-revenue officers
Stationery.for internal-revenue officers
Compeusation of United States attorneys in internal-revenue cases, allowed
under sections 827 and 838, Revised Statutes
Federal reporter
Traveling expenses of clerks, &c., under special orders of t h e D e p a r t m e n t : .
Expenses of seizures and sales by collectors
Rent of offices leased by the Secretary of the Treasury for internal-revenue
officers, second district of New York
Total..:
|3,596 03
590 55
1,361 16
5.711 96
13 00
2,401 57
13, 436 23
1,275
10
• 189
.582
00
00
96
40
5,000 00
34.167 86
The miscellaneous expenses of the Bureau for the fiscal year ended
June 30,1884, aggregated $47,282.89.
COMMISSIONER
OF INTERNAL
REVENUE.
19
REVENUE AGENTS' DIVISION.
The following statement shows the salaries and expenses of revenue
agents, expenditures from the appropriation for the discov^ery of violations of internal-revenue laws, illicit stills seized, persons arrested for
illicit distilling, casualties to officers and employes in the internal revenue service, and statement of ordnance and ordnance stores issued to
collectors; also, a brief stateraent of work performed by revenue agents.
Twenty revenue agents have been employed dnring the last fiscal
year—^one as chief of division in this office, thirteen in charge'of territorial divisions, three in the examination of the offices and accounts of
collectors, and three in assisting agents in charge of divisions, and on
special duty.
. E X P E N S E S O F REAnflNUE A G E N T S .
There has been expended from the appropriation for salaries and expenses of revenue agents during the 3^ear as follows:
Aggregate salary of agents.'.
, Aggregate amoun t for traveling expenses
Stationery furnished agents
Transportation over Pacific Railroads
$50, 744
26, 064
160
627
Total
00
37
07
75
77,596 19
WORK OF REVENUE
AGENTS.
Six hundred and twenty-four violations of internal-revenue law have
been reported by revenue agents during tlfe year, 234 persons have been
arrested on their information, property to the value of $171,052.82 has
been reported by them for seizure, and $52,869.78 for assessments for
unpaid taxes and penalties. Two hundred and seven examinations of
the accounts of collectors have been made, and the condition of the offices reported npon by agents, and transfer of sixty-six collectors' offices under new bond, consolidation of districts, and new appointments
have been made under their supervision.
>
ILLICIT STILLS SEIZED.
The following statement shows the number of illicit stills seized, persons arrested, and casualties to officers and employ6s during the last
fiscal year:
'
Casualties.
Number of
persons
arrested. Ofiicers or Officers or.
Destroyed. Removed.
employes employ6s
killed.
wounded.
Stills seized.
Districts.
Alabama
Arkansas... i . . . . .
Pourth California
Georgia
Third Iowa
Pourth Iowa
Second Kentucky
Fifth Kentucky .
Sixth Kentucky..
Eighth Kentucky
5
3
1
612
2
1
0
0
1
0
20
REPORT ON T H E
FINANCES.
Casualties.
Stills seized.
Districts.
I Destroyed. Removed.
Number of
persons
arrested.
Officers or Officers or
emplov6s employes
wounded.
killed.
Louisiana
Third Massachusetts
Tenth Massachusetts . . . . . .
First New York
—
Third New York
Fourth North C arolina.
Fifth North Carolina
Sixth North Caroliua — . . .
Twenty-third Pennsylvania
South Carolina
Second Tennessee
Fifth Tennessee
Fourth Texas
Fourth Virginia
Sixth Virginia
West Virginia
Third Wisconsin
"..
Total - . . . . ,
175
STILLS SEIZED and CASUALTIES J o OFFICEBS and EMPLOYES for the last
seven years.
StiUs seized
Officers and employes killed
.
Officers and employes wounded
...
1878.
1879.
1880.
1,024
8
17
1,319
7
19
1881.
969
3
•
1882.
756
1
9
7
464
4
1883.
397
1
0
1884.
245
1
0
ORDNANCE STORES.
There are in the hands of collectors for the enforcement of the laws
and the protection of i3ublic property the following-described orduance
stores, for which they are responsible:
Name.
District.
S. CThompson ..^
H. C. Minor
„.
Thomas C. Crenshaw, j r
E. W. Booker
Clement Dowd
John T. Hillsmau
George M. Helms
T. S. Bronston
..
W. H. Yarborough
D. F. Bradley
Nathan Gregg
John T. McGraw
Total
Florida
.
Louisiana
Georgia
Alabama
Sixth North Carolina
Fifth Tennessee
Fourth Virginia
Eighth K e n t u c k y . . . . . . .
Fourth North Carolina .
South Carolina
Second Tennessee
West Virgiuia
rifles.
8
3
11
Waistfield cai"- Cartridge
and
boxes. belts
plates.
bines.
4
6
63
10
8
2
22
7
8
12
10
6
6
6
27
158
56
Arm
chests.
6
6
27
1
3
8
9
2
1
6
1
11
1
65
8
COMMISSIONER O F INTERNAL
21
REVENUE.
EXPENDITURES FOR T H E DISCOVERY AND PUNISHMENT OF VIOLATIONS OF LAW.
In accordance with the provisions of the act making the appropriation, the following detailed statement of expenditures for detecting and
bringing to trial and punishment persons guilty of violating internalrevenue laws, is submitted:
AMOUNTS E X P E N D E D through COLLECTORS of INTERNAL BEVENUE, dnring
the fiscal year 188b.
-District.
Names.
Araount.
Alabama
S o u t h Carolina
Fourth Iowa
Arkansas
Fifth K e n t u c k y
Georgia
W e s t V i r g i n i a . . .r.
E i g h t e e n t h Ohio
,
F i r s t Illinois
Fifth Tennessee
Twenty-third Pennsylvania.
Georgia.
:
Eighth Kentucky
W e s t Virginia..'
Second T e n n e s s e e
Fourth Virginia
.
Tenth Massachusetts
F o u r t h N o r t h Carolina
Barker, P . D
Brayton, E . M
Burdette. J. W
Cooper, H . M
Cox. A t t i l l a
C r e n s h a w , jr., T . C .
Duval, I. H
Farley, J. H .
Harvey, J. D
Hughes, A. M
J a c k s o n , S. M
Johnson, W. H
Landram, W. J
Mc(Jormick, S. P . .
Melton, J a m e s M . . .
Raulston, J . B
Tinker, E . R
Yoving, 1. J
$2 65
62 00
18 40
353 70
28 00
298 70
21 50
11 25.
35 00
144 00
63 15
447 00
188 00
64 00
242 00
28 00
90 35
258 45
Total .
2, 356 15
AMOUNT E X P E N D E D through B E V E N U E AGENTS.
$7, 819
1,788
412
1, 607
1, 934
154
2, 925
270
630
1, 008
Brooks, A. H
Clark, A. H
Clemen, G u s t a v . .
Chapman, W . H .
Donelson, E . V . . .
Grimeson, T. J . . .
Hale, J . H
Kellogg, Horace .
Lofland, J o h n . . .
McLeer, E d w a r d .
Amount
Amount
Amount
Amount
Amouut
expended
expended
expended
expended
expended
Amount.
Naraes.
Names.
88
96
21
26
09
08
18
75
53
00
Neustadtl, F . S . . . .
Phelps, John. S . . . .
Plummer, Stanley .
Powers, T h o m a s . . .
T h r a s h e r , L. A
V o y l e s , D. W
Webster, E . D
Wilson, George W .
$15
234
619
34
1, 214
1,892
1,882
5, 462
29, 908 02
Total.
• RECAPITULATION.
b y collectors
by revenue agents
for r e w a r d s u n d e r c i r c u l a r 99
for r e w a r d s u n d e r c i r c u l a r M a r c h 10,1875
for m i s c e l l a n e o u s p u r p o s e s
30
90
32
90
50
41
96
79
•
Total
$2, 356 15
29,908 02
1,881 53
50 00
191 59
34,387 !
AMOUNTS E X P E N D E D from APPBOPBIATIONS NOT B E F O B E BEPOBTED.
Name, &c.
• 1884.
Lewis Buckner, collector
James Armstrong, collector
W. H. Johnson, coilector
Reward claims under circular 99
Total
1883.
T. J. Grimeson, revenue agent
Reward claims under circular 99
Total
.
District.
.
. . .
,
'.
Fifth Kentucky
'. Twenty-first New York . . . .
Georgia
^
Araount.
$20
13
84
77
00
50
00
00
194 50
88 00
50 00
332 50
22
R E P O R T OF -THE
FINANCES.
The accounts for expenditures under this appropriation are rendered
monthly, with an itemized statement, and in all cases supported by
proper sub-vouchers, duly sworn to. These accounts pass through all
the accounting offices in the Treasury Department and are filed in the
Eegister's Office.
INCREASE OF NUMBER OF REVENUE AGENTS.
The act of Congress making appropriations for the legislative, executive, and judicial expenses of the Government for the fiscal year ended
June 30, 1885, reduced the number of agents from thirty-five to twenty,
and no greater number can now be lawfully employed.
Ko officers connected with the iuternal-revenue service are more use' ful than experienced, intelligent, and efficient agents. They necessarily
become the assistants of the Commissioner. IJpon them he is obliged
to rely for information as to the efficiency and fidelity of the local officers and the general condition of the service in every collection district.
Their duties are mnltitudinous and important 5 the operations of this
branch of the service cover every portion of the country, and experience
has demonstrated that to discover and.prevent frauds, to secure the
faithful collection of the revenue and an equitable and proper enforcement of the laws, the whole territory must be frequently and carefully
can Amassed and policed by agents. Keai;ly all of the more iraportant
violations of law are discovered and reported by the agents.
The present number, in my opinion, is insufficient for the work required of them. At least/ot^r are absolutely necessary for the examination of collectors' accounts, three are constantly required for investigations and examinations which cannot be made by local officers and
for other special duties.. This leaves but thirteen available for the
discovery and prevention of fraud and for general work all over the
country.
OFFERS IN COMPROMISE.
The followiug statement shows the number of offers received and
accepted in compromise cases for the fiscal year ended June 30, 1885,
with amount of tax, assessed penalty, and specific penalty accepted, as
provided under section 3229, Kevised Statutes:
<D
0
^-d
="§
Months.
Amount of
£•§,
tax.
0 X 0
1884.
July
August
September
Ootober
November
December
January
February
March
April
May
June
;
-...
29
36
32
38
21
' 35
28^
37
17.
44
35
42
Amount of
a s s essed Amount of
and assessspecific
able pen
penalty.
alty.
$255 2
' 8 33
277 28
412 06
. 546 33
758 26
$4 17
88 64
5 25
3 00
13 70
Total.
$835 15 $1, 090 40
991 40
1, 003 90
1, 949 69 2, 315 61
726 50
1,143 81
1, 065 25
515 92
4, 844 67 5, 616 63
. 1885.
Total
33
45
34
32
25
41
34
25
44
38
37
32
3, 557 15
312 10
7, 727 62
25,277 50
164 10
19, 495 13
'22'9i
401
413
58, 791 1^
187 73
26 10
23 96
3,103 58
6, 686 83
1, 755 00 2, 067 10
6, 076 60 13, 827 13
1, 830 00 27,107 50
707 60
871 70
3, 626 20 23,145 29
26, 962 31 85,941 15
COMMISSIONER
OF INTERNAL
23
REVENUE.
S T A T E M E N T of CASES COMPBOMISED under section ^229 Bevised Statutes, for the
quarter ending September 30, 1885.
[The number received and settled, and amounts received.]
Compromise cases.
First quarter.
Tax.
Received.
Accepted.
1885.
$52 20
10, 251 48
2 50
July
August
September
Total
85
Specific
penalty.
penalty.
$597 80
$650 00
7,813 99 18,192 14
1,455 00
1, 4.57 50
$126 67
10,306 18
Total.
126 67
9, 866 79 20, 299 64
ABSTRACT OF S E I Z U R E S .
Seizures of property for violation of internal-revenue laws during the
fiscal year ended June 30, 1885, were as follows:
Articles.
Distilled spirits
Tobacco . . •
.. . . .
Cigars
.
Miscellaneous property
Quantity.
.
_
. gallons..
pounds..
Tinrnhftr-.
Yalue.
39,206
10,646
621, 940
Total
$15 288 00
1,380 20
6,168 50
181,967 71
204, 804 41
ABSTBACT of S E I Z U B E S of P B O P E B T Y for VIOLATIONS of INTEBNAL-BEVE N U E LAWS for the quartet' ending September'dO, 188b.
Distilled spirits.
Cigars.
Miscellaneous property.
Tobacco.
states and Territories.
0
Gallons.
114/
A13,|">fjm a, . -
Arkansas
California
Georgia
.
Illinois
Kentucky
Maine ..'.
'
Maryland
Michigan . . .
Mississippi
Nevada
New Jersey
New Mexico
New Yoi'k :
North Carolina . . . .
Ohio . .
Oregon
Pennsylvania
Tennessee
Virginia
West Virginia
Wisconsin
Total
Number.
Value.
6, 917 00
23 00
*1, 000
100
6
1, 300 00
100 00
4 00
18 00
161
16 00
89 ' 106 00
4,326 5, 000 00
120
90 00
155
147 05
10,107 1.3,873 05
Pouuds.
72
$152 00
4,003
13
20
..
Value.
14 325
7,000
Value.
$37 00
$330 00
91 00
8
209
2 00
2,450
25 00
550
6 00
9,300
125 00
33, 834
.579 00
* 22 packages. ^
2 51
271
55 11
351
94 62
Value.
$423 00
25 00
2, 837 00
1, 530 00
586
17
22
100
65
400
00
00
00
00
00
00
1 6b
2, 015 00
1,195 00
61 00
416 00
16, 442 00
625 00
150 00
45 00
202 00
27 157 00
24
REPORT
ON T H E
FINANCES.
The following is an abstract of reports of district attorneys for the
fiscal year 1884-'85 of internal-revenue suits pending, commenced, and
' disposed of:
Number of Number of
Number ot civil
actions
criminal
in
in per80- actions
actions.
rem.
narn.
2,490
4,488
354
252
6,978
606
445
2,185
46
72
2, 630
Suits settled by corapromise
Suits decided against the Dnited States
Suits dismissed, abandoned, consolidated, &c
Total.
/
60
28
2, 904
4, 768
88
7,672
17
508
2,257
118
17
2,76&
188
703
1,373
25
55
79
22
4
8
235
762
1,460
Total suits disposed of
4,894
277
51
5,222
Suits pending July 1, 1885
2,084
329
37
2,450
Suits pending July 1 1884
Suits commenced during fiscal year 1885
Total
Suits decided in favor of TJnited States:
Judgments and costs not paid
Total
Suits wherein sentence is suspended
.
729
729
Fines, &c. Principal
Costs.
Total.
Amountof judgm ents recovered and costs taxed in
criminal actions
$126, 387 59 $252,776 51
$126,388 92
Amount of judgments recovered and costs taxed in
civil actions iit personam^
$185, 515 04
6, 265 31 191, 780 35
Araount of judgments recovered and costs taxed in
actions in rem
.'
2, 339 40
11,855 09
14,194 40
Amount paid to collectors in criminal actions
30, 453 52
55,799 00
25, 345 48
Amount paid to collectors in civil actions inpersonam
'i36,"969'96'
3, 586 60 134, 556 50
Amount paid to coUectors in actions in rem
14,458 33
1, 675 04
16,133 37
ESTIMATED E X P E N S E S FOR NEXT FISCAL
YEAR.
I estimate the expenses ofthe Internal Eevenue Service for thefisoal
year ending June 30, 1887, as follows :
For salaries and exiienses of coUectors
| 1 , 800,000
For salaries and expenses of t w e n t y revenue agents, for surveyors, for fees
and expenses of gaugers, for salaries of storekeepers, and for miscellaneous expenses
:
2,100, 000
For dies, paper, and stamps
'.
410,000
For detecting and bringing to trial and punisliment persons guilty of violatinoj tlie internal-revenue laws, including payment for information
and detection
50,000
For salaries of officers, clerks, and employ<$s in the office of t h e Commissioner of fnternal,Revenue
...:
... j . .
259,190
Total
1
4,619,19(>
SCALE OF SALARIES OF COLLECTORS.
The recommendations made for the salaries of collectors for the fiscal
year ending June 30, 1886, are based upon an estimate of-their probable collections according to the following scale, with the qualification
COMMISSIONER
OF INTERNAL
25
REVENUE.
that if the actual collections should vary from the amounts estimated
the salaries will be readjusted at the end of the fiscal year.
I
F o r c o l l e c t i o n of—
$25,000 or
25 001 t o
37 501 t o
50,001 to
75,001 t o
100,001 t o
125 001 t o
175 001 t o
225 001 t o
275,001 t o
325,001 t o
less
$37 500
50 000
75,000
100,000
125,000
175 000
225 000 . . .
275 000 . .
325,000
375,000 . :
Salary.
F o r collection of—
$375,001 t o $425,000
425 001 t o 475 000.
475', 001 t o
550,000
550,001 to
625 000
625,001 to 700,000
700,001to 775,000
775 001 t o 850 000
850,001 t o
925 000
925,001 t o 1,000,000.
1,000,001 a u d u p w a r d
/ $2,000
2,125
2,250
2, 375
2,500
2,625
2,750
2, 875
3, 000
3,125
3,250
..
....
.
Salary.
$3, 375
3 500
3,625
3,750
3, 875
4,000
4 125
4, 250
4,375
4, 500
:
•
EXAMINATION OF COLLECTORS' OFFICES. .
Gn account of the limited force of revenue agents, and the number of
transfers of collectors' offices required to be made during the last fiscal
year, the examinations of collectors' offices were not made as frequently
as the good of the service demanded.
From reports made by revenue agents in charge of this pait of the
work, however, it appears that the collectors' offices throughout the
country are generally in good condition.
OFFICIAL. FORCE.
The force connected with this bureau during the fiscal year which
ended June 30, 1885, in the various districts throughout the United
States, as reorganized under the Executive order of June 25, 1883, as
modified, was 85 collectors, who receivedper annum salaries asfollows^
Salary.
Number.
32
2
5
1
2
3
Salary
Number.
2
$4, 500
4,250
3
4,000 1 4
.3, 875
1
3,750
7
3,625
$3, 500
3,375
3,250
3,125
3,000
Numher.
5
11
• 2
4
1
Salary.
'..
$2, 875
2,750
2,625
2 500
2,125
There were also employed during the year 963 deputy collectors, who
received per annum salaries as follows :
'
Number.
22
11
34
1
10
31 .
2
55
8
127
2
35 .
4
. . . .
:
"
*.
$2, 000*
1,900
1,800
1,750
1,700
1,600
1,550
1,500
1,450
1,400
1,350
1,300
1,250
Salary
Number.
Salary
145
.
137
3
1
133
6
59
4
24
1
15 . . . .
1
14
. . . .
.
1
.
Number.
$1, 200
1
1,100
2.
1, 050
1,025 1 6 .
1,000 I 2
950
25
....
900
3
1
850
800
12
750
7 '
700 I 3
660
2
1
600
Salary.
$500
450
425
400
360
300
250
240
200
150
120
100
, 60
26
REPORT ON THE FINANCES.
Also 189 clerks, who received per annum salaries as follows :
Number.
Salary.
1
2
3
9
1
4
1
$1,800
1,600
1, 500
1,400
1,350
1,300
1,250
Salary.
Number.
32
9
10
30
33
16
5
•
\
:
.' ' $1,200
1,150
1,100
1,000
900
-. ' .
800
750
Number.
2
8
2
38
1
2
Salary.
.$720
700
650
600
500
300
.•
Also 24 porters, messengers, or janitors, as follows :
Salary.
Number.
4
2
1
1 .
$600
500480
450
s
•
Number.
3
5
2
Salary.
..
...
.
$360
300
200
Number,
1
3
2
Salary.
$120
100
75
......
The force now connected with this Bureau in the various districts
throughout the United States is ^b collectors, who receive per annum
salaries as follows:
Number.
29
1
2
2
5
1
.
...
Salary.
$4,500
4, 375
4, 250
4,125
4,000
3, 875
,
Number.
2
3
3
2
2
11
Salary. .
$3, 750
3,625
3,500
3,375
3,250
3,000
Number.
11 . . .
Salary.
$2,875
2,750
2,625
2 500
2 250
2,125
.
There are also now employed 932 deputj^ collectors, who receive per
annum salaries, as follows:
* ^
Number.
21 .
11
33
1
10
32
2
54 .
8.
129
1 -.J
32
4
138
$2, 000
1,900
1,800
1,750
1,700
1,600
1,550
1,500
1,450
1,400
1,350
1,300
1, 250
1, 200
--
;
Nur
Salary.
". . .
--
127
2
1
131
6
53
4
23
16
1
14
8
2
. ..
Also, 180 clerks, who receive per annum salaries, as follows:
Number.
Salary.
1
2
3
9
1
4
1
$1, 800
1,600
1,500
1,400
1,350
1,300
1,250
Number.
32
9
9
28
31
17
5
Salary.
$1,200 1 1
9
1,150
2
1,100
1, 000
13
900
1
2
800
750
Salary.
Number.
,.:....
$720
700
650
600
500
300
COMMISSIONER O F INTERNAL
27
REVENUE.
Also, 28 porters, messengers or janitors, as follows :
Number.
4
2
1
1
Number.
Salary.
. . . .
'_
Salary.
Number.
,$360 i 4'300 j 2i
200
120
$600 ' 3
500 1 8 •
480 1 2
1 .
450
Salary.
$100
75
--
S T O R E K E E P E R S , GAUOERS, ETC.
There are also employed 620 gaugers who receive fees not to exceed
$5 per diem; 572 storekeepers and gaugers and 445 storekeepers whose'
?pay does not exceed $4 per diem ; 37 tobacco inspectors who receive
fees to be paid by the manufacturers, and 3 distilleijy surveyors. All the
foregoing officers are paid only when actually employed.
Eeduations in the number of this class of officers during the fiscal
year ended June 30, 1885, were made as follows: !
Gaugers
Storekeepers and gaugers
Storekeepers
,
Total redaction
i ...'.
•.
i
....
[..
180
532
214
926
The appropriation bill for the fiscal year ending June 30, 1886, contained the provision that storekeepers or storekeejpers and gaugers, assigned to distilleries whose registered capacity is'20 bushels or less,
shall receive $2 per day for their services.
The pay of those assigned to larger distilleries lias beeu fixed according to the following scale:
Oompensation for storekeepers and gaugers and storekeepers assigned
to distilleries having a surveyed daily capacity exceeding 20 bushels and
not exceeding 40 bushels, $3 per day; compensation of those assigned
to distilleries having a surveyed daily capacity exceeding 40 bushels
and not exceeding 60 bushels, $3.50 per day; compensation of those
assigned to distilleries having a surveyed daily capacity exceeding 60
bushels, $4 per day.
CONDITION OF THE OFFICEl
c.
Although there has been a considerable reduction in the number ot
persons employed in this Bureau, twenty-eight clerks having been re^ cently dropped from the rolls, the work of the office which is steadily
increasing, is in good shape and progressing in a: satisfactory mannerj
The officers, clerks, and employes connected w^ith the Bureau have
generally performed the duties imposed upon them faithfully and efficiently.
I
R E P O R T OF WORK P E R F O R M E D .
The work performed by the different divisions of the office durin
the fiscal year ended June 30, 1885, is shown by the following statement:
!
.DIVISION OF LAW.
Offers in compromise briefed
Opinions prepared
Offers in compromise acted upon
Reward claims acted upon
Reports of suits and prosecutions
^
j . .
408
396
412
46
4,768
28
REPORT ON THE
FINANCES.
Claims for surplus proceeds of lauds sold for direct taxes examiued
and disposed of
Amount paid in settlement of direct-tax claims
Claims for return of iDurchase money exaiuined and acted upon
Claims for refund of interest illegally collected under the direct-tax
laws examined and disposed of
Amount of interest refunded
Claims for abatement of taxes disposed of
Orders for abatement of taxes issued
Amount of abatement claims allowed (uncollectible)
Amount of abatement claims allowed (erroneous assessment)
Amount of abatement claims rejected (uncollectible)
Amount of abatement claims rejected (Assessment claimed to be erroneous)
Claims for refunding of taxes disposed of
Amount of refunding claims allowed
Amount of refunding claims rejected
,. ... ^
Number of rebate claims disposed of
r.. ..
Amount of rebate claims disposed of
147
$20, 693. 89
18
289
$4, 619. 26
, 4,688
749
$103,946. 88'
|4,619, 834.50
$28, 748. 69
$1,275,945 91
438
$83,306 84
$204, 811 08
99 ^
$5, 376 46
DIVISION OF DISTILLED SPIRITS.
Returns and reports relating to distilled spirits examined and disposed of
Returns and reports relating to fermented liquors, examined and disposed of
Computations of capacities of distilleries made, and data for assessment furnisbed .
.:
Locks examined and issued
Hydrometer sets, stems, cups and thermometers, tested and i s s u e d . . .
Gauging-rods examined and issued
Wantage-rods examined and issued
237,555
27, 349
' •
16,206
1,571
1, 714
26
32
DIVISION OF TOBACCO.
Reports relating to tobacco examined and disposed of
Reports relating to cigars examined and disposed of
Abatement and refunding claims audited
1,079
22, 313
60
DIVISION OF STAMPS.
' Sheets of stamps received from Bureau of Engraving and Printing
andcounted
25,693,600
Collectors' orders and requisitions filled
3,,450
Packages of stamps mailed
*.
29,671
Brewers' permits issued
112,800
Books of stamps returned by collectors received and counted
45,197
Stam}3s and couijons returned by collectors received and counted . . .
47,474,745
Stubs examined
'
12,781,547
Books of stamps and coupons referred to Fifth Auditor
i.
28,617
Claims for redemption of stamps received and examined
2,028
Claims for redemption of stamps allowed and referred to Fifth Audi-/
•^ tor
1,808
Claims for redemption of stamps rejected
1,527
Number of notifications of rejection and packages ofstamps returned.
1,527
Claiins on Forms 66 and 66A examined and allowed
1,759
Tax-paid and special-tax stamps examined and checked on claims 66
and 66A
231,252
Stamps for which allowance has been made, counted
4,857j 680
Packages.of check stamps canceled and returned...:
144
Stamps canceled and returned
286,889
Reports examined and disposed of
29,112
Statements of accounts made
'
248
Names of persons copied as appearing liable to assessment
30,297
Names of persons copied and reported for assessment
16,944
Packages received by express recorded and distributed
322
Packages received by registered mail recorded and distributed
4,971
Value of stamps received from Bureau of Engraving and P r i n t i n g . . $127,387,771 98
,Value of stamps issued to collectors
"... $123,388,856 24
COMMISSIONER
OF INTERNAL REVENUE.
29
Value of stamps destroyed
I
$1,832, 574 98
Value of stamps forwarded to Fifth Auditor as vouchers in collectors'
accounts...".
'
$11,910,488 65
Value of claims for redemption of stamps allowed
;
$116, 631 89
Value of claims on Forms 6(i and 66A allowed
$7, 865,556 58
Value of check stamps canceled aud returned
;
^ $5,7:37 78
Value of check stamps destroyed
$87,560 82
Value of check stamps rejected and returned
:
$11.997 01
DIVISION OF ASSESSMENTS.
i
^
Reports relating to assessments examiued and disposed of
Reports relating to bonded accounts examined and "disposed;of
Reports and vouchers relating to exportations examined 'and disposed of
:
C lai ms for drawback disposed of
D I V I S I O N OF ACCOUNTS.
14, 358
306,875
1349,872
706
i
Weekly reports examined and disxiosed of (154)
J
Monthly reports examined and disposed of
J.. ..
Quarterly reports examined and disposed of.
j
Miscellaneous accounts examined aud disposed of
Final accounts of collectors referred for settleraent
Certificates of deposit for iuterual-revenue collections recorded — .
Amountingto.
$112,360,527 93
Certi ficates of deposit to credit of Secretary
Amountingto
'........
$75,036 84
Drafts mailed to collectors for gangers' fees and ex|
3, 398
17,953
371
353
42
29,606
478
7,951
Araounting to
Drafts mailed to collectors for transfer of special deposits
Amountingto
:..
Drafts mailed to collectors for compromise offers returned
Amountingto..
,
Drafts mailed to collectors for expenses of office
Collectors'monthly reports of taxes, &c., consolidated
into yearly statements
Consolidated statements of monthly reports of taxes^
&c., recorded
$754,886.95
;
500
$80,503 30
|
^
$8,405 70
;
^
85
1, 030'
i
,
869
^74
I
*
DIVISION OF R E V E N U E AGENTS. ;
Reports of revenue agents disposed of
j
Reports of collectors relative to illicit spirits disposed of... i
Accounts of revenue agents examiued
i
Miscellaneous expense accounts examined
.|
Transcripts of books of leaf-tobacco dealers examined and abstracted
Quarterly returns of ordnance and ordnance stores in hands of collectors examined
Reports of examining officers on condition of collectors' offices examined and recorded
•
Rejjorts of collectors of seizures of illicit stills. Form 162, examined
and recorded
,i
Reports of revenue agents of seizures, &c.5Form 170, examined and
recorded
D I V I S I O N OF A P P O I N T M E N T S , RECORDS, AND
70
,
203
944
150
FILES.
Cominissions of collectors recorded, collectors notiiied, and blank
bonds prepared
•.
.i
Bonds of collectors and disbursing agents recorded
Commissions of gaugers, storekeepers and gaugers, storekeepers and
tobacco inspectors recorded, and appointees notified
J
Bonds of subordinate officers examined and recorded
1,359
84
501
156
3,787
72
' 124
197
225
30
REPORT ON T H E
FINANCES.
Reports of examining officers on condition of collectors' offices examined and acted upon
Letters for entire Bureau received aud registered
Letters briefed and
filed
Press copies of letters mailed, registered, and arranged for reference.
Pages of press copv letters copied in record books, indexed, and compared....":
r
.:..
^
Pages letter and cap paper copied, compared, and registered.
Orders for press copies fpr reference :
Envelopes and labels addressed for circulars aud blanks
Unrecorded press-copy books paged aud indexed( 1,000 pages e a c h ) . .
Pages blank books ruled and headings written
Letters paged in registers from record books
Rejected claiins registered
Applications for appointment briefed and indorsed
Blank forms prepared and issued
Blank books issued
Ill
40,688
23,133
45,204
,
/
19,063
11, 565
3,561
- 3 , 998
48
175
116,619
8,382
1,414
6,801,946
11, 650
SALARIES.
I have the houor to recommend that Congress appropriate, for the
iiscal yeaf- ending June 30, 1887, the sum of $259,190 as salaries for the
following officers, clerks, and employ6s in this Bureau:
One Commissioner, at
One Deputy Commissioner, at
Two heads of d ivision, at
Fiye heads of division, at
One superintendent of stamp vault, at
One stenographer, at
Twenty-four clerks, at
Twenty-five clerks, at
Th irty-fbuv clerks, ,at
•
Twenty-four clerks, at
- -- Fourteen clerks, at
Forty clerks, at
Two messeugers, at
Fourteen assistant messengers, at
Thirteen laborers, at
An aggregate of 201 persons.
$6, 000 .
3,200'
2,500
2,250
2,000
1,800
1,800
1,600
1,400
1,200
1, 000
900
840
720
660
1
,
'
-
:
I also recommend the appropriation of the sum of $5,000 as salaries
for two stamp agents at $1,600, and two counters at $900, the same to
be reimbursed bv the stamp, manufacturers, as provided by the act of
August 5,^1882. "^
.
STAMP DIVISIOK
N U M B E R AND V A L U E O F STAMPS I S S U E D .
STATEMENT Of the NUMBER, K I N D , and VALUE of INTEBNAL-BEVENUE
STAMPS issued to COLLECTOBS during the fiscal year ended June 30, 1885.
Denomination.
Staraps for
Stamps for
Staraps for
Stamps for
Staraps for
Stamps for
Staraps fbr
Total
^
distilled spirits, tax-paid
distilled spiiits, exportation
distilled spirits, other than tax-paid and exportation
tobacco and snuif
cigars aud cigarettes
special taxes
fermented liqtyars and brewers' permits
:
Number.
. Yalae.
1, 404, 300
$66, 808, 530 00
412, 000
41 200 00
3, 503, 600
309, 489, 639
17,739,933 09
129,493, 420
10 542 183 15
865, 640 '
8, 944, 280 00
61, 339, 740
19, 312, 730 00
506, 508, 339
123,388,856 24
R E D E M P T I O N OF CHECK STAMPS.
At the date of the last annual report there were about 1,200 packages
of stamps, either adhesive or imprinted upon checks and drafts, which,
had been forwarded to this office for redemption, and which were undisposed of These have since all been disposed of, with the exception
of about 100 packages. Stamps of this kind are still being received for
redemption, and are now being disposed of as current work.
COMMISSIONER OF INTERNAL REVENUE.
31
MANUFACTURE OF PAPER.
During the present fiscal year, after due advertisement for proposals,
a contract was entered into with Alexander Balfour, of Philadelphia,
Pa., for the manufacture of about 450,000 pounds of paper for printing
internal-revenue stamps ; the" rate to be paid under the contract is 7f
cents per pound.
The work of manufacturing the paper commenced about the 20th day
of July, 1885, and is still in progress.
i
PRODUCTION OF STAMPS.
\
During the last fiscal year all internal-revenue stamps have been
produced by the Bureau of Engraving and Printing, except stamps on
foil wrappers for tobacco, which have been printed by John J. Orooke,
of New York, a contract having been-made with him for the imprinting
of such stamps without charge to the Government, he receiving remuneration from manufacturers, and reimbursing to| fhe Grovernment the
salaries of one stamp agent and one counter, amonnting tos$2,500 per
annum.
TOBACCO.
. \
The report of the tobacco industry for the last fiscal year shows gratifying results. Not only has there been a small increase in the amount
of taxes collected, but there has been a marked increase of manufactured products, and an unusually large increase of the quantity of these
products exported to foreign countries.
The number of persons and firms engaged in handling leaf-tobacco
and in manufacturing and distributing it is largely in excess of any
previous year.
The following exhibit will show the receipts for the last fiscal year
from each particular source as coinpared with the receipts from the
same sources during the previous fiscal year, and the aggregate auiount
of these receipts.
In the tables annexed will be found statements: showing the manner
in which the manufacturing is distributed through the different States,
the nuniber of persons and firms engaged in eachi of the two branches
,of manufacturing, the quantities of different kinds of material used,
and the amount of products manufactured. These tables are compiled
from the reports received from collectors of the transactions of manufacturers in their several districts for the calendar year ended December
31, 1884, a period of time differing from the fiscal year, which will account for any apparent discrepancies.
t
The aggregate amount of taxes collected from tobacco during the last
fiscal year was $26,407,088.48. This amount includes internal-revenue
taxes imposed on imported tobacco, snuff, cigars, and cigarettes. The
collections from the same sources made during the fiscal year ended
June 30, 1884, were $26,062,399.98, showing an inprease of $344,688.50.
RECEIPTS F R O M TOBACCO A N D SNUFF.
Manufactured tobacco, at 16 cents per pound
Manufactured tobacco, at 8 cents per pound
Snuff, at 8 cents per pound
Total for year ended J u n e 30,1885
Totalfbryear ended J u n e 30,1884
Increase in collections
L. ^
:
i
...
.!
J
....j
[..,..>...
|321 58
13,953,088 73
508,943 52
:
14,462, 353 83 13,936,258 99
526,094 84
Of this increase $465,362.90 was on chewing and smoking tobacco,
and $60,731.94 on snuff.
!
32
REPORT ON T H E
FINANCES.
RECEIPTS FROM CIGARS AND CIGARETTES.
Cigars taxed at ,^6 per thous.and
Cigars taxed at | 3 per thousand
Cigarettes taxed at $3 per thousand
Cigarettes taxed at $1.75per thousand.
Cigarettes taxed at 50 cents per thousand
$739
10,076,548
114
92
529, 329
;.
Total for year ended June 30,18.S5
Total for year euded J u n e 30,1884
20
30
15
59
14
10,606,823 38
10,823,214 28
Decrease in collections from cigars and cigarettes
216, 390 90
This decrease was all ou cigars, being $291,517.77. On cigarettes
there was an increase of $75,126.87.
OTHER COLLECTIONS.
Manufacturers of cigars and cigarettes, special tax, at $6
Increase, special taxes, manufacturers of cigars, &c
.,...
Manufacturers of tobacco and snuff, special tax, $6
Increase of special taxes over year encled June 30, 1884
-|L05,139 81
7,177 62
5, 320 25
20& 76
Dealers in manufactured tobacco, special tax, at $5
Dealers in manufactured tobacco, special tax, at $2.40...°
191 93
1,159,705 85
Total for year ended J une 30, 1885
1,159, 897 78
Total for year ended J u n e 30, 1884
1,136,786 20
Increase
23, 111 58
Peddlers of tobacco, special taxes
:,....
Decrease, peddlers of tobacco
Leaf dealers, special taxes, year ended June 30, 1885
Leaf dealers, year ended J u u e 30, 1884
lucrease special taxes, leaf dealers, year 1885
14,200 56
264 45
53, 352 _87
48,595 82
4,757 05
PRODUCTION OF MANUFACTURED TOBACCO, CIGARS, CIGARETTES, ETC.
The production of tobacco, snuff', cigars, and cigarettes for the fiscal
year ended Juue 30,1885, computed from the several quantities removed
for consumption on paymentof tax, together with the quantity renioved
in bond for export, is as follows:
V
TOBACCO AND SNUFF.
Pounds.
Tobacco taxed at 16 cents,per pound
Tobacco taxed at 8 cents per pound
Snuff taxed at 8 cents per pouud
•.. .^
."
2,010 00
174,413, 609 00
6, 361,794 00
'.
Total quantity removed for consumption
Tobacco and snuff' removed for exportation
Total production year ended J u u e 30, 1885
Total production year ended June 30,1884
180,777,413 00
12, 054, 015 00
192, 831, 428 ,
184,833,667
i
Increaseof production, pounds, 7,997,761. Of this increase, 1,416,412
pounds were exported, and 6,581,349 pounds were put on the market for
consumption.
CIGARS AND CIGARETTES.
Number.
'Cigars, &c., taxed at $6 per thousand
Cigars, &c., taxed at $3 per thousand
Cigarettes, taxed at $3 per thousand
Cigarettes, taxed ni $ 1.75 per thou'sand
Cigarettes, taxed at 50 cents per thousand
Total number removed for consumption
,
123,200
3, 358,849,433
38, 050
52,908
1, 058,658,280
4,417,721,871'
COMMISSIONER OF INTERNAL
Cigars, removed in bond for export
Cigarettes, removed in bond for export
33
EEVENUE.
'.
Total production, fiscal year 1885
Total production, fiscal year 1884
i
Number.
^
;
1,557,550
104,811,420
1
,
4,524,090,841
4,451,643,225
Increase....
......
SPECIAL-TAX
72,447,616
PAYERS.
Manufacturers of tobacco, including snuff'
Manufacturers of cigars and cigarettes
Peddlers of tobacco
Dealers in leaf tobacco
Dealers in manufactured tobacco
;
Total number of special-ta.x payers
Special-tax payers, fiscal year ended J u n e 30, 1884
:
;
887
17, 523
1, 605
5, 034
483, 249
;
Increase during last fiscal year
\
508, 298
496,v853
i
11, 445
STATEMENT showinq the NUMBEB of CIGAB MANUFACTUBEBS' ACCOUNTS
BEPOBTED, the NUMBEB of CIGABS and CIGABETTES BEPOBTED MANUFACTUBED during the calendar year 1884, and the QUANTITY of TOBACCO
USED T H E B E I N
I
State and Territory..
Accounts.
Tobacco
used.
Cigarettes
raanufactured .
C i g a r s raanufactured.
I
Alabaraa
Arkansas
...
Califoruia
Colorado
Connecticut
Delaware
Georgia
Florida
Illinois
Indiana
Iowa
Kansas
Kentucky.
Louisiana
i^Caine
Maryland
Massachusetts ..
Michigan
Minnesota
Mississippi
Missouri
Mpntanfi
Nebraska
Nevada
New Harapshire.
New Jersey
New York
North Carolina..
Ohio...
Oregon
Pennsylvania.....
Ehode" I s l a n d
South Carolina . .
I Tennessee
Texas
-....
Vermont
Virginia
West Virginia.:.
Wisconsin
A c c o u n t s r e p o r t e d oil F o r r a 144
P o u n d s of leaf-tobacco u s e d
Cigars reported
i g aFRASER
rettes reported manufactured
Digitized Cfor
http://fraser.stlouisfed.org/
2673 F
3
Federal Reserve Bank of St. Louis
Numher.
24
25
324
68
.312
43
50
158
1, 250
468
294
159
250
163
65
605
500
601
158
604
6
124
5
38
847
4,521
28
1,562
18
4, 422
69
20
35
66
22
186
107
475
EECAPITULATION.
Number.
1, 580, 400
1, 967, 270
163,722,196
3, 903, 747
31, 379, 219
3, 820, 242
3,142, 594
60, 580, 952
163, 677, 768
43, 587,109
43,484, 516
13, 657,100
32, 815, 285
40,888,565
3, 971, 206
93, 778, 499
88, 256, 321
89, 574, 860
27, 865, 695
Pounds. :
35,876
41, 724
3,810,215
89,168
732i 699
85, 872
76, 098
1, 383,'635
3, 796, 902
1,041,597
987, 505
326, 495
777,013
1,149, 621
97, 527
2, 518,197
2, 087, 474
2,156, 865:
631, 732
60, 284, 822
1,340,593
311, 350
7,518
222, 334
9, 290,135
5, 895
322, 450
82, 733
4, 275, 944
1,500,413:
64, 670, 554
27,242,986, 1,134, 770, 606
274,120
1, 646,115
5, 730, 047
254, 970, 642
26, 762;
1, 200, 785
16, 681,199
715, 638, 530
208, 453
9. 511, 039
26, 418
1, 231,135
62,165
3, 139, 925
126, 907
5, 486,188
83, 079
3, 352, 938
998, 675
57, 595, 761
901, 570
47, 664,180
2, 005, 789
85, 965; 395
'"3," 565,'700
632, 491
557,400
9, 492, 310
130, 720, 860
1, 757, 850
22, 248
661, 352, 200
112, 202, 450
\
!
!
raanufactured
-.
Number.
:
18, 672
79,3.53,371
3, 372, 982,038
920, 303, 509
STATEMENT of the N U M B E B of TOBACCO FACTOBIES in E A C H STATE, the AGGBEGATE QUANTITY of L E A F TOBACCO and OTHEB
MATEBIAL USED, and the AGGBEGATE QUANTITIES of the D I F F E B E N T KINDS of MANUFACTUBED TOBACCO PBODUCED during
the calendar year ended December 31, 1884, together ivith a S T A T E M E N T o f the QUANTITY of MANUFACTUBED TOBACCO ON HAND at
the COMMENCEMENT and at ihe CLOSE of the year, the QUANTITY to be ACCOUNTED for, the QUANTITY BEMOVED in BOND FOB
EXPOBT, the TOTAL SALES BEPOBTED, and the AMO UNT of TAXES P A I D .
L e a f - t o b a c c o a n d o t h e r m a t e r i a l s u s e d in
States and Territories.
Arkansas
California
Delaware
Geor^cia
Illinois
Indiana
Iowa
Kansas
.
Kentucky
.Louisiana
Maryland
Massachusetts.
Michigan
Minnesota......
Missouri
..
NewJersey
New T o r k
N o r t h Carolina
Ohio.
Pennsylvania..
Texas\-i
Tennessee
Virginia.
W e s t Virginia.
Wisconsin
Totals...
Number
of
factories.
2
67
13
96
205
42
37
3
• 44
189
926
Leaf used.
Scraps used.
Pounds.
102, 042
30,-318
1, 769, 516
73, 846
6, 785, 339
72, 948
298, 329
27,926
11, 269, 023
2,337,957
4, 845, 311
461,582
5,377,194
3,515
22, 633, 675
19, 535,154
13, 950, 425
13, 294, 676
8, 598, 393
3, 249, 310
7,395
1, 024, 725
42, 754, 806
52, 039
4,306,819
Pounds.
2, 028
14, 341
15,181
361,299
445, 421
42, 332
162, 862, 263
6, 725, 916
S t e r a s nsed. L i c o r i c e u s e d . S u g a r u s e d .
Pounds.
83, 054
299, 912
11,030
6,273
6,509
34, 808
6, 875
678, 713
40, 772
181, 829
952, 210
847,129
2, 384, 284
174,115
65, 898
134, 957
raanufac!.uring
'522," 579
105, 037
' 23, 764
997, 395
8, 517
446, 530
Pounds.
6.469
40
68
3,092
353, 400
2, 616
2, 720
91
2, 056, 558
17,608
86, 275
56,054
466, 316
Pounds.
5,849
770
200
1,825
929, 068
6,283
6,484
200
1, 823, 980
5,659
123, 406
60, 788
639, 696
t o b a c c o a n d snuff.
Other materials u s e d .
Pounds.
35
82
1,446
387, 489
1,235
12, 299
2,516
751, 828
135
94, 031
„ 15,252
466, 840
2, 584, 411
2,641,196
1, 055, 552
194, 467
1, 695,159
6,701
1,040,957
1,350,458
798, 885
288, 309
373, 487
28, 679
33, 948
2, 266, 906
745,136
38, 244
2, 517, 493
.747
69,151
2, 736
1, 615, 796
277, 612
104,126
5,188, 909
15,444,098
14, 360,160
7, 336, 621
717, 358
571, 097
164, 269
395, 860
314.135
41, 365
1,992
50, 821
3, 731, 363
2, 526, 831
1,168, 232
460, 819
1,851,695
28, 216
CO
T o b a c c o in
process.
Total materials used.
Pounds.
122,264
65, 957
2, 085, 322
82, 698
9, 668, 340,
94,112
451,877
20, 735
40, 974
3, 732
16,161, 335
201, 374
2, 368, 234
626, 591 . 7,451,7-22
737, 659
94, 694
8, 020, 059
441, 654
3, .515
32, 241, 571
581, 597
30, 016, 540
2, 544, 675
20, 609, 590
1,-087, 943
1.5, 829, 036
1, 020, 790
13, 254, 076
355, 309
3,734, 935
245, 707
7,395
1,133, 795
16, 969
50, 274, 247
707,126
518, 307
100
5, 664, 062
118, 886
Pound's.
5,841
20, 406
232, 484
2,489
-390, 553
8, 719, 655
220, 637, 622
Pi
o
pi
H
O
Ul
STATEMENT of the N U M B E B of TOBACCO FACTOBIES in E A C H STATE, cl'-c—Continued.
T o b a c c o a n d snuff p r o d u c e d .
States and Territories.
Arkansas
California
Delaware
Georgia
Illinois
Indiana
Iowa —
Kansas
Kentucky
Louisiana
Maryland.
Massachusetts.
Michigan
Miunesota
.Missouri
New Jersey ...
New. York
N o r t h Carolina
Ohio
P e n n s y l v a n i a ..
Texas
Tennessee
Virginia
W e s t Virginia.
"Wisdbnsin . . . . .
Totals ...
P l u g made. Fine-cut
made.
Sraoking
made.
Pounds.
90, 280
765
2,300
56, 227
1,613,838
23.302
24, 000
15, 644
10, 771, 085
Pounds.
Pounds.
233
2,333
43, 342
97 1, 795,159
3,027
81, 238
4, 679, 866
8,656
44, 385
426
8, 641
944, 441
14, 594
149, 733
93, 080
5, 591, 637
424, 632
50, 095
45, 917
4, 686,176
3,542
4, 082, 546
89, 617
3, 321,422 2, 359, 218
7, 052, 837
133, 447
4,340,032
50, 504
2, 393, 340
26, 265
2, 200, 201
832, 372
7,194
52, 088
iii" 919
783, 283
73, 028
.^47.4, 841_
4, 250, 239
3,325
Pounds.
2, 099, 819
394, 073
416, 982
521, 987
1, 233, 427
1, 507, 049
170, 997
190
2, 266, 753
987, 844
227, 697
881, 365
921, 489
557, 953
2,183
426, 038
2, 598, 947
3, 626, 767
1,472
1, 259, 579
36, 715
680, 443
35, 630, 657
_ 9,560
4,003
1,846
20,
14,
4,
6,
7,
956, 211
Snuff
made.
Tobacco
Total
Unsold
on h a n d t o b a c c o t o
J a n u a r y 1, be a c c o u n t - J a n u a r v 1, E x p o r t e d .
1885."
ed for.
1884.
T o t a l raade.
Pounds.
. 92,846
44,107
1, 797, 556
.59, 254
8,474, 761
74,343
418, 499
24. 285
12, 953, 547
1, 749, 862
6,187. 266
513; 184
7, 474, 916
3,542
25, 586, 045
22, 507, 283
15, 694, 416
11, 313, 497
11, 239,137
' 3, 071,471
7,194
847, 296
36, 486, 968 •
-^484,401
5, 213, 778
Pounds.
123,173
281, 765
1, 847, 082
116,197
9, 024, 799
86, 758
431, 594
53, 523
13, 876, 726
1, 958, 940
6, 533. 355
517, 497
7, 475, 314
4, 692
27, 936, 449
22, 580,157
15, 884, 700
15, 969,121
11,850,578
3,180, 748
7,194
484,145
1,331,441
9, 420, 897 45, 907, 865
- 5 8 , 744- 543714.533, 347
5, 247,125
Pounds.
30, 327
237, 658
49, 526
56, 943
550, 038
12,415
. 13,095
29, 238'
923,179
209,178
346, 089
4, 313
398
1,150
2, 350, 404
72, 874
190, 284
4. 655, 624
611,441
109, 277
Pounds.
56, 727
167, 395
53, 084
40, 712
296,492
24,419
14, 656
15, 247
628, 828
247, 280
352, 155
134
241
809
2, 037, 447
58, 526
190,314
3, 622, 309
804, 797
100,125
Pounds.
Sold.
Poimds.
66,446
'"i',041
107, 323
1,793,998
2
75, 483
,042
8, 718, 665
62, 339
416, 938
38, 276
31, 306 13, 216, 592
91,782
1, 619, 878
54, 058 6,127, 142
27, 039
490, 324
5,398
7, 469, 675
3,883
3,209 25, 895, 793
156, 020 22,365.611
629, 968 15, 064, 388
150, 869 12,195, 943
9, 877 11,035,904
2,748
3, 077, 875
7,194
410, 003
615
920, 823
i, 209,177 7, 604, 637 30, 094, 051
31,986
-511,159
21,773
5, 225,144
Staraps
required.
Value.
$5, 299 73
8, 585 96
143, 519 81
3, 038 68
728,460 54
4, 986 88
33, 355 04
3, 062 08
1, 051, 503 02
129, 771 75
490, 234 32
39, 226 00
597,593 37,
310 72
2,068,263 18
1, 789, 579 44
1, 205, 501 30
976,418 51
809, 204 96
245, 675 19
575 62
73, 948 37
2, 409, 243 32
' 4 0 , 892'82
417, 806 74
104, 439, 604 16,579,883 45,172,737 6,127,230 172, 319, 454 20, 450, 484 192, 769, 938 17, 374, 666 8, 793, 425 166, 601, 847 13, 357,157 41
O
O
Ul
Ul
O
pi
O
H
Pi
a,
O
d
or
36
REPORT ON T H E
FINANCES.
DIRECT TAX.
Claims for surplus proceeds of the sale of lands under the direct-tax
laws, for payment of which the sum of $190,000, or so much thereof
as might be necessary, was appropriated by the act of March 3, 1883.
Number of clainis on hand July 1, 1884
Number of claims received cl uring the year
Number of claims reopened duriug the year
'.
^
118
25
13
^
Total
Number of claims examined and disposed of duiing the year
. Number of clainis pending July 1, 1885
Amount paid during the year ending J u n e 30, 1885
Amount previously paid
156
147
,
Total paid to July 1, 1885
.9
|20,693 89
23,330 21
44,024 10
CLAIMS FOR PURCHASE-MONEY.
Numberof claims for payment to purchasers at direct-tax sales on accountof
eviction (act of May 9, 1872, as amended) on hand July 1, 1884
13
Number received during the year
6
Total
Number of claims examined and disposed of
19
18
Number of claims pending July 1, 1885
1
INTEREST CLAIMS.
Number of claims under section 4, act of February 25, 1867, for refund of
interest alleged to have been illegally collected by the direct-tax commis- .
sioners, examined and disposed of
289
Pending July 1, 1885
None
Amonnt of interest refunded
|4,619 26
CORRESPONDENCE.
Total number of letters received
Total nu mber of letters vs^ritten
'
483
760
RECOMMENDATIONS REaARDINCr DIRECT TAX.
By the act of August 5, 1861 (12 Stat., 292), Congress imposed a
direct tax of $20,000,000 upon the whole United States, which was apportioned among the different States and Territories according to
population.
Another a,ct was passed June 7, 1862, for the collection of the tax
in the insurgent States.
The loyal States assuaied their quota. In the insurrectionary States
commissioners were appointed to make collections.
The commissioners were engaged in making assessments and collections in the eleven insurrectionary States when Congre^ss authorized a suspension of further collections in the States referred to until
January 1, 1868, and by act of July 23,1868, thesuspension was further
continued until January 1, 1869, since which date collections have not
been resumed.
COMMISSIONER
OF INTERNAL
37
REVENUE.
The act ofMarch 26,1867, section 3, provides ^'that the Secretary of
the Treasury is hereby authorized and required to discontinue the employment of any officer or person employed under the acts for the collection of direct taxes in insurrectionary districts within the United
States whenever, in his judgment, their service is no longer needed,
and he is hereby authorized to. devolve upon any officer or officers of
internal revenue in said districts any portion of the duties imposed by
said acts, who shall perform such duties without additional compensation."
The services of the direct-tax commissioners! and their employes
were thereupon discontinued.
The amount of direct tax which is still uncollected is as follows:
state.
Alabama
Arkansas
Colorado
Dakota
Florida..
Georo"ia
Louisiana
Mi.q.siasippi., ,
Amount
d u e , Comraissioner's
stateraent.
$529, 313
107,686
21, 388
3, 241
72, 756
501, 939
71, 385
343, 500
Araount
d u e . Secretary's
stateraent.
33 $520, 821 87
72
77, 803 82
44
21, 388 44
33
3, 241 33
26
'33. 992 86
86 512, 959 58
83 117,371 55
12 338, 342 10
State.
1
Nortli Carolina
Soutli C a r o l i n a
'
Tennessee
L
Texas
:
Utah
..
.
. ..
Virffinia . .
W a s b ington T e r r i t o r y . . .
Wisconsin
Amount
d u e , Comraissioner's
stateraent.
Araount
d u e . Secretary's
stateraent.
$198, 742
152. 781
287, 963
174, 265
26. 982
286, 499
3, 487
51,145
$190, 000 22
Overpaid.
281, 775 94
225, 098 61
26, 982 00
213,501 30
3 487 17
51,145 56
06
35
43
16
00
37
17
56
A bill was introduced in the last Congress, the; object of which was
to remit the 'direct taxes not collected or paid, and to refund to the
States, Territories, and the Districtof Columbia, theamouut whichhad
been paid.
There is a discrepancy between the books of the First Comptroller
and those of the Eegister of the Treasury as to the amount of direct
taxes which has been collected and as to the amount still due.
I recommend that an examination be made to ascertain the exact
amount still due, and that proper action be taken tb obtain a settlement
of the accounts of the direct-tax commissioners' which are still unsettled.
SCHOOL FARMS.
i
^ There are eighteen ^'school farms" in South Carolina still owned by
the United States, and rented from year to year h j the collector of internal revenue.
These school farms are lands w^hich were bid ini by the tax commissioners for the United States, and set apart for school purposes, and
were not thought to be subject to either redemption or sale under the
actof June 8, 1872.
•
Each school farm contains 160 acres, with the exception of three,
which contain respectively 40, 130, and 800 acres, i
The following is a statement of rents collected frbm school farms during the past four years:
,
;
For
For
For
For
the
tbe
the
tbe
year
year
year
year
ending
ending
ending
ending
December
December
December
December
31,1881
31, 1882
31, 1883
31, 1884
.1
t_
.|..,
|223
245
221
^ 527
99
78
75
45
These rentals are invested in United States bonds and added to the
school fund, the interest of which is used for the support of public
38
' REPORT ON T H E FINANCES.
>
,
schools in the parishes of Saint Helena and Saint Luke, South Carolina,
underthe provisions of an act of Congress approved, March 3, 1873.
^'' The amount of the fund which has accumulated is invested as fc(llows:
United States 4s
United States 4 ^ s . . :
.:
$47,800
700
The income from the fuud is expended by a board of three commissioners, called the ''South Carolina free-school fund commissioners."
In 1882 the amount expended w a s . . .
, I n 1883 the amount expended was
In 1884 the amount expended was
:
$2,200
2,100
2,228
ABATEMENT, EEBATE, A ¥ D EEFUNDING CLAIMS.
ABATEMENT CLAIMS.
Ou the first of July, 1884, there were pending 278 claims for abatement of taxes assessed, amounting to $87,075.29, and during the year
5,577, amounting to $7,182,077.59, \tere presented. Of these, 4,035 claims,,
ainounting to $4,723,781.38, have been allowed by this office, and 1,639
claims, amounting to $1,304,694.60, have been rejected or returned for
amendment.
This left 181 claims for abatement still pending on the 30th of June,
1885, amounting to $93,776.20. Since t h a t d a t e and up to the 1st of October, 939 other claims have been filed, amounting to $157,942.26; 670^
have been allowed, amounting to $127,641.40; and 215 rejected or returned for amendment, amounting to $72,579.59 ; and on the 1st day of
October, 1885, 161 claims for abatement were pending, amounting to
$51,497-43.
About $3,800,000 of the taxes abated consisted of taxes on bonded
spirits reported for assessment at the maturit}^ of the bonds and afterwards exported, or in some cases withdrawn tax-paid prior to the actual
assessment.
REBATE CLAIMS.
On the 1st of July, 1884, there were pending 15 claims for rebate,
amounting to $1,207.55. During the fiscal year there were presented
94 more, amounting to $4,586.42.
Of these, 75, amounting to $4,011.53, have been allowed, and 32,
amounting to $1,657.99, Jiave been reijected or returned for amendment,
leaving pending and undisposed of 2 claims, amounting to $124.45.
A few claims have' been received since June 30, 1885, but in most
cases these, with those hereafter to be received, will be disallowed, be, cause not presented within the time required by the statute.
REFUNDING CLAIMS.
On the 1st of July, 1884, there were pending 479 claims for the refunding of taxes collected, amounting to $588,778.25, and during the year
439 other claims, amounting to $260,167.11, were presented.
Of these, 252 claims, amounting to $83,306.84, have t)een allowed by
this office, and 483 claims, amounting to $534,949.28, have been rejected'
or returned for ainendoient.
•^This left 183 claims for refunding still pendiug on the 30th of June
last, amounting to $230,689.24. Since that date, and up to the 1st of
COMMISSIONER
OF
INTERNAL
REVENUE.
39
October, 102 other claims have been filed, amounting to $26,154.14; 50
have been allowed, amounting to $6,778.78, and 44 rejected or returned
for amendment, amounting to $7,332.90, and on the 1st of October, 1885,
191 claims for refunding were pending, amounting to $242,731.70.
STATEMENT of SALES of BEAL P B O P E B T Y ACQUIBED u n d e r the INTEBNALB E V E N U E LAfVS, of ivhich the PUBCHASEBS B E C E I V E D QUIT-CLAIM
. D E E D S from the UNITED STATES during the fiscal year 1884-^85. '
Date of sale. When acquired.
July 19,1884
Mar. 31,1871
Aug. 16,1884
Apr.
Sept. 27,1884
Nov.
Nov. 8,1884
Nov.
Dec. 13,1884
Feb.
Dec. 16,1884
Jan.
Jan.
3,1885
Dec.
Apr. 25,1885
Apr.
Apr 30,1885
Apr.
J u n e 6,1885
May
From whom acquired.
Realty sold and'where situated.
The premises known in 1871 as the
distiUery of J . Kirchhofif & Co., No.
80 Pearson street, Chicago, 111.
170 acres, more or less, in the fifth civil
16,1881 Samuel Orr
district of Marshall County, State
of Tennessee, i
3,1882 John Is eal
200 acres in the fifth civil district of
Putnam County^ Tennessee.
3,1882 James Maynard
25 acres in the thirteenth civil district
of Putnam Oounty, Tennessee.
8,1872 Black & WilHams .. 300 acres in the so|-called Still-House
tract, in Montgomery County, Tennessee.
!
1,1884 Joseph Hinton
Land lot No. 96 in i the sixteenth district of De Kalb County. Georgia.
5,1882 J . P . Sweaney
One-half undivided interest in land
lots 287, 288, 17, 18, 19, 20, and 21 =
1,045 acres, in Wilkinson County
Georgia.
1
30,1878 Smith & Co
One tract of 60 acres land in Moore
County, Tennessee.
22,1871 Bowlby heirs
Lot No. 25, in the city of Carbondale,
Jackson County^ llhnois.
31,1878 C. H. Jones
Eight town lots in Woodville, Tyler
County, in the State of Texas.
Total
J . Kirchhoff & C o .
Amount
sold for.
$500 00
400 00
40 00
25 00
50 00
149 30
300 00
50 00
75 00
50 00
1, 639 30
NUMBER 0F_ SPECIAL-TAX PAYERS.
•Si
States and Territories.
•3|
•g
Alabaraa
:
Arkansas
California
Colorado(a)
..
Connecticut
Delaware(& ^
Florida . . .
.
.
Georgia
I l l inois
Indiana .
Iowa
Kansas
KnTitiiP.lry
Louisiana
........
.........
Maine
Maryland
'.\
•
Massachusetts. .
.. Michigan
Minnesota . . - , , . . . . . - Missis-sippi
..
• •
Mis.Sf>M71 t."
.
M o n t a n a ( c ) . . J"
Nehraska(<i)
Nevada(e)
NewHampshire
N e w J e r s e y . . .v.
New Mexico(/) .
New York
N o r t h Carolina
Ohio
Oregon ig)
."
Pennsylvania
Ehode Island
South Carolina
1
17
91
- 15
7
3
66
28
86
54
10
18
1
66
3
2
3
2
17
4
253
5
91
4
249
7
1,363
707
10, 545
2,288
2,934
652
349
1,387
9, 504
5,915
3,549
2,086
4,208
5,423
1,014
5,506
7, 525
6,098
4,474
929
6,787
2,253
2,320
401
1,169
6,838
1,920
29, 673
. 2,082
14, 581
. 1,935
18. 792
1, 285
931
2
Bi
ll
© ©
©
97
7
15
2
....
a"
41
26
255
79
51
8
6
55
217
78
52
21
247
165
7
168
205
53
52
23
193
89
44
-12
- 7
55
48
797
27330
45
431
40
16
•I-r
1
2
i'
i
1
i
i
3
2
'2
21
18
314
55
301
31
152
36
1,025
405
258
112
227
126
59
680
446
512
161
1
58.6
7
103
1
30
683
1
3,884
29
1,353
16
3,808
59
13
Dealers in ^®af-"
tobacco not ex
ceeding 25,000
pounds.
STATEMENT showing the N U M B E B of PEBSONS who paid SPECIAL TAXES in the SEVEBAL STATES and TEBBITOBIES during the
special-tax year ended April 30, 1885.
1
|l
is
2-2
1-^
6
15
1
1,146
30
452
109
54
16
4
35
3
1
98
25
1
12
453
244
321
13
356
1
-
71
981
79
111 II
50 CO
I,
• a !M
::::::
.
Sgfl£'
^"^ 2
CO
©
' 0 CO 5<
P
6,761
10
6,342
8
13,594
4,637
6,465
3,460
3
2,849
5,84)
e'
30. 252
21
17, 260
7
3
15, 248
2
10, 541
89
10, 385
39
7,495
6,020
11, 351
11
16, 529
16, 765
11
10, 098
2
5,358
63
19, 054
3,392
9,000
901
2, 672
9
15, 047
2,573
58.110
101
196
9,015
36
32,732
4,459
50, 207 • " " s i '
3,193
6, 333 " " " l
ii
1
2
25 " " 2 2 i '
29
3
2i
11
. 5
\
5
70
20
14
7
13
30
41
15
110
59
7
""lie'
21
4
7
54
55
30
12
5
60
24
288
1
150
81
336
3
1
22
70
359
67
156
2
313
24
2
42
100
11
29
10
53'
34
112
131
30
u
i'
20
16
4
'
fl 9
3
1
1
35
9
85
-.9
3
H
19
8
227
62
160
14
3
34
915
169
229
65
124
23
80
172
418
184
107
153
189
62
73
7
158
350
22
2,493
33
339
102
741
61
13
9
12
43
31
81
6
17
22
148
90
60
36
29
22
8
45
169
119
68
9
129
37
67
5
39
111
37
439
14
177
19
335
18
8
8,216
7,129
25, 367
7,200
10,145
4,185
3,393
7,403
42, 415
24, 0'87
19,525
12,884
17, 016
13, 392
7, 229
18, 231
25, 559
23, 940
15,122
6,474
27, 266
5,902
11,647
1,342
4,104
•23, 252
4,629
96, 853
11, 774
50, 366
6,677
75, 680
4, 691
7,318
Tennessee
Texas
Verraont
Virgiuia
...
W e s t Virginia
Wisconsin
13
15
2fi
62
24
152
127
433
7, 613
13, 393
2,218
7, 808
4, 815
12, 803
31
1,602
3,159
426
2,783
943
5,982
49
71
2
44
15
75
Total
1,307
182, 318
4,199
20
16, 337 . 3, 870
960
1
T o t a l for s p e c i a l - t a x y e a r , 1884
1,406
180, 068
4,291
25
15, 349
3,378
1,050
4
,
...
17
'
211
3
467
14
53
57
60
21
11
39
1
17
2
11
2
5
11
16
143
7
14
6
60
9,670
17, 402
2,747
11, 567
5,985
19, 878
10
5
42'
2'
7
190
22
542
59
31
20
193
. 472,589
903
1,548
2, 230
8,676
2,705
697, 662
449, 872
701
1,415
2,240
8, 220
2,705
670, 724.
""is?"
'
(a) Including the Territory of Wyoming.
(6) Including the State of Delaware, two counties of Virginia, and nine counties of Maryland.
(c) Including the Territoiy of Idaho.
(d) Including the Territory of Dakota.
(e) Including the Territory of Utah.
(f) Including the Territory of Arizona.
(g) Including the Territory of Washiugton.
NOTE.—-The collections of Nevada were included with those of California during the first three months of the special-tax year, and the oollections of Utah were included with
t hose of Montana for tbe same period.
O
O
»—(
Ul
Ul
>-i
O
W
o
tr"
Pi
fej
^l^
42
R E P O R T ON T H E
FINANCES.
DISTILLED SPIEITS.
D I S T I L L E R I E S REGMSTERED AND OPERATED.
The following statement shows the number of distilleries registered
and. operated during' the fiscal year ended June 30, 1885 :
Grain.'
, States and Territories.
n6
© •
Molasses.
13
1
©
i
1 1
©
©
....;
1
J
i
I
..
...
i
i
i
i
1
. . .. i
i
,,.....,--i
J
-
J
-
©
i
1
."
:
I
i
;
i
^
...
i.......
4
17
2
1
1
51
23
9
1
1
192
21
2
28
19
2
21
2
2
Total
i
105
25
258
59
69
321
19
32
• ^i
4
376
1
37
98
20
90
5
4
329
1
27
86
16
55
3
47
6
6
39
6
5
1,195
918
1
-
©
ft
©
•
O
4
23
3
1
1
63
24
16
1
1
314
1
'd •
.2
O
Alabama
Arkansas ..
California
Connecticut
Delaware
Georgia
»Illinois
Indiana
Iowa
K a n s a s ....^
^Kentucky
Louisiana
Mn.ryland
Massach usetts
Mi.«»Sniiri
Mississippi
Nebraska
New Hampshire
New Jersey
N e w Mexico
NewYork
N o r t h Carolina
Oregon
Ohio
Pennsylvania
South Carolina
Tennessee
Texas
Vermont
Virginia
W e s t Virginia
Wisconsin
i
Fruit.
365
2
8
12
50
9
105
25
247
57
68
291
18
32
6
3
360
2
8
12
50
9
1
2
102
6
74
1,214
5
34
35
45
238
19
6
1,071
101
2
102
6
74
1,214
5
34
35
45
238
19
6
1,071
101
9
4, 295
4, 245
1
1
7
1
1
9
e
-
I
1
•s,
2
1
-d
1©
ft
o
3
o
H
109
48
261
60
70
384
43
48
7
4
680
2
29
21
78
9
2
3
103
6
78
1,590
6
71
133
65
328
24
6
1,118
107
6
109
42
249
58
69
342
41
41
7
4
553
2
27
21
71
9
2
3
103
6
78
1,543
6
61
121
61
293
22
6
1,110
107
5
5, 499
5,172
COMMISSIONER
OF
INTERNAL
43
liEVENUE.
- F R U I T D I S T I L L E R I E S R E G I S T E R E D AND O P E R A T E D .
S T A T E M E N T showing the NUMBEB of F B U I T D I S T I L L E B I E S B E G I S T E B E D
and OPEBATED during the FISCAL YEAB ended June 3P, 1885, by COLLECTION
DISTRICTS.
!
ri
©
Districts.
T^
Distriicts.
HS
H
©
Alabama
Arkansas
Oalifornia:
First district
Fourth district
•Connecticut
Delaware
•Georgia
Dlinois:
Fourth district
Thirteenth district
Indiana:
Sixth district
Seventh district —
Eleventh district..
Iowa:
Second district
Fourth district..—
Kansas
Kentucky:
Second district
Fifth district
Sixth district
Seventh district...
Eighth district
Maryland
Massachusetts:
Tenth district...!.
Missouri:
First diatrict
Fourth district
Sixth district
Mississippi
,
Louisiana
New Harapshire
New Jersey:
, First district
Third, diatrict
Fiftbdistrict
W
o=^
105
25
105
25
4
21
9
2
2
N e w Mexico
25 ! N e w Y o r k : ,
Fourteenth district
122 1
Fifteenth district
:,25 '
Twenty-first district ...
Twenty-eighth district
57
68 N o r t h C a r o l i n a :
Fourth distnct
'91 1
Fifth district I
10
Sixth district- i
1
.
8 Oregon
Ohio:
Sixth district i
7
Tenth district!
22.
Eleventh district
3
Eighteenth district
3 \ Pennsylvania:
First district.:
3 1
N i n t h district;
3
Twelfth district
105
Nineteenth district —
Twenty-second district
44
2 ' South Carolina...!
!
56 T e n n e s s e e :
:53 1
Second district
Fifth district..:
8
Texas :
' i
12 1
Thirddistrict:
Fourth district
25 V e r r a o n t
\
|
4 Virginia:
Second d i s t r i c t
21
Fourth district
9
Sixth district J
2
;
2 W e s t Virginia
36
34
32
36
34
'32
128
:L30
59
69
321
11
8
7
22
3
1 3
3
3
105
44
2
58
156
8
12
Total
'
38
1314
425
310
479
5
425
310
479
5
4
11
10
9
4
11
10
27
1
5
1
1
45
27
1
5
1
1
45
87.
151
87
151
2
17
6
2
17
6
472
310
101
472
310
101
44
REPORT
ON
THE
FINANCES.
S T A T E M E N T showing the N U M B E R and C A P A C I T Y of G B A I N and MDL A S S E S
D I S T I L L E B I E S in O P E B A T I O N ' a t the B E G I N N I N G of E A C H M O N T H during the
fiscal year ended June 30, 1885, and ihe F I B S T T H B E E MONTHS of the present fiscal
' year.
\
N u m b e r of distilleries.
C a p a c i t y of g r a i n
distilleries.
Months.
Grain.
AND
MOLASSES
Grain.
Spirits.
Bushels.
38, 499
. 34, 500
47, 855
42, 975
51, 797
60, 753
63,173
62, 744
77, 549
85,128
90, 063
69,244
40, 75926, 390
42, 594
382
297
294
284
312
395
454
478
515
568
555
479
327
262
212
July
August ...
Septeraber
October . . .
Noveraber
December.
January...
February..
March
April
May
June
Jui.y
August . . .
Septeraber
GRAIN
Molasses.
DISTILLERIES
IN
C a p a c i t y of molasT o t a l spiritses d i s t i l l e r i e s .
producing
capacity
per day.
Molasses. Spirits.
Gallons.
150,617
13.5, 624
189, 308
170, 026
205, 052
240, 926
248, 025
245, 774
299, 829
329, 301
345, 913
267, 065
159,124
103, 348
174, 295
Gallons. Gallons.
9,341
7,943
10, 028
8,526
8,814
7,424
7,551
6,419
7,782
6,614
8,123
6,905
10,189
8,663
9,827
8, 358
10, 208
8,727
8,946
7, 604
8,776
7, 460
5,967
5,072
6,234
5,300
5,650
4,799
7,122
6,054
OPERATION
1886, 1881, 1882, 1883, 1884,
AND
Gallons.
.158, 560
144,150
196, 732
176,445
211,666
247,831
2.56,688
254,132
308, 556
336, 905
353, 373
272,137
164, 424
108,147
180, 34&
SEPTEMBER
1,
1885.
COMPABATIVE S T A T E M E N T shoiving the N U M B E B and CAPACITY of G B A I N
• and MOLASSES D I S T I L L E B I E S in O P E B A T I O N on the 1st day of September in
each of the years 1880 to 1885, inclusive.
Nuraber of distilleries.
Capacity of grain
distilleries.
Date.
j Grain.
September
September
September
Septeraber
Septeraber
Septeraber
1,1880
1,1881
1,1882
1,1883
1 1884
1 1885
COMPARATIVE
...
Molasses.
372
298
198
387
294 1
212 1
STATEMENT
'
6
5
7
8
8
OF
. Grain.
Spirits.
Bushels.
69, 013
70,193
57, 755
56, 859
47, 855
42, 594
Gallons.
275, 364
272, 806
227,973
224,107
189, 308
174, 295
Capacity of molasTotal spiritses distilleries.
producing
capacity
per day.
Molasses. Spirits.
DISTILLERIES
Gallons.
8,899
8,573
10,426
8,721
8,814
7,122
Gallons.
7,564
7, 287
8,861
6,818
7, 424 •
6,054
REGISTERED
Gallons.
282, 928
• 280,09a
236, 834
230, 925
196, 732
180, 34&
ANB
OPERATED.
The whole number of grain distilleries registered during the fiscal
year ended June 30, 1885, was 1,195, of which nuinber only 918 were
operated.
The numbers registered and operated during the fiscal year ended
June 30, 1884, were 1,291 and 1,078, respectively, showing a decrease
during the last fiscal year of '96 in the number registered and of 160 in
the number operated.
The decrease in the number registered and in the number operated
occurs in the class of distilleries having the smaller capacities for t h e
production of spirits.
In the larger distilleries the decrease in the number registered is very
slight while the increase in the number operated is considerable.
COMMISSIONER
OF INTERNAL
REVENUE.
45
During the fiscal y^ar ended June 30, 1884, 1,052 distilleries of the
smaller class, varying in daily grain capacity from not over 5 bushels
to not over 60 bushels per diem, were registered, and of this number
905, or S6 per cent., were operated. Of the larger distilleries, whose
daily capacities vary from above 60 bushels to 500 bushels, and from
500 bushels to several thousand bushels per diem, 239 were registered,
and 173, or 72 per cent., were operated.
During the fiscal year ended June 30, 1885, 958 of the smaller distilleries were registered, and 731, or 76 per cent., were operated. Of the
larger distilleries 237 were registered, and 187, or 79 per cent., were
operated.
f,
i
The decrease (94) in the number of small distilleries registered was
exceeded by the decrease in the number operated, there having been
174 less of this class operated than in the year previous.
There was an increase (14) in the number of large distilleries operated, although a small decrease (2) occurred in the number registered.
COMPABATIVE STATEMENT of MATEBIALS USED and S P I B I T S PBODUCED
during the fast E I G H T (fiscal) YEABS.
Year.
Spirits
Grain used. produced.
Molasses
used.
Kum produced.
\
1878
1879
1880
1881
1882
1883
1884...
1885
Total
Averaiie ..
Bushels.
14, 680, 552
18, 735, 814
24, 006, 359
31, 291,175
27,459, 095
18, 644, 787
18, 927, 982
17, 865, 203
Gallons.
54, 499, 677
69, 649,166
87, 915, 969
115, 609, 644
104,149, 077
72, 235,a75
73, 724, 581
72, 834,198
Gallons.
1, 995, 645
2, 801, 307
3,110,190
2,710, 307
2,121, 804
2, 373,106
2, 259, 536
2, 719, 416
Gallons.
1, 603, 376
2, 243,455
2, 439, 301
2,118, 506
1,704,084
1, 801, 960
1, 711,158
2, 081,165
171, 610, 967 |650, 617, 487 20, 091, 311
21,451,370 81, $27,186 2, 511, 413
15, 703, 005
1, 962, 875
The quantity of grain used in the production of spirits during the
fiscal year ended June 30,1885(17,865,203 bushels), is a decrease of
1,062,779 bushels from the amount used in the; preceding fiscal year
(18,927,982 bushels), and is 3,586,167 bushels less than the average
(21,451,370 bushels) for the last eight years.
The number of gallons of spirits produced from; grain during the year
(72,834,198), shows a decrease of 890,383 gallons from the product
(73,724,581 gallons) ofthe year ended June 30, |1884, and is 8,492,988
gallons less than the average product (81,327,186) for the last eight years.
The yield of spirits from each bushel of grain is 4.076 gallons, showing a marked advance. The yield for the two prefeeding years was 3.895
for 1884 and 3.874 for 1883.
. '
The quantity of molasses used for the' production of rum during the
fiscal year is 2,719,416 gallons, an increase of 450,880 over the quantity
used in the year previous (2,259,536 gallons) and an increase of 208,003
gallons upon the average quantity (2,511,413 gallons) used during the
last eight years.
; .
The quantity of rum distilled from molasses during the fiscal year is
2,081,165 gallons, an increase of 370,007 gallons upon the product of the
previous fiscal year, and an excess of 118,290 gallons above the average
product (1,962,875 gallons) of the last eight years.
, 46
'
TAXATION
. REPORT ON THE FINANCES, OF FRACTIONAL
PARTS OF
SPIRITS.
A
GALLON
OF
DISTILLED
'
I desire to invite your special attention to what appears to be a pressing need for legislation taxing all fractions of a gallon of distilled spirits.
Under the present law any fractional part of ci gallon amounting to
,. one-half gallon or over, in a cask or package, is taxed as a gallon, but
any fractional part of a gallon less than one-half gallon in any cask or
package is exempt from tax. This provision was undoubtedly made
upon the assumption that in filling large numbers of packages the fractional parts of a gallon would be indilierently above or below a half
gallon, as might happen, and that the fractions taxed as full gallons
would balance the fractions exempt from tax.
But in practice this assumption has not proved to be correct.
It is quite practicable for the distiller so to fill his packages as ta
have a large fraction less than one-half gallon in nearly every instance.
The tax-payer does not omit to avail himself of this opportunity, and
consequently taxable fractions, equal to or exceeding a half-gallon,
occur in packages when filled at the distillery cisterns, only infrequently
and by accident, while the untaxed fraction is of constant occurrence.
When spirits remain in the distillery warehouse for a considerable
time the natural changes in their volume and proof will render the
size of the fraction, upon regauge at the time of withdrawal, a matter
of chance entirely, as assumed by the statute.
But much the larger portion of the spirits manufactured remains in
warehouse for a briefperiod only, and very large quantities are, immediately after entry, removed to rectifying houses, where the untaxed
fractions are made fully available by the distiller or owner.
It is probable that at least fivehundred thousand packages contained
a large, untaxed fraction upon removal from warehouse, during thelast
fiscal year, over and above the packages whose fractions, taxed and
untaxed, fairly offset each other.
The direct result of this practice, as it has prevailed in former years^
is the loss of a very appreciable amount of revenue. But during the
last year a disposition has been manifested to profit by this method of
avoiding taxation to a greatly increased extent.
The plan has been adopted at several large distilleries of substituting
packages of ten gallons capacity and upwards in place of the spirit
barrel of ordinary size, for the sole purpose, apparently, of obtaining the
benefit of the untaxed fraction as frequently as possible.
This threatens to be a matter of very serious consequence, as the
profit derivable from the fractions, especially if trebled or quadrupled,
is sufficient to induce or to compel competitors to resort to the same
device, and a large part of the distillers of finished spirits and of
high wines already declare that they shall be forced to adopt it.
The tax lost thereby is but one of the evils resulting from this
practice. The multiplication of packages increases the labor and expense of gauging and inspection, and of the reports and acicounts of the
packages and their contents. But the evil most to be deprecated is an
unwholesome rivalr^y of this sort, which,is found to stimulate invention
and to lead continually to efforts to obtain other advantages, and those
of .a less legitimate character, in advance of couipetitors in business, or
in place of the benefits from fractions in cases where the latter are not
available.
I am of the opinion that the practice should be checked without delay^
and that the best remedy will be found in taxing all fractional parts of
COMMISSIONER OF INTERNAL REVENUE.'
47
a gallon of distilled spirits; and for this purpose I respectfully recom ^
mend that legislation be had which, in lieu of the present method of
taxing and exempting fractions, shall authorize the assessment and collection monthly, in like manner as other taxes are assessed and eoliected^
of the tax upon the whole number of proof gallons, or of wine gallons
when below proof, which the fractions of galloris removed from each
distillery warehouse may aggregate.
i
DISTILLATION OF FRUIT—BONDED WAREHOUSES FOR F R U I T BRANDY
The production of brandy from apples, peaches, and grapes, exclusively, is carried on under much simpler rules and restrictions than
govern the distillation of all other articles. Distillers of those fruits
are exempted from many of the provisions of law relating to the manufacture of'spirits, under authority conferred upon the Gommissioner of
Internal Revenue, with the approval of the Secretary of the Treasury,,
by section 3255 of the U. S. Bevised Statutes.
The limitation, however, of this authority to the exemption of distillers
of apples, peaches, and grapes, exclusively, operates to prevent the distillation of many other fruits whose use for the production of brandy
would not justify the employment of distilleriesj arranged under and
conforming to the general provisions of laAV conce^rning distillation.
During every fruit season applications are made to distill various
fruits under the regulations concerning apples,! peaches, and grapes.
These applications must, of course, be refused. This works a hardship
and compels a waste of fruit which might otherwise have afforded a
profit to the owner, and to the revenue.
I think it would be expedient to extend the provisions of the statute
to all fruits.
Distillers of brandy from grapes are afforded, by the act of March 3,.
1877, the advantage of three years' storage of their product in special
bonded warehouses, which are authorized to be! established for that
purpose, but not to exceed ten in number in any one collection district,.
This law enables the grape brandy producers to fully ripen their
spirits, and to secure an advantageous market for them. It also furnishes greater security for the payment of the tiax upon this class of
spirits, which must be bonded or tax-paid at th0 time of making the
monthly return of their product. The extension of the same privilege
to distillers of apples and peaches and of other fruits whose distillation
may be authorized uuder the regulations governing the distillation of
the fruits above named might be reasonably expected to inure to the
benefit^iOf the revenue as well as of the distillers, as the necessity for
disposing of the spirits before they have reached a profi.table stage in
order to meet the tax accruing is believed to discourage distillation, to
some extent.
^
The compensation of the officers assigned to such warehouses would
be the chief additional expense incurr^ed, but if Authority were given
for the assignment of officers of the class knowh as storekeepers and
gaugers to such warehouses the expense would iye reduced to a minimum. The warehouses fbr grape brandy have been established only in
Oalifornia, and four warehouses have been found sufficient for each bf
the two large districts in that State.
I am of the opinion that it would be advisable to make the provisions
of the act of March 3, 1877, applicable to all distillers of fruit brandy.
48
R E P O R T ON T H E FINANCES.
WOOD-ALCOHOL.—ITS USE IN COMPETITION W I T H E T H Y L ALCOHOL.
I think it proper to refer to an alleged competition which tax-paid
ethyl alcohol suffers from untaxed wood-alcohol or wood-naphtha.
I t has been represented to me that manufacturers employing taxpaid grain alcohol in their business find other manufacturers successfully using wood-naphtha for like purposes with results detrimental to
the business of those using alcohol.
I t is further stated that the pi'ocess of deodorizing wood-alcohol has
been so far perfected as to render it possible to employ it in many ofthe
arts and trades in placeof ethyl alcohol without detection, and possibly with equal advantage.
This information has been so recently received that it has not been
practicable to fully verify the statements made. But I hav(^ thaught it
best to invite attention to the matter at this time in view of the impor'tant consequences which might follow if these representations should
prove to be well founded.
If wood-alcohol can be deodorized to a considerable degree, if not
entirely, its employment in the various manufactures from which it has .
heretofore been excluded may aff'ect to some extent the production of
grain alcohol, from which, in its various grades, so large a proportion
of the revenue from distilled spirits is derived.
The methylation, also, of grain alcohol by the addition thereto of a
small proportion of wood-naphtha, in order to permit the use of the alcohol in industrial pursuits without payment of tax thereon, as has been
proposed, would hardly affbrd the degree of safety against the use of the
alcohol as a beverage which has been attributed to it.
DIMINISHED PRODUCTION OF SPIRITS.
The quantity of spirits (74,915,363 gallons) produced and deposited
in distillery warehouses during the fiscal year ended June 30, 1885, is
less than the production (75,435,739 gallons) ofthe year 1884 by 520,376
gallons.
This decrease is distributed among the different kinds known to the
trade as follows:
Decrease in production of—
.'
Gin
High wines .'
Pure, neutral, or Cologne spirits
Miscellaneons
i
Gallons.
2,263
3,509,799
1,434,298
614,713
,
:
Total decrease
Increase in prodnction of—
5,561, 073
Gallons.
•
Bonrbon wliisky
Rye whisky
Alcohol.
Rnm
3,380,918
238,085
1,051,687
370,007
'.
Total increase . . . ' .
•
5,040,697
Net decrease
*
#
.520,376
*
#
#
*
#
.
COMMISSIONER OF INTERNAL REVENUE.
49
DECREASED TAX-PAID WITHDRAWALS OF S P I R I T S .
The quantity of spirits, 67,649,321 gallons, withdrawn tax-paid from
distillery warehouses during the fiscal year ended June 30, 1885, is
less than the quantity (78,342,474 gallons) withdrawn from distillery
warehouses during the fiscal year ended June 30, 1884, by 10,693,153
gallons, the decrease being distributed among: the different kinds
known to the trade as follows :
'
Decrease in withdrawals of—
;
Bonrbon whisky
Rye whisky . . . . . . '
Alcohol
Rnm
High Avines..^
Pure, neutral, or cologne spirits
Miscellaneous...
Gallons.
4, 288, 223
1,168,356
24,105
103,740
3,094,282
958, .385
1,068,458
:
2
Less increase in withdrawals of gin
Total decrease
I
1
I'.
.:
r - - • - ••
.•..
10,705,549
12,396
10,693,153
If the quantity (816,617 gallons, as stated by the chief of the Bureau
of Statistics) of domestic spirits exported and reimported during the
year upon payment of a customs duty equalto thei internal-revenue tax
be added, the quantity virtually withdrawn from distillery warehouses
for consumption upon payment ofthe tax during the year ended June
30, 1885, is found to be 68,465,938 gallons, or 9,876^536 gallons less than
the quantity so withdrawn for consumption during the fiscalyear ended
June 30, 1884.
This great falling off* in the principal source of internal revenue is
largely due to the operation of the internal-revenue laws, especially of
those laws arbitrarily limiting the time within which spirits must be
withdrawn from distillery warehouses without reference to the demands
of trade.
;
This period was fixed by the internal revenue act of July 20, 1868, at
one y4ar from the date of the entry of the spirits for deposit in the
vt^arehouse. Under this restriction the distillers naturally limited their
production to their estimate of the year's demand, and as this estimate
for so short a period was probably based largely upon actual orders in
advance, no serious trouble arose through overproduction up to the
date (March 28, 1878) when the time was extended to three years. Kor
was any notable trouble occasioned in this way through this extension,
the 5 per cent, per annum interest clause of the joint resolution of Oongress granting the extension having evidently operated to retard such
a tendency.
i
The situation seems, however, to have greatly changed upon the passage of the internal-revenue actof May 28, 1880, which repealed the
interest clause of the joint resolution of March 28,1878, and also greatly
stimulated the accumulation of spirits in distillery warehouses by authorizing the abatement of the tax on the spirits lost by leakage,
evaporation, and other natural causes in such wai?ehouses. The effect
was immediate. Within one year the quantity of Spirits in these warehouses was doubled and increased until at the close of tbe fiscal year
1882 the maximum quantity of 89,962,645 gallons was reached. A t
the close of the fiscal year 1883 the quantity was reduced to 80,499,993
gallons, and at the close of the year 1884 to 63,502,551 gallons.
The great reduction in the year 1884 was necessary in consequence
2673 F
4
50
REPORT ON THE FINANCES.
of the maturing of the three years bonds of 1881, covering; the remnant
of the product (117,728,150 gallons) of that year, the largest product
known in the history of internal-revenue taxation.
This reduction was largely secured through the withdrawal of spirits
from warehouse upon payment of the tax, which spirits were not needed
for actual consumption, but remained on storage in the hands of wholesale liquor dealers alter the tax Avas paid. It was also partially secured by the ""exportation of spirits to such points as'Bermuda, Bremen,
and Hamburg, where they were stored in warehouses expressly^ provided for them, and where, I am informed, the greater part of those
which have not been returned to the United States now remain.
The quantity exported to these three points during theyears 1884 and
1885, exclusive of alcohol and cologne spirits (for which there is an actual foreign demand), is 8,270,203 gallons, of which 816,617 gallons are
known to have been reimported as above stated. Estimating the quantity returned during 1884 at 453,580 gallons, leaves 7,000,000 gallons on
storage at those points lialile to be reimported for consumption in the
United States in competition with the other spirits of that class now
remaining in distillery warehouses.
Besides the 7,000,000 gallons of domestic spirits on vA^hich the internalrevenuetax has never been paid which remained iu store in foreign
warehouses at the close of the year ended June 30, 1885, there then
remained in distillery warehouses 10,229,473 gallons of spirits, winch
had so remained for a period exceeding the three years from the date
of the entry for deposit.
It appears that under an opinion of the Attorney-General of December 24, 1884, such spirits as are covered by transportation bonds or exportation bonds are allowed to remain in distillery warehouses during
a time reasonably necessarj^ in the process of exportation even after
the expiration of the three years' limit fixed by the warehousing bond.
This time was limited by my predecessor, with the approval of the then
Secretary of the Treasury, to seven months. N'ot being able to see the
necessity for so long a time to accomplish the trausportatiou ot* the
spirits to the port of export, I have, with the approval of the present
Secretary, reduced the time to thirty da3^s, and so Uuiited the time
within which such, bonds may be filed as to coUect the tax ou oc before
the expiration of the time,(three years) withiu which spirits may remain
in distillery warehouses. The only time now obtaiuable iu excess of
the three years is that which occurs through the necessary delay in
enforcing the payment ofthe tax.
'
Of three methods provided b,y law, that by assessment was adopted
in January, 1883, at the time the general necessity for forcible measures
became apparent. This method, adopted by Oommissioner Raum, under
the advice of Secretary Folger, preseuts some advantages over the other
systems. It is much more expeditious than that involving a suit on the
warehousing bond, and although less prompt than the mode of collecting by distraint without assessment, it has the advantage over the
latter plan in rendering property other than the spirits themselves
liable to distraint for the tax. The plan of enforcing the paymeut of
these taxes and the consequent withdrawal ot* the spirits froai distillery
warehouses by assessment has therefore not been changed.
The Attorney-G-eneral's opiuiou ot* July 2, 1883, to the effect that
where the spirits are withdrawn from the distillery warehouse with the
intentiou of being landed at a foreign port and of subsequently being
returned to the United States th^y are not withdrawn for exportation,
may have had some effect to prevent the withdrawal of spirits where the
COMMISSIONER OF INTERNAL REVENUE.
51
intention to export, as stated in the notice, was not the intention to export as defined by the Attornej^-General. In view of this opinion, collectors of customs have been directed to inquire into the matter of intention when the spirits are returned to the United States, and in some
instances have decided that the original intention included the puri)ose
to reland in the United States, whereupon the tax has been collected
as to such returned spirits on the quantity withdrawn from the distillery warehouse. Cases of this kind have, however, been very rare,
and necessarily so in view of the diiffculty involyed in deciding that a
man's intentions are diff*erent from those he has in each case declared
them to be.
i
In the light of past exi)erience it is deemed safe to predicate that the
bulk of the Bourbon, whisky and rye whisky- shipped to Bermuda,
Bremen, and Hamburg, Germany, will be eventually returned to the
United States, but it will not be returned by the parties who give the
transiiortation bond, or exportation bond, upon which the si)irits are
withdrawn from the distillery warehouse; and even ifit were so returned
by them it is difficult to saj^ that such was their; intention when they
gave the notice and bond. N'o doubt the exporters would be glad to
find a inarket for their products abroad, and so be relieved of the expense of the return voyage. Under these circuu'istances, and iu view
of the fact that the law accords the privilege of exportation free of tax
to holders of all kinds of spirits in distiller}^ warehouses alike, I have
not felt warranted in interfering with exportations to the ports named,
or in discriminating against these kinds of spirits and in favor of alcohol, rum, or other kinds of spirits which, when once shipped abroad, are
not often returned.
!
It is hardly to be supposed that a distiller woiild produce spirits if
he knew beforehand t h a t t h e spirits would not be purchased by any one
able and willing to pay the tax thereon until they Ihad lain in a bonded
warehouse in Bremen, Germany, one or more years. I t is evident that
the distillers are unable to determine beforehand the quantity of spirits
they will be able to dispose of within three years, i Under this view of
the matter it would be better for the distiller, if there is to be any limitation of the bonded period, (and it would certainly simplify the administration of internal-revenue laws) to restore the time given in the warehousing bond from three years to one year, as pi'ovided in the act of
July 20, 1868.
'
i
I am of the opinion, however, that a better plali would be to allow
spirits to remain in distillery warehouses an indefinite time, subject to
peremptory withdrawals in case of excessive losses,' provided the United
States is reimbursed for the additional expense incident to such storage.
As in case of all other articles subject to internal revenue tax, the quantity actually consumed is the measure of the quantity upon which the tax
is paid. Any law, therefore, which fixes the date of the payment of the
tax at any time other than the date ofthe actual demand for consumption is a disturbing element in the business of tike producer, more or
less severe as the business ot the distiller varies niore or less from the
artificial standard set up by the law.
i
'
DISTILLED SPIRITS ALLOWED FOR LOSS BY LEAKAGE OR EVAPORATION IN WAREHOUSES.
The quantity of spirits (4,424,314 gallons) reported in the preceding
table as lost by leakage or evaporation in warehouse is that portion of
the actual leakage in warehouse from packages withdrawn during the
52
REPORT ON THE FINANCES.
year which has been allowed in accordance with the provisions of section 17 of the act of May 28, 1880.
The following statement shows the quantity of spirits, as per original
gauge, withdrawn from warehouse for all purposes during the stated
period, and the aniount and percentage of leakage allowed thereon
under the provisions of the act named.
Total quantity
witL d r a w n .
Year.
1880
1881
1882
1883
1884
1885
.•...
Gallons.
78,199, 283
84, 335, 900
80, 281, 611
83,291,190
92, 022, 593
*90, 925, 782
Leakage
allowed.
Gallons.
75, 834
811, 46e
1, 231, 336
2, 291, 013
3, 858, 494
4, 424, 314
P e r c e n t a g e of
withdrawals.
.096
.962
1.533
2. 750
4.193
4. 866
*Includes 7,750,696 gallons stamped for export but not actually withd
The maximum allowance fixed by the act above named, on account of
leakage in warehouse during the full bonded period of three years, is
seven and one-half gallons to each package of not less than forty wine
gallons' capacity, or 18.75 per cent; of that capacity. On this basis the
average bonded period for all classes of spirits withdrawn from warehouse duringthe year 1884 would represent less than nine months, and
as to withdrawals during 1885 rather morethan nine months of the full
bonded period authorized by law.
A large percentage of such withdrawals, however, is made up of highproof spirits, such as alcohol and high wines, which are held in bond
only for a limited period of time, and on which, in many cases, no leakage whatever is claimed. On the other hand, spirits, such as bourbon
and rye whiskies, are, in a majority of cases, held in warehouse for the
full bonded period, and the large increase in the amount of leakage allowed during the years 1883,1884, and 1885 over previous years is due
to the proportionally large increased withdrawals of this latter class of
spirits.
As the foregoing tables show not only the quantity of all kinds of
spirits withdrawn for all purposes and the quantity allowed for leakage, evaporation, &c., but also the quantity of each kind so withdrawn
and so allowed, they aff*ord the means of determining the actual amount
of tax paid oh each gallon of each kind of spirits produced. Computations on this basis show that,the tax paid on withdrawal of each gallon produced was as follows: Bourbon whisky, nearly 81 cents per taxable gallon; rye whisky, nearly 80 cents per gallon; alcohol, 89.99 cents
pergallon; rum, 89.23 cents per gallon; gin, 89.74 cents per gallon;
high wines, 89.61 cents per gallon; pure, neutral, or cologne spirits, 89.56
cents per gallon; miscellaneous, 88.34 cents per gallon. '
Except as to bourbon and rye whiskies, the above computations are
made on the tax-paid withdrawals of the figcal year ended June 30,
1885. As to these kinds of spirits the computations were based on
withdrawals made in the fiscal year ended June 30,1884. The computations as to bourbon and rye were not made for 1885, as the leakage
allowances as to these spirits includes allowances on the bulk of the
7,750,696 gallons stamped for export but not actually withdrawn from
warehouse. These leakages would make the rate of tax as to these
two classes of spirits appear to be less than 80 cents per gallon.
COMMISSIONER
OF INTERNAL
REVENUE.
53
Of the 517,912 gallons shown by the preceding table to have been
lostby casualties during the j^ear 1885,333,825 gallons were lost through
one casualty by fire, which occurred at a warehouse in the twenty-second district of Pennsylvania, and the total quantity lost duriug the
year is found to represent one gallon out of every two hundred and
sixty-seven gallons held on deposit in distillery warehouses during the
year.
.
^ i
SPIRITS WITHDRAWN FROM WAREHOUSES FOR SCIENTIFIC PURPOSES
AND FOR T H E USE OF THE UNITED STATES.
The quantity of alcohol withdrawn free of tax from distillery warehouses for the use of colleges and other institutions of learning in the
preservation of specimens of natural history in their several museums,
and for use in their chemical laboratories, and of spirits of various kinds
for the use of the United States, amounted during the year to 27,330
gallons, or 6,493 gallons more than the quantity w^ithdrawn during the
previous year.
'
SPIRITS REMOVED IN BOND FOR .E?:PORT.
The following statement shows the quantity and percentage of production of distilled spirits removed in bond for export during each fiscal
year since the passage of the act of June 6, 1872::
Year.
1873
1874
1875 '
1876
1877
1878
1879
:
Taxable
(proof) gal- P e r c e n t a g e of prolons
exported. duction.
2, 358, 630
4, 060,160
587,413
1, 308, 900
2, .529, 528
5, 499, 252
14, 837, 581
3.45+
1880
5.90-j1881
0. 96H- 1 1882
2 . 2 5 + j 1883
4.22+
1884
9 . 8 0 + j 1885
20. 6 3 +
Year.
'
.
L
1
'
i
1
I
Taxable
(proof) gal- P e r c e n t a g e of p r o lons
exported. duction.
16, 765, 666
15, 921,482
8, 092, 725
5,326,427
9, 586, 738
10, 671,118
18. 5 5 +
13. 5 2 +
7.64+
7.19+
12.70+
14.24+
The increased withdrawals for exportation, as shown in the above
table, for the years 1884 and 1885 consist mainly of bourbon and rye
whiskies, the quantity of such spirits withdrawn for export being, for
1883, 988,842 gallons^; for 1884, 4,112,268 gallons; and for 1885,4,399,230
gallons.
;
These withdrawals, as stated in a preceding paragraph relative to
withdrawals of spirits on payment of the tax, were made upon entries for exportation to such ports as Briemen and Hamburg, Germany,and Hamilton, Bermuda, from which points the spirits have from time
to time been returned to the United States and entered for consumption upon payment of a duty equal to the internal-revenue tax thereon.
The authority for accepting a duty equal to the internal-revenue tax
is found in section 2500 of the.Revised Statutes of the United States.
A limitation fixed by the statute, however, is to the effect that the
article, in this case the spirits., shall be exported from the United States
and reimported. The Secretary, therefore, early sought the opinion of
the Attorney-General in the matter. The opinion of the AttorneyGeneral and subsequent action of the Secretary and of this Office are
as follows:
.
'
^
DEPARTMI^:NT OF J U S T I C E ,
Washington, July 2, 1883.
S I R : Yours of May 21 states that large quantities of domestic distilled spirits
now remain in distillery bonded warehouses subject to a t a x payable within tbree^
54
REPORT ON T H E
FINANCES.
years from the date of their entry for deposit, under the act of May 28, 1880, and t h a t
the time during which payment of the t a x i s suspended upon 12,000,000 gallons thereof
expires within the present calendar year ; t h a t you are iuformed t h a t the owners of
a large quantity of such spirits propose to withdraw it uuder sectiou 3330, Revised
Statutes, and acts of J u n e 9, 1874, and March 1,1879, in order to ship it to Hamilton,
Bermuda, with the purpose, after landing it there, of shipping it back to this country
and entering it, either for warehousing or for consumption, under section 2500, Revised Statutes, claiming at the same time that under the warehouse laws such spirits
may remain in warehouse, without payment of duties, for a period not exceeding three
years from the date of their importation. (Sec. 2970, Rev. Stats.)
In pursuance of this plan, several thousand barrels of spirits are now at Newport
News, Va., for the purpose of shipment.
Thereupon you ask:
• First. Is such shipment of whisky, with such purpose aud intention, to Bermuda,
and landing it there, an exportation within the intent of sectiou 3330, Revised Statutes, aud the act of 1874 (18 Laws, 64), and does such shipment and landing there fulfill the conditions of the exportation bond and discharge the whisky from the internalreven ue tax thereon ?
Second. Is such whisky, upon return to this country, eutirled to be admitted under
section 2500,.Re vised Statutes, on xiayment o f a duty equal to the tax imposed thereon
by the internal-revenue laws?
Third. Is it entitled upon return to this country to the rights and privileges of imported merchandise, u n d e r t h e warehouse laws, chapter 7, Title 34, Revised Statutes ?
To the above statement you have, Juue 23d, added, as a variation, thefollowing,
which is also to be considered and made an additional subject of discussion :
'^,(1) The exporters propose to comply with all the requirements of.the law in rcT
spect to the exportation of their whisky, so that the transportation and export bonds
sliall be canceled and the whisky exported, legally discharged from.the lien the
•Government has upou it for an internal-revenue tax.
'' (2) Arrangements have been made for the storage of the whisky in Bermuda for a
period of twelve months, and longer, at the option of the owners, at advantageous
Tates of storage,in a climate which in a remarl^able degree facilitates the ageing of
whisky.
'^(3) No arrangements have been nuide for the return of said spirits, and t h a t the
same or any part thereof will not be returned to this country except in response to
the demand of trade, and t h a t the exportations are being made for the purpose of relieving an overloaded home market, with the intention, in due course of business, of
making sale of all t h a t can possibly be placed upon the British and Continental markets.
'' (4) It is the intention of the exporters to preserve the identity of the spirits exported, so t h a t if a market is found in the United States for any portion of it, it can
be entered as domestic distilled spirits reimported, upon which a duty equal to the
internal-revenue tax will be levied and collected."
Inasmuch as all the statutes which are cited by you describe the transaction in
the course of which occur the details as to Avhicli the above questions arise by one
or other form of the word ''export," it is important to ascertain what t h a t word
means.
Its dictionary signification is to carry out ofa country. By the A-^ery force of language
this denotes onlj^such an act as, when completed, results in a carrying out—i. e., t h a t no
act can be so denoted if at its completion the thing carried has been returned wi.thin
the country. It is no more true in common parlance than in law t h a t a transportation of goods from San Francisco to New York is an exportation oit\x.^m, even although
between their departure and arrival they lie for some time in the ports of Callao and
Rio Janeiro, and although the conversation about them occurs whilst they so lie.
Furthermore, it is not because^by statute coastwise transportation can only take
place in American bottoms t h a t such goods have not at any period of the transit been
exported. It would be equally true of goods in the course of transportation, under
section 4347, R. S., in a British bottom from Ogdensburg via Toronto to Chicago, even
if spoken bf whilst lying at Toroiito.
^
I t is, therefore, only when the executed act results in carrying the goods out o f t h e
country t h a t it is an exportation.
I t is hardly necessary to go further upon this matter and say t h a t in speaking of
an act I include any transaction done in accordance with original intention, no matter
how complex, or how much broken into bits. Unity of intention unites all such details into one whole.
The American citizen who goes abroad for an indefinite period, intending to educate his children in Germany, and, in the interval, or subsequently to locate himself
for one advantage or another in Italy and in other countries, intending, after all, to
return to live in America, does not lose his citizenshij) at any moment of his absence.
The whole affair was only one visit. And so if a cask of Madeira is carried to Cal
COMMISSIONER
OF INTERNAL REVENUE.
55
7 cutta for the benefit o f t h e voyage, such benefit to be enjoyed after its return, this is
not an exportation ; nor in the absence of a special context giving to such adclitional
incident t h a t effect, can it make any diff'erence if in the mean time it be temporarily
landed at one foreign port, or at several.
In general, then, neither the lapse of long time, nor the incidence of numerous der
tails affects t h e unity of an act.
I find nothing in the context of the Statutes under cdnsideration to disturb this
usual signification o f t h e word export. Although it may be noticed t h a t the context
in the j>reseut case goes to confirni the above conclusion as to the meaning of export,.
as one to which the legislature was actually advertent, for the transaction by which
domestic liquors are allowed to be shipped abroad, is one which such context recognizes as making them objects fit for iniportation, i. e., foreign goods.
There may be instances in the statutes where the word ", export" is shown, directly
or by the context, to have been used irregularly, as, for instance, in section 1955, where
the ^^ exportation^^ to Alaska from any port in the United States is spoken of; but these
are exceptional, their effect being of course limited to what is in the same connection
expressly provided, and therefore without influence upon what ordinarily is the statutory use of the word.
,
In the case put by you in your first note, in which an intention exists to carry spirits
now at Newport News, Va., to Hamilton, Bermuda, with Ithe purpose, after landingi t there, of shipping it back to this country, I am of opinipn t h a t there will be no exportation, or, consequently, importation, so far, ai all events, ds io entitle the owners to any
privileges connected with exportation or importation.
\
Whether they may subject themselves to another class o f t h e provisions o f t h e custom law is obviously a different matter, and will best be decided when a specific case
arises.
'
(1) The landing specified in the bond referred to in your first question is by its own
words, and by those ofthe statute which requires it, a landiiig in the course of an exportation. No landing at Hamilton, therefore, in the caseiput by you, is such landing. Neither landing nor any other detail, statutory or other, can obviate the necessity of that intention, which is of the essence of exportation! * I therefore answer your
first question in the negative.
j
(2) I must add, of course, t h a t the case iu view is not within section 2500 for the
XDurposes of your second question.
(3) Equally, such spirits will not be entitled to the rights and xirivileges referred
to in Question 3.
i
I now ask your attention to the effect o f t h e variations of which you speak in your
second note.
|
I premise t h a t I understand these statements to affect cases in which nothing else
appears as to the intention of the owners in shipping the goods out of the country ;
for if they accompany cases in which the intention is ascertained to be what you
have already stated, I am of opinion t h a t the main suxiport o f t h e theory o f t h e owners fails them, there being, no exportation ; ^so, if the only intention in shipping them
abroad is for a twelve-months' storage in Bermuda, t h a t also is inconsistent with exportation.
.
j
As the legal notion bf emigration is a going abroad with an intention of not returning, 80 t h a t of exportation is a severance of goods from the mass of things belonging
to this country with an intention, of uniting them to the mass of things belonging to
some foreign country or other.
All emigration as above defined.is attended with a chance that the intention may
afterwards (i. e., after actual removal) be changed. This chance does not affect the
character o f t h e act. Nor does the circumstances of an original speculation t h a t
such chance may occur, or even a resolution t h a t u^on a certain contemxilated contingency the party about to emigrate will return, ex. gr. ux')on a change of government, or uxjon the loss of his health, &c., affect the validity of an emigration otherwise bona fide. I suppose t h a t the case may often be the same with exportations as
above defined, viz, a contingent change in the state of the; market, by which it may
be profitable to bring them l^ack, the immediate hona fide ^WT^O^Q as well as act, however, being to seek a foreign market. This would, nevertheless, be an exportation,
a n d upon return, of course, an importation. Nor would such exportation be defeated.
by the incident of ** preserving the identity " of the goods.!
But if the only purpose were to obtain for a time the advantages which some for•eign port gives for imxiroving spirits, and meanwhile of escaping sorae home revenue
regulation upon domestic spirits, and acquiring after return some, home revenue privilege appropriate to foreign spirits, I submit t h a t the statutory requisites for such effect would be Avanting. I say the statutory requisites, for I admit t h a t if those requisites are duly comxilied with they must haA^e their due statutory effect, and there
would in such case be no ground for suggesting/mitcZ.
•'
I cannot say t h a t the A^ariations abo\'e amount to more than evidence of exportation
or of the contrary. The mere carrying goods abroad is, of course, strong evidence
56
R E P O R T ON T H E
FINANCES.
t h a t they are being exported. Whether _2^roo/or not is another matter. I suppose
t h a t you do not wish a mere discussion of the weight or direction of the testimony
contained in the variations. If questions shall be made hereafter in the courts upon
the matters under consideration neither xiarty will take any a d v a n t a g e from what
may be said upon them here.
And in closing it may be well to express what no doubt is now understood, but may
be forgotten, viz, t h a t the Government will not be bound hereafter by any p a r t of
this discussion t h a t may then be seen to be ill-founded. There is nothing in this
opinion, or I suppose in any other part o f t h e transaction, which the owners in question can rely upon as having the force of an estopx3el or contract, in case the Government shall then be better advised as to its rights.
This opinion has no force whatever except as advice by one Department to another
in a future contingency, as to which the latter Department very properly wishes to
Avarn citizens whose interests therein are very large. With every disxiosition to treat
the owners of these spirits Avith xierfect candor, it3 must be recollected t h a t definiteness under the circumstances is unattainable, and t h a t it is not in the power of officers of the Government to trammel the discretion with which in the interests of the
public these transactions will otherwise have to be considered, or the.freedom witb
which accordingly they must otherwise be treated when the proposed ' ' e x p o r t a t i o n "
and " importation" shall have hapx^ened.
The present statements "and discussion will of course go to show a disx30sition to
deal fairly upon the part of these owners, and for that they must ahvays have c r e d i t ;
b u t no engagement or embarrassment will come of what is said ux)on the x^art of the '
Government.
Very respectfully, your obedient servant,
S. F. PHILLIPS,
Solicitor-General.
The SECRETARY OF THE T R E A S U R Y .
During my absence these questions were put to the Solicitor-General, and he h a s
passed upon them and submitted the above opinion and answers. HaAdng examined
the subject myself, I concur Avith him and approve of his opinion and answers to t h e
questions propounded.
BENJAMIN H A R R I S
BREWSTER.
Attorney-Gen eral.
In pursuance of this opinion the following letters were written:
TREASURY D E P A R T M E N T ,
Washington, D. C , July 21, 1883.
Messrs. Wood, Pollard & Co., of Boston, have addressed a letter to this Department^
dated the 17th instant, in which they state t h a t a firm in Boston exported, some
, months since, in bond, to Hamilton, Bermuda, a quantitj'^ of whisky of domestic manufacture, which was returned.to your port in J a n u a r y last, where it now remains in'
bonded warehouse. They have agreed with the holder to buy 25 barrels of this-'
Avhisky, delivered in Boston, in bond, and they ask what course may lawfully be
taken in the premises.
Guided by the opinion of the United States Attorney-General, this Department
holds t h a t articles the growth, product, or manufacture o f t h e United States, when
exported and reimported under section 2500 United States Revised Statutes, are n o t
Avithin the purview of our customs-warehousing system, and t h a t they cannot lawfully
be stored under the laws creating t h a t system. This will apply to distilled spirits^
the manufacture of the United States, once exported and reimported Under the section above cited. Upon the lauding of such spirits collectors of customs will exact
.payment of a duty equal to the t a x imposed b y t h e internal-re venue laws. They
will not permit them to be entered for storage iu bonded warehouses; and on failure
of other means to obtain the duty, they will seize and hold them for the same, and
all legal expenses of their action.
In the case UOAV before the Department, and sxjoken of in the beginniug of this letter, a Avarehouse bond has sometimes been taken iu good faith, and. under a mistaken
but innocent belief in the legality and regularity thereof Because of that the sxiiritsto which t h a t boud applies may be dealt with as an exceptional case in accordance
with the conditions of the bond.
Very respectfully,
CHAS. J . FOLGER,
Secretary.
To the COLLECTOR P O R T OF N E W YORK.
,
COMMISSIONER
OF INTERNAL REVENUE.
57
[5845.—Cancellation of internal-revenue export bonds.1
This Department is in receipt of your letter, dated the 28th of June last, transmitting an application by W. J. Osborne, assignee of Ives, Beecher- & Co., for the cancellation of bond No. 760, given by him June 11, 1883, in the suin of $4,700, to secure
the production within six months of a foreign customs certificate to cover thirty barrels of Avhisky iniported per bark Alfred from Bermuda.
I t is alleged t h a t the whisky on exportation from the Uriited States was covered by
internal-revenue export bond No. 4125, which bond has been canceled on the inclosed
evidence. Connected with the evidence x'>i'oduced Avas fi certificate from a foreign
revenue officer, showing the landing at Bermuda of thej " goods and merchandise"
described in the landing certificate. No separate certificate, in compliance with the
conditions of bond No. 760, has been produced, as required by the regulations covering snch cases. The foreign certificate presented was rejected, and the bond in question taken o n t h e ground t h a t the certificate did not state t h a t the whisky therein
mentioned was the whisky returned to the United States, knd on the ground, furtherj
t h a t there was no identification o f t h e imported whisky as t h a t which was exxiorted.
In reply to your request for instructions, I have to state t h a t a certificate should be
presented in the usual manner, in accordance with the conditions of the bond. The
Department declines to authorize the accexitance, as a sufficient compliance with ^aid
conditions, of the certificate already produced. Inasmuch as the Attorney-General has
expressed the opinion t h a t the shipment of distilled spirits abroad, with the xiurpose
of bringing it back to the United States to eA^ade the immediate xiayment of the t a x
thereon, is not a legal exportation, the Department, in cases Avhich apx:)ear to come
within the scope of that ox:)inion, AA^HI insist upon a rigid cbrapliance with its regulations, and waive none of its requirements as to the exportation or importation of distilled spirits.
As regards the question Avhether your action was in accordance with the general
regulations in taking a bond for the production of a certificate under the circum' stances, you are informed t h a t while articles 373 to 379, iiiclusiA^e, of the regulations
of 1874, do not expressly refer to such cases, there seems to be no reason why a bond
may not in a proper case be taken as well where the merchandise is subject to a duty
equal to the tax imposed by the internal-revenue laws under section 2500, Revised
Statutes, as where it is free. The regulations cited may therefore be applied in sucb
cases.
Your inquiry whether upon ,an importation of this character the duty chargeable
on foreign spirits should not be exacted in the absence of a fbreign customs.certificate
showing t h a t the Avhisky is the identical Avhisky exported, is, therefore, answered in
the negative, provided it is a bona-fide reimportation of an American manufacture,
t h a t a bond be given as aforesaid, and t h a t the other regulations upon the subject
shall be observed. (Collector of customs. New Yorlj:, August 3,1883.)
[1885. —Department No.'46.—Division of cnstoms.—Circular.—Reimportation of distilled''spirits. 1
TREASURY DEPARTMENT,
O F F I C E OF THE SECRETARY,
Washington, D. C , April 14, 1885.
To Collectors and other Officers of the Customs :
'
\
In an opinion of the Attorney-General, printed in Decision 5829, of July 21, 1883,
the question was discussed of the status for duty purposesof distilled spirits manufactured in the United States, shix3ped to foreign countries Avithout payment of the
internal-revenne tax, and subsequently returned to the Uiuited States, the circumstances under which the shiximent/ abroad Avas made indicating that it AA^as the intention of the parties interested Avhen making the shipment to return the spirits to
the United States. The opinion of the Attorney-General A\ras t h a t a shipment aud
return under such circnmstances did not constitute an exportation and importation.
Lately considerable quantities of spirits have been shix^x^ed fromthe West to St.
John, N. B., via Boston, and afterwards returned to Boston within short periods of
time, and upon such return duty Avas assessed under section 2500, Revised Statutes, and on the quantity returned by the customs ganger, Avithout a correction of
volume for temperature as required by the Internal Revenue Regulations.
The Dexiartment decides that, on the facts stated, the shipment and return did not
constitute an exportation and reimportation under the opiuion of the Attorney General, and t h a t therefore the merchandise Avas not entitled to bntry under section 2500,
Revised Statutes. Wliere a collector of customs shallreceivesuch domestic merchaudise
from a foreign port and in the original distiller's packages, and the facts bring the case
58
REPORT ON T H E
FINANCES.
within the rule stated, he will deliver the merchandise 'to the collector of internal
revenue for the district, Avho will dispose of the same under instructions to be issued
by the Commissioner of Internal Revenue.
C. S. FAIRCHILD,
/
Acting Secretary.
1885.—Department No. 52.—Internal Revenue.—Circular No. 286.—Domestic Distilled Spirits not reimported tlioiigli returned from abroad.
TREASURY DEPARTMENT,
O F F I C E OF COMMISSIONER OF INTERNAL R E V E N U E ,
Washington, D. C , April 28, 1885.
To Collectors of Internal Bevenue :
The attention of collectors of internal revenue in charge of exports and others is
called to Department Circular No. 46, of the 14th instant (31 Iuternal Revenue Record, page 117), relative to the "reimportation of distilled spirits" subject to t a x
under internal-revenne laws, which circular announces the decision that, on the facts
stated therein, domestic spirits shipped ostensibly for export and returned as therein
set forth are not exported, and t h a t upon return they are not entitled to entry under
section 2500, Revised Statutes. Collectors of customs who receive such domestic
spirits from a foreign port in the original distiller's xiackages, when the facts bring the
case within the rule stated, are required by the circular to deliver the merchandise
to the collector of internal revenue for the district. Any collector of internal revenue to
whom sx3irits are delivered by a collector of customs, underthe provisions of the above
described circular, will receive the same, and will require, on'behalf of the distiller
or owner, xiayment of the t a x on each package, on the quantity ascertained by the
regauge thereof made upon AAdthdrawal from the distillery warehouse. The collector
Avillthen deposit the money in the nearest designated dex30sitory to the credit of the
collector in whose district the sxiirits Avere produced. He will then transmit the triplicate certificates of dexiosit to such collector, forwarding therewith a statement in
which the name of the distiller, the number of each package, aud the taxable contents of each, as determined by the marks thereon, are fully^et forth. Upon receipt
of the same,-the collector in charge of the distillery warehouse will carefully comX3arethe statements with his records and with the gauger's originah report o f t h e regauge for exportation on file in his olfice, and, if the proper t a x is found to have been
paid, he Avill issue a tax-paid stamp for each package, as in case the spirits had been
originally withdrawn upon payment of the tax, excluding, however, the amount COA^ered by excessive leakage on which tax was paid to him when the spirits were bonded
for export.
He will thereupon transmit the. stamps to the collector through Avhom he received
"the tax, who Avill detail a gauger to affix the stamxis. When the stamps are affixed
the gauger will write across the face of each the following words: "Affixed.under
provisions of Circular No. 286."
In the great majority of cases likely to arise under this circular, the certificate of
landing will have been received by the collector of internal revenue prior to the return of the spirits, thus obviating the necessity of any reference to the matter in the
bonded distilled sx:)irits account other than to report the spirits on Form 93 c as covered by stamps representing taxes not reported on Form 94 A.
If, hoAvever, the taxes are paid before the receipt of evidence of landing abroad,
the collector will ask for special instructions in the matter.
In case the collector, to whom the spirits are delivered by the collector of customs, is iu doubt as to the district in which the sxiirits were produced, he should report the name of the distiller and serial numbers of the packages to this office. Upon
receipt of such report he Avill be fui?nished Avith the name and address of such collector.
>
JOS. S. MILLER,
Commissioner
1885.—Internal revenue.—Circular No. 287.—Transfers of domestic distilled spirits from collectors
of customs to collectors of internal revenue.
TREASURY DEPARTMENT,
O F F I C E OF COMMISSIONER O F INTERNAL R E V E N U E ,
Washington, D. C , May 1, 1885.
When a collector of customs has received domestic sxiirits from a foreign port in
the original distiller's packages which fall within the rule announced in Circular,
Department No. 46, 18^b, Divisiou of Customs, he will serve upon the internal-rev
COMMISSIONER OF INTERNAL REVENUE.
59
enue collector for the district in which such spirits are foiind a notice in duplicate as
follows:
CUSTOM H O U S E , P O R T O F
I
,188-5
Collector of Internal Bevenue :
SIR : You are hereby notified t h a t the following-described spirits, produced by a distiller in the
district of
, which Averej withdrawn from
distillery warehouse under an entry for exportation, and under a (transportation or exportation) bond dated
, 188—, and which were cleared from this port of
••—
on the
day of
, 188—, but were not exported and consequently not reimported, will, in accordance with instructions contained in circular, Department No.
46, 1885, division of customs, be delivered to you upon yoiir receipting therefor.
Number of packages and kind of spirits.
Marks and serial numbers of packages.
Numbers of warehouse stamps.
•
-;
Numbers of export stamps.
;
Name of claimant.
These spirits are in General Order Warehouse No. —, loclated at
'-.
i
Coilector of Customs.
Ux^on receixit ofthe apx)rox)riate tax-x^aid stamps as provided in Internal Revenue
Circular No. 286, the internal revenue collector to whom the spirits have been delivered when directing a gauger to affix the stamps will also direct him to regauge the
spirits and to report to him in detail the actual contents of each package both iu proof
gallons and in wine gallons.
He will then deliver one of the duplicate notices marked " O r i g i n a l " to the collector of customs, with his receipt appended thereto in thei.folio wing form:
Received of
^
••—, collector of the port of
, ihe above-described spirits
delivered to me under the instructions contained in circular. Department No. 46,1885,
division of customs. The actual aggregate contents of the above packages were
found by a regauge made* under my direction^ to be
p wine gallons
proof
gallons, as will appear in detail from the annexed report of the gauger.
, —, 18S-. •
Collector of Iriternal Bevenue.
\
The collector of internal revenue will require the claimant to receipt to him ux3on
the dux:)licate notice, for the spirits upon the delivery thereof with the tax-x:)aid stamps
affixed.
.
:
This receipt will be in t h e following form :
;
— — , 188-. •
Received of
, collector of internal revenue jfor the -•
Districtof
, the above described spirits which, according to the marks and brands thereon, contained, at the time of their withdrawal from the distillery warehouse, taxable
gallons as follows:
Serial number of package.
\
\
Taxable gallons.
,
i
^
i H. C. ROGERS,
i
Acting Commissioner.
Approved.
1
,
I D. MANNING,
Secretary of the Treasury.
60
REPORT ON T H E
FINANCES.
STATEMENTof the QUANTITY, in AGGBEGATE TAXABLE GALLONS, of DISTILLED S P I B I T S of the D I F F E B E N T K I N D S known to the TBADE, PBODUCED,
WITHDBAWN, and B E M A I N I N G in WABEHOUSE in the United States for the
fiscal year ended June 30, 1885.
Bourbon
Avliisky.
DR.
* Gallons.
1. R e m a i n i n g i n w a r e h o u s e J u l y 1, 1884.. 41,170, 338
2. P r o d u c e d a n d b o n d e d d u r i n g tlie y e a r . . . 12,277,750
Total.
53, 448, 088
High wines.
DR.
1. R e m a i n i n g i n w a r e h o u s e J u l y 1, 1 8 8 4 . . .
2. P r o d u c e d a n d h o n d e d d u r i n g t h e y e a r . .
Total.
•
Gallons.
487,236
2, 081,165
Gallons.
93, 367
639,461
20, 339, 821
13, 830, 325
2, 568, 401
732, 828
P u r e , neutral,
Total numher
or cologne M i s c e l l a n e o u s .
of gallons.
' spirits.
Gallons.
63, 502, 551
74, 915, 363
3, 646, 960
28, 532, 382
15, 319,109
138, 417, 914
High wines.
Total
Gallons.
393, 409
13, 436, 916
Gin.
Gallons.
4, 507, 352
10, 811, 757
53, 448, 088
CR.
* Gallons.
15, Oil, 778
5, 328, 043
Rum.
Gallons.
1,428, 000
27,104, 382
Gallons.
CR.
r W i t h d r a w n on p a y m e n t of t a x d u r i n g
o 1 theyear.13, 204, 672
] L o s t b y l e a k a g e or e v a p o r a t i o n in
I warehouse
-.
3, 235, 643
4. W i t h d r a w n for e x p o r t d u r i n g t h e y e a r . 3, 775, 221
5. W i t h d r a w n for scientific p u r p o s e s d u r 2,094
ing the year
6. W i t h d r a w n for t r a n s f e r t o m a n u f a c t u r ing warehouse
156, 369
7. L o s t h y c a s u a l t y , &c., d u r i n g t h e y e a r .
8. R e m a i n i n g i n w a r e h o u s e J u n e 30, 1885.. 33, 074, 089
C W i t h d r a w n on p a y m e n t of t a x d u r i n g
o ) the year
] L o s t b y l e a k a g e or e v a p o r a t i o n i n
[ warehouse
:
4. W i t h d r a w n for e x p o r t d u r i n g t h e y e a r .
5. W i t h d r a w n for scientific p u r p o s e s during the year
6. W i t h d r a w n for t r a n s f e r to m a n u f a c t u r ing warehouse
7.' L o s t h y c a s u a l t y , &c., d u r i n g t h e y e a r . .
8. R e m a i n i n g i n w a r e h o u s e J u n e 30, 1885..
Alcohol.
Gallons.
411, 071
3, 235, 889
Bourbon
whisky.
Total
Rye
whisky.
Rye
whisky.
Alcohol.
Rum.
Gin.
Gallons.
Gallons.
Gallons.
Gallons.
4, 805, 499
1, 975, 899
950, 623
631, 015
935, 383
624, 009
• 3,827
4, 944,168
16, 385
932,140
1,750
832
204
24, 459
935
336,182
13, 637, 609
131, 553
750, 419
44
669, 209
99, 231
20, 339, 821
13, 830, 325
2, 568,401
732, 828
Pure, neutral,
or c o l o g n e M i s c e l l a n e o u s .
spirits.
Total number
of g a l l o n s .
Gallons.
Gallons.
3, 434, 372
26, 437, 464
10, 209,777
67, 649, 321
14, 948
. 20,505
340,139
195, 873
54, 609
4, 424, 314
10, 671,118
Gallons.
Gal ons.
27,330
573
236
197, 404
. 270,515
609
1,462,577
24, 472
4, 834, 378
403, 003
517, 912
54, 724, 916
3, 646, 960
28, 532, 382
15, 319,109
138, 417, 914
* S i x t h o u s a n d s e v e n h u n d r e d a n d t w e n t y - o n e g a l l o n s t r a n s f e r r e d f r o m " h o u r h o n " t o " r y e " t o conform t o t h e reclassification of t h e collector of t h e s e c o n d d i s t r i c t I o w a . T h e r e is no c h a n g e i n t h e
a g g r e g a t e . T h e t o t a l s h e r e a r e 41,170,338 " h o u r h o n " a u d 15,011,778 " r y e . " T h e r e p o r t f o r t h e y e a r
1884 s h o w s 41,177,059 " h o u r h o n " a n d 15,005,057 " r v e . ' "
COMMISSIONER OF INTERNAL REVENUE.
61
EXPENSE TO THE UNITED STATES IN ENFORCINb^ THE INTERNAL-REVENUE LAWS AS TO DISTILLED SPIRITS FROM >VHICH NO REVENUE IS
DERIVED.
The quantity of spirits held in charge of.storekeepers or storekeepers
and gaugers on deposit in distillery warehouses; during the year ended
June 30, 1885, was, as appears'from the preceding tabular statement,
138,417,914 gailons, and the quantity so held in special bonded warehouses was 702,121 gallous (see table on p. oxxxi bf this report), making a
total of 139,120,035 gallons. The salaries paid during the year to storekeepers and to officers known as ''storekeepers and gaugers" amounted
to $1,103,786, or very nearly eight-tenths of a cent on each gallon as
above held in bond.
The quantity of spirits gauged during the year was as follows:
Deposited in distillery warehouses
Deposited in special bonded warehouses
Withdrawn from distillery warehouses
Fruit brandy tax-paid
Spirits ganged for rectifiers
•
Class 2, exports in warehouse
^
total
-
-
',
Gallons.
J
!
!
:
|
;
74, 915, 363
312,197
83,175, 086
1,468,775
I l l , 536, 384
8,726,231
-
i
280,134,036
The amount paid duriug the year to gaugers as fees and traveling.expenses was $744,027, or at the average rate of twenty-six hundredths
of a cent per gallon on the quantity gauged as above stated.
The collections for 1885 were $112,421,121. The collection sfrom distilled spirits held on deposit in distillery warehoiises were $60,920,324,
which is a little over one-half of the total collections.
There is no means of separating expenses of collectors, deputies, &c.,
so as to show what part was incurred in the collebtion ot tax on spirits,
but it is probable that nearly one-half of such expenses was directly or
indirectly connected therewith.
The total expenses of collectors, deputies, clerks, &c., were, for 1885
For revenue agents
J
For stamps and xiaper....
,
For office of Commissioner of Internal Revenue
J
For detecting fraud
i
Total
J
One-half of which is
Add amount paid for locks at distilleries
Add amount paid for hydrometers
Total paid out
:
1
$1,785,289
77,445
392, 634
284,591
34,387
:.
2,574,346
;
'
-
1,287,173
1, 361
b, 725
J
1,294,259
Dividing the total paid out as above (being all the expenses other
than those incurred through the einployment of storekeepers and of
gaugers) by 138,417,914, the number of gallons, as before stated; held on
deposit in distillery warehouses, gives a quotient of 0.0093, which shows
t h a t t h e expense incurred, other than that covered by payments to officers employed as storekeepers and as gaugers, was at the rate of ninetythree hundredths of a cent per gallon on the quautity held in distillery
warehouses.
The total expense per gallon is derived as follows:
Amount per gallon paid to storekeepers (including storekeepers and gaugers). | 0 . 0080
Amount per gallon paid to gaugers
1
0. 0026
Amount paid to collectors, deputy collectors, collectors' clerk^, revenue agents,
office Commissioner of Internal Revenue, for stamps and paper, for detecting fraud, and for locks and hydrometers
^... ,
0. 0093
Total
Or very nearly 2
.........;
cents.
0.0199
62
REPORT ON T H E
FINANCES.
The quantity of spirits withdrawn from distillery warehouses free of
tax, including allowances, during the fiscal year ended June 30,1885,
was as follows:
Gallons.
'For export
For scientific purposes
For manufacturing warehouses :
Allowed for leakage
10,871,118
27,330
403, 003
4,424,314
•.
:
15,525,765
Add quantity stamped for exp'ort and remaining in warehouse J u n e 30,
1885''.
:
8,726,231
Total
At 2 cents per gallon
Total expense
24,251,996
.02
'
$485, 039. 92
-It appears from the above computation that during the year the expense to the United States in enforcing the internal-revenue laws as to
spirits from which no revenue is derived was alittle more than $485,000.
It should be noted, however, that since the close of the fiscal year, and
prior to October 1, 1885, a portion amounting to 2,358,330 gallons of
tbe quantit}^ above given as stamped for export, and remaining in
warehouse June 30, 1885 (less 2,122 gallons withdrawn for the United
States) has Deen withdrawn upon payment of the tax. Ou the other
hand, it appears that the tax has been abated upon 401,160 gallons of
the 517,912 gallons lost by casualty during the yearj also, that there
were stamped for export since the close of the fiscalyear 2,313,086gallons not withdrawn from warehouse.
SUMMARY
OF OPERATIONS AT DISTILLERY WAREHOUSES FOR THE
YEAR ENDED J U N E 3 0 , 1 8 8 5 .
The followiug table shows the quantity of distilled spirits, in taxable
gallons, at 90 cents per gallon tax, placed in distillery warehouses dur
ing the fiscal year ended June 30, 1885, the quantity withdrawn there
from during the year, and the quantity remaining therein at the beginning and close of the year :
DistilJed s p i r i t s .
A c t u a l l y r e r a a i n i n g i n w a r e h o u s e J u l y 1,1884
^ o t a c t u a l l y i n w a r e h o u s e , clainied t o h a v e h e e n l o s t b y c a s u a l t y .
W i t h d r a w n for e x p o r t a t i o n , proofs of l a n d i n g n o t r e c e i v e d
W i t b d r a w n for t r a n s f e r to m a n u f a c t u r i n g w a r e h o u s e , n o t y e t r e c e i v e d a t
warehouse
_
Quantity.
63, 502, .551
249, 317
10,148, 599
85,137
73, 985, 604
74,915,363
P r o d n c e d from J u l y 1,1884, to J u n e 30,1885
T o t a l .'
W i t h d r a w n t a x - p a i d ( i n c l u d i n g deficiencies on e x p o r t b o n d s a n d c a s u a l t i e s
disallowed)
S t a m p e d for e x p o r t , h u t a f t e r w a r d s w i t h d r a w n u p o n p a y m e n t of t a x
E x p o r t e d , proofs of l a n d i n g r e c e i v e d
.....
A l l o w e d for loss b y c a s u a l t y
W i t h d r a w n for scientific p u r p o s e s a n d for t h e u s e of t h e U n i t e d S t a t e s
A l l o w e d for loss b y l e a k a g e or evaxioration i n w a r e h o u s e
A l l o w e d for loss b y l e a k a g e i n t r a n s p o r t a t i o n for e x p o r t , &c
W i t h d r a w n for t r a n s f e r to a n d r e c e i v e d a t m a n u f a c t u r i n g w a r e h o u s e
Total.
148, 900, 967
66, 824, 469
938, 971
11, 714, 240
247,965
27, 330
4, 424, 947
94, 573
318, 323
84,590,818
W i t h d r a w n for e x p o r t a t i o n , p r o o f s of l a n d i n g n o t receivecl
W i t h d r a w n for t r a n s f e r t o m a n u f a c t u r i n g w a r e h o u s e , n o t r e c e i v e d a t w a r e house
. . .
N o t a c t u a l l y i n w a r e h o u s e , clairaed to h a v e been l o s t b y c a s u a l t y
S t a m p e d for e x p o r t , r e m a i n i n g in w a r e h o u s e J u n e 30, 1885
A l l o t h e r s p i r i t s r e m a i n i n g in Avarehouse J u n e 30 1885
9, 001, 679
92, 313
491, 241
7, 750, 696
46, 974, 220
64, 310,149
Total
148, 900 967^
COMMISSIONER OF INTERNAL REVENUE.
63
SPIRITS BONDED FOR EXPORTATION AND ALLOWED TO REMAIN IN
DISTILLERY WAREHOUSES.
The last item but one in the preceding summary of operations a;t distillery warehouses indicates that there were 7,750,.696 gallons of spirits
in distillery warehouses June 30,1885, which had b^en ^'stamped for export"—that is to say, to the packages containing which spirits export
stamps had been allixed. This quantity represents the greater part of
the spirits, mainly bourbon whisky, as to which bonds had been filed
under the provisions of a circular (No. 282) issued January, 1885. These
bonds were conditioned for the delivery of the spirits for exportation to
the collector of customs or on board ship within seven months, during
which time the spirits were allowed to remain in the distillery warehouse.
As the spirits had usually already remained in warehouse the entire
three years limited by the warehousingbond, the practical result ofthe
plan was to allow spirits to remain in warehouse at least three years and
seven months.
The original application for permission to retain spirits in distillery
wareliouses after the giving of a transportation; bond or exportation
bond, and after the expiration of the three years specified in the warehousing bond, was unfavorably received. The matter, however, having
been submitted to the Attorney-General, and he having rendered an
opinion in which he stated that the Treasury Department had the power
to make a regulation by which distilled spirits could be iiermitted to remain in a distillery warehouse after the expiration of three years from
the date of entry therein, and that the exportatiqn bond or transportation bond frees the spirits for the time being from the operation of the
distillery warehouse bond. Circular No. 282 was issued and continued to
aftbrd authority for receiving what were known as ^^ seven months" bonds,
uutil modified by a telegram of August 14 and by Circular No. 294 of
Augtist 15, 1885. Copies of the Attorney-GeneraPs opinion, and of the
circulars and leading letters relating to this matter, are subjoined :
TmSAiSURY D l S P A R T M E N T ,
O F F I C E 0 ¥ INTERNAL R E V E N U E ,
Washington, December 2, 1884.
SiK: I have the honor to acknowledge the receipt from you by reference, on the
28th ultirao, of the petition of Mr. John B. Thompson, jr.,;distiller, of Harrodsburg,
Mercer County, Kentucky.
This petitioner states that as a part of his business he is an. exporter of spirits to
foreign countries, and t h a t in pursuit of this business he has met AA^ith some hardships, growing out of the regulations of this Department governing the exportation
of such goods.
:
He says t h a t the regulafcions now require, where goods are entered for export, regauged, and stamped, they shall be immediately withdrawn from the distillery bonded
warehouse and deli scored to the distiller, who is presumed to immediately deliver them
to the transp(»rtation company. He avers, however, t h a t this immediate delivery
cannot be made, and that consequently the goods are left out in the distillery yard exposed to the weather, causing loss by leakage. He complains also of delay in the
issuing of export stamps after the execution of the export l)ond, and of auother delay
at the port of export, where the goods are permitted to lie On the beach, subject to all
changes of weather, unless they are stored in a warehouse at such port at the expense of the owner ; wherefore he asks that all rules and regulations be so changed
and modified as to permit goods which, have been entered for export, regauged, aud
stamped to remain or be restored i n t h e warehouse of the distiller or some other intermediate warehouse for such time as the same would be compelled to stay upon the
road, on the beach, and in warehouses at port of export awaiting transportation by
some foreign-bound vessel ahroad ; and which time by practical administration of the
law has been shown tp be from four to eight months, and t h a t all bonds be changed
and modified to meet such rules and regulations.
;
In reply to your request for a report outhis matter, I have the honor to submit a
copy of the Department regulations, Series?, No. 4, and shpplements, governing the
64
R E P O R T ON T H E
FINANCES.
. exportation of doraestic spirits in bond, and to give below the history of a package
of spirits exported under such regulations.
I would first call attention to the law, quoted in articles 1, 2, and 3, pages 3, 4, and
5, Series 7, No. 4, herewith, especially to the tirst paragraph on page 3, which reads
as follows:
^'Distilled spirits maybe withdrawn from distillery bonded warehouses at the instance
ofthe owner of the spirits, for exportation in the original casks or packages, without the
payment of tax, under such regulations and aftermaking such entries and executing
and filing with the collector of the district from which the removal is to be made,
such bonds and bills of lading», and giving such other additional security as may be
prescribed by the Commissioner of Iuternal Revenue, with the approval of the Secretary of the Treasury."
Under the law and existing regulations, when Mr. Thompson desires to remove a
package of spirits from his warehouse for exportation, he must file with the internalrevenue collector of his district a notice of his intention to export the package, giving
the serial number thereof; also whether he intends to export it on a through bond direct to the foreign port or on a bond conditioned for delivery to the collector of customs for exportation under the law quoted on pages 4 and 5 of Regulations 7, No. 4.
(See article 3, series 7, No. 4.)
.
•
Upon the receipt of such notice the collector issues an order to a gauger to inspect
the spirits a t t h e warehouse, and to report. (Article 4.) The gauger executes the
order and reports tho original contents, the contents found by his regauge and the
difference hetween the two. (Article 5.)
. Mr. Thompsou receives one of these reports, and if he is still o f t h e opinion t h a t he
wishes to export, he indicates t h a t fact by executing a paper called an " entry for
w i t h d r a w a l " (Article 6); at the same time he will pay the collector ten cents forthe
expense of i:)roviding and affixing the export stamp (Article 7), and also pay tax on any
excessive leakage as shown by the gauger's report (Article 8). He will also at t h a t time
execute a bond with sureties satisfactory to the collector (Article 9), using at his option
the through bond prescribed in. article 10, or the transportation prescrit)ed in article
11. Upon the acceptance ofthe bond and payment o f t h e deficiency tax, if any, and
for affixing the stamp, the collector issues a permit to. the storekeeper for the delivery of trie package to Mr. Thompson (Article 14). Before the spirits are actually delivered, however, the law, which cannot be annulled or changed by a regulation, requires the delivery ofthe bill of lading.
Recognizing, however, the difficulty of procuring bills of lading from a carrier before the carrier has possession o f t h e goods, the regulations have been framed so as to
provide for the delivery of the bill of lading immediately.on the receipt of t h e pack'age from the storekeeper (Art. 17).
In order to protect the package from seizure en route, before removal the gauger is required to affix the export stamp and cut or burn a brand on the package, showing
t h a t it is intended for export (Art. 15). The regulations do not interfere with Mr.
Thompson in his arrangements with the parties who agree to transport the goods for
him except to forbid tlie incorporation into the bill of lading of any stipulation impairing the obligation of the owner and transportation company to .forward and deliver the^ spirits to the designated collector of custoras at the port of entry (Art. 18).
Thirty days is the tirae fixed in the bond in which to transport the goods to the collector of customs, with fifteen days iu addition to secure the collector's certificate of
clearance (Art. 17). Experience has shown t h a t this time is usually sufficient. If,
however, it is not sufficient an extensiou of time has been granted upon a special application o f t h e principal and sureties o n t h e bond, and upon statements showing due
diligence.
'
.
Upoh the arrival of the spirits at the port of exportation it is the duty of the collector of custonis to cause them to be inspected and gauged, aud to see t h a t the
lading on board of the exporting vessel is under proper supervisiou, or if the vessel
is not ready to receive them, he shall exercise surveillance over the spirits in order
to prevent fraud.
The order of .the collector to the inspector and gauger, their reports, ,and the instruction to the collector intended to prevent fraudulent removal are specified in
articles from 23 to 31, inclusive.
I t is the duty of the exporter to notify the collector of the port of the arrival of
the spirits (Art. 20), a n d i n case the vessel is not ready to receive them to store them
in bonded warehouse (Art. 21).
I t is noted t h a t one of tho matters complained of by Mr. Thompson is the expense
involved in storing spirits in these warehouses. After the spirits have beeu gauged
hy the customs' ganger, Mr. Thomps'^n either in person or through his duly authorized agent is required, in case the package was withdrawn ou a transportation bond
(Article 11), to file a paper with the collector of customs called an ** Export E u t r y , "
also an export bond (Article 32). After the goods have been cleared, the collector of
COMMISSIONER
OF INTERNAL REVENUE.
65
customs will issue a certificate to t h a t effect (Article 37), a,nd upon receipt of evidence
of landing or loss at sea, he will issue an appropriate certificate. (Article 40.)
The regulations further provide for allowances on account of loss, like casualty in
transportation, and finally for the cancellation of the bonds upon the presentation of
the proper proofs. (Article 43.)
\
Upon recurring to Mr. Thompson's petition, it will be iseen t h a t he complains of
certain delays, all of which occur after the withdrawal of the spirits from his warehouse, and t h a t his remedy is to allow the spirits to remain in the warehouse from
four to eight months after they have heen regauged and! stamped with the export
stamp, or after withdrawal to have them immediately restored to his warehouse to
remain for t h a t length of time.
'\
I am unable to see how the retention o f t h e spirits in thb warehouse afcer they ar(^
stamped and branded for export is going to prevent the delays incident to transi)ortation and exportatioii.
I
These delays are as likely to occur at one time as another. However, this office
does not construe the laws relative to withdrawals for export as compelling the distiller to withdraw his spirits at any time. Of course, if hei has gone so far as to have
them gauged, stamped and branded for exjjort, it would be rather awkward to have
them withdrawn for any other purpose.
The law, however, does not prohibit the storage in a distillery warehouse of any
spirits produced b y t h e distillers unless the t a x hasbeen paid on such spirits (sec. 3288,
R. S.), and this office would take no action in the matter; if Mr. Thompsou left hiw
spirits in Avarehouse after he had done everything that the! law and regulations prescribe concerning withdrawals for exportation, provided, of course, the spirits did
not remain in warehouse longer t h a n three years from the; date of the warehousing
hond. I a t h a t case it would become the duty of tbe oollector to enforce the payment
of the t a x then overdue.
; '
Mr. Thompson has no lack of in formation as to the exact tirae when each and every
package of his distilled spirits must be Avithdrawn on payment of the tax, unlesg
sooner withdrawn for export or other legal purpose free df tax.
I t Avould seem, therefore, t h a t by the use of ordinary diligence he might so inake
his arrangements for withdrawal and transportation as to give him the benefit of
the full three years his spirits are allowed to lie in Avarehouse under the law (sec.
3293, R. S.), without incurring any of the inconveniences of which he complains, t h a t
cannot be obviated by some special order from this office in auy particular shipment.
But according to my understanding of the law, which Cougress has several times, an<l
after full discussiou, refused to change on this point, Mr. Thompson's spirits must be
withdrawn in three years from date of the warehousing bond, whatever may be the
inconvenience resulting from such withdrawal.
Verj^ respectfully,
WALTER EVANS,
:
Commissioner.
Hon.
H U G H MCCULLOCH,
Secretary of the Ti^easury.
Subsequently the Secretary addressed the following letter to the petitioner in this case:
TREASUKY D E P A R T M E N T ,
O F F I C E OF THE SECRETARY,
Washington, Decemher b, 1884.
S I R : Your letter, without date, received on the 28th ultimo, having been referred
to the Commissioner of Internal Revenue, Avith a request for an expression of his
views on the matter presented by you, has been returned with his letter of the 2d
inst., a copy of which is herewith inclosed.
The main point of the letter is t h a t the law does not permit distilled spirits, after
having been withdrawn for exportation, to be stored in any intermediate warehouse
a-^raiting an opportunity for exportation, except as set forth in Article 21, of the Regulations, series 7, No. 4, which requires the collector of custoras to have packages of
spirits placed in stores in case the vesselis not prepared to receive them on arrival a t
t h e port of export. To comply with your request would be by mere executive authority to virtually establish a system of transportation in bond and storage in bonded
warehouses, other than distillers' warehouses, t h a t was deliberately abolished by act
of Congress of J a n u a r y 11,1868 (15 Stats., 34), and which has not|been restored by
any subsequent act.
&
i
Very respectfully,
CHAS. E. COON, ,
;
Acting Secreiary.
Mr. J O H N B . THOMPSON,
Harrodsburg, .Ky.
2673 F - 5 "
|
:
66
R E P O R T ON T H E
FINANCES.
For reasons stated therein, the following letter, asking for an opinion
of the Attorney-General, was addressed by the Commissioner .of Internal Revehue to the Secretary of the Treasury :
'
'
TREASURY DEPARTMENT,
O F F I C E OF I N T E R N A L R E V E N U E ,
Washington, D. C , December I'S, 188A.
S I R : In view of the very elaborate discussion of certaiii questions growing out of
provisions of the internal-revenue law and the,powers of the Commissioner, and possibly of yourself, under them, I have the hondr to submit as the hasis of an inquiry
t o be addressed to t h e Attorney-General, should you^deem such a course advisable, t h e
following:
,
'
Sectiori 3271 United States Revised Statutes, I n t e r n a l Revenue Compilation, page
51, is as follows: '' Every distiller shall provide, at his own expense, a warehouse, to ,
he situated on and to constitute a part of his distillery premises, and to be used only
for the storage of distilled spirits of his own manufacture until the tax thereon shall
have been paid; hut no dAvelling-house shall be used for such purpose, and no door,
window, or other opening shall he made or permitted in the walls of such warehouse
leading into the distillery or into any other room or building; and such warehouse,
when approved by theCommissioner of Internal Revenue, on report of the collector,
is herehy declared to he a bonded Avarehouse of the United States, to be known as a
distillery warehouse, and shall be under the direction and control of the collector
of the district, and in charge of an internal-revenue storekeeper, assigned thereto by
theCommissioner."
The closing paragraph of section 3267 United States Revised Statutes (Compilation
page 50), is as follows:
'TOn the third day after the spirits are conveyed into such cistern they shall be
drawn off* into casks, under the supervision of such gauger, in the presence of the
storekeeper, and be removed directly to the distillery warehouse; but on special application to the collector by the owner, agent, or superintendent of any distillery, the
spirits may he drawn off from the said cisterns, under the supervision of the gauger,
at any time previous to the third day."
Section 4 of the a c t o f May 28, 1880 (Compilation, pages 220 and 221), contains the
following:
*' The said distiller or owner shall at the time of making said entry give his hond in
duplicate, with one or more sureties, satisfactory to t h e collector of the district, conditioned t h a t the principal named iu said bond shall pay the tax on the spirits as
, specified in the entry, or cause the same to be paid, before removal from said distillery
warehouse, and within three years from the date of said entry; and the penal sum
of such bond shall not he less than the amount of the tax on such distilled spirits."
* * * '' And in case the distiller or owner fails or refuses to give t h e bond hereinbefore required, or to renew t h e same, or neglects to immediately withdraw he
spirits and pay the tax thereon, or if he neglects to withdraw any bonded spirits and
pay the t a x thereon before the expiration of the time limited in the bond, the collector
shall proceed to collect the t a x by distraint, issuing his warrant of distraint for t h e
amount of tax. found to be due, as ascertained by him from the report of the gauger if
no bond was given, or from the terms of the hond if a bond was given. But this provision shall not exclude any other remedy or proceeding provided by law." * ^ . *
' ' T h e tax o n all distilled spirits hereafter entered foi' deposit in distillery warehouses
shall be due.and payable before and at the time t h e same are withdrawn therefrom
and within three years from the date of the entry for deposit therein ; and warehousing
"bonds hereafter taken uuder the provisions of section 3293 of the Revised Statutes of
ihe United States shall be conditioned for t h e payment of the t a x on the spirits as
specified in the entry before removal from the distillery warehouse, and ivithin three
years from the date of said bonds.^^
Section 3330, United States Revised Statutes, compilation, pages 75 and 76, contains the following provisious:
'
'' Disiilltd spirits may be withdrawn from distillery bonded warehouses, at the instance of
the owner of the spirits, for exportation in the original casks, * * without the payment
of tax, under such regulations, and aftermaking such entries and executing and filing with
the eoliector ofthe disirict from which the removal is to he made such bonds and bills of lading,
and giving such other additional security as may be prescribed hy the Conimissioner of Internal Bevenue, with the approval of the Secretary of tiie Treasury : Provided, That honds
given under this section shalt be canceled under such regulations as the Secretary of
t h e Treasury shall prescribe: And provided further, Tlidbi, the honds required to be*
given for the exportation of distilled spirits shall be canceled upon the presentation
of satisfactory proof and certificates t h a t said distilled spirits have been landed at
the port of destination named iu the bill of lading or, upon satisfactory proof t h a t
after shipment the same were lost at sea without fault or neglect of the owner or
COMMISSIONER OF INTERNAL REVENUE.
67
i
shipper thereof. All distilled spirits intended for export, as aforesaid, before being
removed from the distillery Avarehouse, shall be marked as the Commissioner of Internal Revenue may prescribe, and shall have affixed to each cask an engraved stamp
indicative of such intention, to be provided and furnished by the several collectors
as in the case of other stamps, and to be charged to them and accounted for iu the
same manner, and for the expense attending the providing and affixing such stamps ten
cents for each package so stamped shall be paid to the coilector on making the entry
for such transportation. When the owner of the spirits shall have made the proper
entries, filed the bonds, and otherwise complied with all the requirements of the law
and regulations as hereiu proAided, the collector shall i^sue to him a permit for the
removal and transportation of said spirits to the collector of the port from which the
same are to be exported, accurately describing the spirits to be shipped, the amount
of t a x thereon, the State and district from which the sam0 is to be shipped, the name
o f t h e distiller by whom distilled, the port to which thesame are to be transported, the
name of the collector of the port to whom the spirits are to be consigned, and the routes
over which tbey are to be sent to the port of shipment." i
By other provisions of law, in section last quoted and elsewhere in the statutes, the
precise terms of which it is perhaps unnecessary to state, elaborate provision is made
f o r t h e exportation of spirits. Pursuant to power conferred by statute, regulations
have been made concerning the manner of exporting spirits, a copy of which is inclosed.
- i
I t has been supposed by this office t h a t t h e provisions of law hereinbefore quoted
impose upon this Bureau the duty of collecting the tax of: 90 cents per gallou upon
AA^hisky immediately after three years from the time when; it was placed in the distillery bonded Avarehouse, unless in the meantime it had been exported, or withdrawn for
scientific purposes, &c. Theright to export without the payment of tax has never been
<][uestioned.
I
I havebeen greatly pressed with t h e argument that authority exists to make regulations by which, upon the filing by the distiller or owner of a declaration of a purpose
to export spirits and the giving of a boud, spirits might be permitted to remain i n t h e
'distillery ivarehouse iov a Zo/i^er period than three years without the payment o f t h e t a x
I t has been urged with great vigor t h a t inasmuch as a long delay ensues iu many
cases after the spirits are withdrawn from the warehouse before facilities can be furnished at the seaboard for their actual trausportatiou abroad, and especially in view
of the great expense which the distiller or ovA^ner must incur by reason of tiiis delay,
it would be politic, just, and lawful to permit the spirits t0 remain in the distiUery
warehouse witliout expense to the distiller while this time is consumed. If the power to
make such a regulation exists, it is o f t h e utmost importance to a great interest t h a t
it should be exercised.
I respectfully submit the foregoing, with the request thatj if you deem it advisable
to do so, you AA^ill take the opiuion of the Attorney-General as to whether the Commissioner of Internal Revenue, with or without the approval of yourself, or whether
t h e Secretary ofthe Treasury, Avith or without the concurrence of the Commissioner
of InternalRevenue, has the power, underthe statute, to make a regulation by \yhich
distilled spirits could be permitted to remain in the distillery warehouse after the
exjiiration of tliree years from the date of entry therein, upon t h e tiling by the distiller
or owner of the spirits of a declaration of his purpose to export the same in good faith,
and the giving ofa bond to do so within a given period.
i
A decision on this point will, of course, render it necessary to consider whether the
law does not in every event require the actual withdrawal o f t h e ^pirit^ at the end of
three years, either upon payment of the tax or for scientific purposes (sec. 3297, R.
•S., and 20 Stat., page A8), or for the use o f t h e United States (sec. 3464, R. S.), or for
transfer .to raanufacturing warehouses (sec. 14, act May 28,1880), or for exportation,
a n d also whether such exportation must begin Avith the physical removal of the
spirits from the distillery warehouses, not later than t h e expiration of the period of
three years, or whether the exportation raay be construed to begin when the declaration of intention to do so is filed, together with such a bond as may be prescribed hy
regulatio7is.
\
Attention should also he directed to sections 3182, 3184, and 3288 of the United
-States Revised Statutes.
i
Very respectfully,
\
^
WALTER EVANS,
'
I
Commissioner.
Hon.
H U G H MCCULLOCH,
'
i
Secretary of the Treasury.
On the 15th of December, 1884, the Secretary of theTreasury submitted
<5ertain questions to the Attorney-General, and oili the 24th received
from him an opinion. The nature of the questions^ the opinion of the
68
R E P O R T ON T H E FINANCES.
Attorney-Gen eral, and the instructious issued by this office and approved by the Secretary, are embodied in Circular No. 282, issued January 3, 1885, as follows:
[1885.—^Department No. 4.—Circular No. 282.—Assessment and Exportation of Spirits.!
TREASURY DEPARTMENT, INTERNAL R E V E N U E O F F I C E ,
-fVa'ihington, D. C , January 3, 1885.
Under date of 24th ultimo th,e Attorney-General of the LTnited States announced
the following opinion:
* ^ The Secreiary of the Treasury :
*' SIR : Yours ofthe 15th asks the followiug question: ' Whether the Treasury Department has the power to make a regulation by which distilled spirits can be permitted to remain in a distillery warehouse after the expiration of three years from
the date of entry therein upon filing by the distiller or owner o f t h e spirits of a declaration of his purpose to export t h e same in good faith and the giving of a bond t o
do so within a given period.'
''Upon consideration, 1 submit that it has such power.
" The exportation or transportation bond frees the spirits, for the time heing, from
any obligation for a domestic tax, and of course from the operation of t h e distillery
Avarehouse bond. The giving of such first-named bond is oue of t h e acts hy t h e
owner which go to constitute the complex transaction of exportation. Uutil exportation is perfected, the spirits also remain subject to a tax-lien on behalf of the Government. Therefore, Avhilst by the inception of the transaction of exportation the
spirits are transformed into a different subject matter from t h a t ux3on Avhich the distillery Avarehouse bond had operated, they nevertheless remain one upon which t h e
United States have a specific contingent charge in all respects perhaps, except t h a t
of contingency, the same as what it previously had. There is, therefore, no statutory
reason why it may not, for a period reasonably required in the process of exportation,
remain iu the same custody as before, even after three years. Manifestly,, upon t h e
face of it, a wide difference exists in this respect betwixt the conditions towards t h e
Government of such spirits and t h a t of tax-paid spirits. This difference is recognized
in the provision of section 3288, Revised Statutes.
" I have spoken of statutory reasons, because it is this class only t h a t affects t h e
power of the Secretary of the Treasury hereupon. The regulatory reasons, so to say,
for this or t h a t custody are for him to adjust. These latter reasons control the suljject matter of which you speak.
" Very respectfully,
''S.F.PHILLIPS,
Solicitor-General.
" I concur in t h e above opinion.
"BENJAMIN H. BREWSTER,
^'Attorney-G eneral."
" 24th DECEMBER, 1884."
There being no doubt of t h e legal right of the owner to export spirits free of tax,
and no objection being seen to giAdng the time reasonably and fairly necessary therefor, in deference to the above opinion the following modification of the instructions
of this office governing ^assessments and the exportation of domestic spirits are
issued:
Hereafter, collectors will list and report monthly, on Form 23, for assessment, all
spirits which have remained in Avarehouse more t h a n three years from the date of the
warehousing bonds, except such as are covered by transportation or exportation bonds
filed with and duly approved by them prior to the date of the preparation of the lists
and of t h e conditions of which bonds there has been'no breach.
Collectors will also report spirits for assessment which have remained in discillery
warehouse more than three years from the date of the warehousing bond, although covered by transportation or exportation bonds, in case thejspirits are not withdrawn
from the warehouse Avithin the time named in the boud for delivery of the spirits a t
the port from which they are to be exported.
All applications of the principal and sureties for an extension of the"time in any
transportation or exportation hond, conditioned for t h e delivery of t h e spirits to t h e
collector of customs or for the deliA^ery thereof on board ship, should be in Avriting,
specifically setting forth the grounds therefor, and t h e collector of internal revenue
will forward the application to the Commissioner of Internal Revenue for action.
The officer forwarding, the application Avill indorse his opinion thereon as to the
propriety of granting the same, and will certify as to wr.jiether the bond is good and
sufficient, and as to whether any loss will probably occur 1by granting such extension.
Under the present practice, collectors are required to report to this office such of
COMMISSIONER OF INTERNAL REVENUE.
69
the listed spirits as are withdrawn between the time of listing and the actual assess-.
ment. They will hereafter, at t h e time of reporting listed spirits as withdraAvn,
upon payment of t a x before assessment, also report those covered by such bonds so
approved by them since listing.
The Regulations, Series 7, No. ^, are hereby amended;l3y striking out the words
, " t h i r t y d a y s " in the condition of the bonds prescribed in Articles 10 and 11 thereof,
and collectors are directed to substitute therefor such ;time, not exceeding seven
months, as in their opinion may be reasonably required ;in the process of the exportation of the particular spirits to be covered by the bond,! including required bona fide
and necessary delays in the warehouse caused by operations incidental to exportation
subsequent to t h e filing of the bond, such as the affixing of stamps, arrangements with
transportation comiianies, procurement of bills of lad.ing (Avhich under the law^
must be furnished hefore spirits can be withdrawn from the wareliouse); also, necessary delays which may occur in promptly securing ocean transportation to the port
of destination.
!
Collectors vvill be careful to see t h a t the required declaration of intention to export
ss clear and explicit, and that this and all the other proceedings are in good faithf
t h a t the export stamps are paid for; taxes on deficiencies p a i d ; bonds Avith ample
security furnished; and all steps taken which, under thellaw, are incidental to this
transaction by the inception of which, in the language o f t h e Attorney General, " t h e
spirits are transformed into a different subject-matter from t h a t upon which the disr
tillery-warehouse bond had operated," and which, in his'opinion, "frees the spirits
fbr the time being from any obligation for a domestic tax!"
WALTER EVANS,
:
Commissioner.
ApproA^ed, January 6, 1885.
;
H. McCULLOCH,
I Secretary of the Treasury.
Under the authority vested iu the Treasury .Department to regulate
the matter the following circular was next issued :
[1885.—Department No. 9.—Circular No. 283.—Exportation of spirits in bond.]
TREASURY DEPARTMENT,
O F F I C E OF' INTERNAL REA'^ENUE,
Washington, January 15, 1885.
On and after January 25, 1885, collectors of internal revenue will decline to approve bonds given for the transportation or exportation of, distilled spirits filed with
them after the 9th day of the month succeeding t h a t on which the tax ou the spirits
becomes due under the terms of the warehousing bond.
i
Export-stamps should be affixed without delay Avhen the exportation or transportation bond is accepted by the collector.
|
The detailed statements of balances in warehouse, on inside pages of Form 94 a,
should hereafter be subdivided so as to show separately all such balances covered by
such bonds.
i
WALTER EVANS,
Commissioner,
Approved.
H. McCULLOCH,
Secretary of the Treasury.
Pursuant to a resolution of the Senate, the following letter was addressed to the Secretary of the Treasury :
i
[Relative to extension of time of the bonded period.]
TREASURY; DEPARTMENT,
O F F I C E OF INTERNAL R E V E N U E ,
Washington, January 24, 1885.
S I R : In response to Senate resolution of J a n u a r y 21, 188.^, calling for copies of all
official letters and other correspondence in this Department " of date subsequent to
the 30th of November, 1884, relating to the collection or postponement in any manner o f t h e t a x upon distilled spirits aud not accompanying the communication to the
Senate in response to its resolution of the 12th instant," refesried by you to this office
on the 23d instant, I haA^e the bonor to state that some monrhs ago this office was
orged with great persistency by John B. Thompson, jr., esti., a distiller of Harrods
70
R E P O R T ON T H E FINANCES.
burg, Ky., to extend and enlarge the time prescribed in the then existing Regula
tions for the exportation of distilled spirits in bond.
The first written communication upon the subject was from Mr. Thompson to you and
myself jointly, said paper being without date, a copy of which is inclosed.
My reply to t h a t letter was dated December 2, 1884, and a copy thereof is herewith
transmitted.!
Besides being a distiller Mr. Thompson is a lawyer of ability, and hi« propositions
of law applicable to the case were insisted upon with great zeal and not less ingenuity
and force. His rencAved efforts, notAvithstanding my letter of December 2, A^^ere seconded by several members of Congress whose constituency were vitally interested in
the subject, and finally I addressed you a letter under date of December 13, 1884, a
copy of which is inclosed.
Alter you had transmitted the last-mentioned communication to the honorable Attorney-General, and had propounded to him such inquiry thereupon as seemed to you
advisable, and after t h a t officer had returned his answer thereto, Messrs. J. B. Beck,
J. 0 . Broadhead, and Phil. B. Thompson, jr., presented a written communication^
under date of the 3d instant, a copy of which is also inclosed.
While I could not yield to the views contained in the last-named paper, with your
approval I did, under the authority of section 3330, United States Revised Statutes,
and in deference to the opinion o f t h e honorable Attorney-General, make Regulation
No. 282, a printed copy of which is also inclosed.
Subsequently an additionar regulation. No. 283, was issued, a printed copy of
which I inclose.
W hen the Senate resolution of the 13th instant upon the sarae subject was referred
to this oflice, it was regretfully observed t h a t its language was, probably inadvertently, too narrow to cover anv correspondence of this office upon the subject except
Circular No. 282.
I t may not be improper to remark t h a t while this office had not entertained, nor
theretofore acted upon a view of the law similar to t h a t expressed by the AttorneyGeneral, still I did not doubt that it Avas proper to conform its action to the law as
expounded by the Head of the Department of Justice. The persons interested in t h e
subject are manifestly entitled to all the rights the law gives them, and the Honorable Attorney-Gen eral is the proper officer to state what the law is.
The only difference of opinion was as to Avhether the spirits could lawfully remain
in AA^arehouse afttr the expiration of three years. I thought not, except for the time
necessary to enforce the collection ofthe t a x by lawful means.
The Attorney-General advises t h a t the spirits may lawfully remain in distillery
warehouses after the three years expire, for a time reasonably required in the process of exportation, provided the proper declaration of a bona fide purpose to export
is made and a bond giA^en t h a t it Avill be done Avithin t h a t reasonable time, and they
are, after those things are done, to be regarded as in process of actual exportation,
although delays may come from t h e difficulty of getting advantageous transportation
rates aud other facilities. By this meaus the spirits may be retained in distillery
warehouses free of expense, rather than subject the owner to certain expenses alleged
to be iucident to the mode formerly in vogue.
I t will be seen that Regulation No. 282 does not extend the bonded period ou spirits^
not thus (at least constructively) in process of exportation. All it does is to remit'
the question of reasonable time to the decision of the several collectors of internal
revenue, such time in no event to.exceed t h e maximum of seA^en months.
The erroneous idea t h a t t h a t regulation extended the bonded period became Avidespread in consequence of A^ery indiscreet and inaccurate expressions in newspaper
interviews and statements made by persons interested and otherwise.
I have felt it not improper on this occasion to put these observations upon record,
and also to add that, inasmuch as the mode of collecting taxes past due is by t h e
process or remedy knoAvn to the law as assessment, the fact t h a t the regulations be, came operative on the fith day of January Avas of no mere consequence, so far as t h e
collection or payment bf the taxes Avas concerned, than if they liad gone into effect
on any other day of the month prior to the 12th.
There is no other correspondence on the subject in this office.,
Very respectfully,
WALTER EVANS,
Commissioner.
Hon.
H U G H MCCULLOCH,
Secretary of the Treasury,
\
The regulations governing the exportation of spirits in bond were
amended so as to provide for the new class of exportations by supplemental regulations dated, respectively, January 29, 1885, and May 26,
1885.
COMMISSIONER
OF INTERNAL REVENUE.
71
John B. Thompsou, esq., having raised certaiu questions as to the
rights of such persons as had executed trausportation bouds as authorized bv Circular No. 282, the matter was submitted to the AttorneyGeneral July 28, 1885.
On the 5tli of August, 1885, the Attorne.y-General rendered an opinion. The letters of the Commissioner and of the Secretary and the
opinion of the Attorney-General are as follows: \
TREASURY D E P A R T M E N T ,
O F F I C E OF INTERNAL REA^E.XUI^.
Washington, July 27, 1885.
S I R : Referring to the petition of John B. Thompson, esq., transmitted to you on
the 21st instant, in which he requests t h a t the opinion of the Hon. Attorney-General
be taken on certain questions of law thereiu presented, Ii desire to saj' t h a t prior to
the opinion of Attorney-General Brewster, a. copy of which, embodied in Circular
282, is herewith inclosed, it was held by this office that within three years from the
date of entry for deposit therein, spirits stored in a distilli^ry bonded warehouse must
be actually and physically withdrawn therefrom either pn payment of the tax, or
under sec: S297, R. S., as amended bv the act iMay 3,1878 (20 Stat., p. 48), or sec.
3464, R. S., or sees. 14 and 15 of the act of May 28,1880 (21 Stat., p. 148), or for export.
Last Octoher Mr. Thompson represented t h a t it was difficnlt andsomotirnos impossible to procure transportation immediately on the expiration of the bouded period,
t h a t even when transportation to the port ot ^^cport could be procured, the immediate removal of the spirits from warehouse iuvolved the Ipayment of storage at the
port of export until the spirits could be put on board shi[:), tiiat the law allowed the
spirits to remaiu in the distillery warehouse, not only for three years, but for an indefinite time thereafter, provided they were intended for export. This Office declined
to accept this Yiew of the law for reasons assigned iu a letter to the Secretary of the
Treasury, dated December 2, 1884, a printed copy of which is inclosed, and, at his
request, the question iuvolved was submitted to tihe Attorney-General by Secretary
McCulloch.
The Attorney-General gave it as his opinion that the Treasury Departmeut had
power to make a regulation by which distilled spirits can be permitted to remain in
a distillery Avarehouse after the expiration of three years from the date of entry
therein, upon tiling by the distiller or owner of the spirits of a declaration of his purpose to export the same in good faith, and the giving of a bond to do so within a given
period, and that there is no statutory reason why distilled spirits may not, for a period
reason ably required in the process of exportation, remain in the same custody as before,
even after three years; t h a t the Secretary of the Treasury had the power to make
such a regulation, but that " the regulatory reasons, so to say, for this or that custody,
are for him to adjust."
Thereupon, "i/i deference" to the opinion ofthe Attorney-General,, Circular No. 282,
(copy inclosed), signed by Commissioner Evans, and approved by Secretary McCulloch, was issued.
One of the provisions of said circular is as follows:
:
" T h e regulations. Series 7, No. 4, are hereby amended by striking out the words
* thirty d a y s ' in the condition of the bonds prescribed in Articles 10 and 11 thereof,
and collectors are directed to substitute therefor such time, not exceeding seven
months, as in their opinion may be reasonably required in the process of the exportation of the particular spirits to be covered by the bond, including required bona fide
and necessary delays in the warehouse caused by operations incidental to exportation subsequent to the filing of the bond, such as the affixing of stamps, arrangements with transportation companies, procurement of bill^ of lading (vs^hich under
the laAV must be furuished before spirits can be Avithdrawn from the warehouse); also
necessary delays which may occur in promptly securing ocean transportation to the
port of destination."
i
The forms of the bonds referred to, pages 8, 9, and 10 of Series 7, No. 4 (copy inclosed), were originally prescribed by Commissioner Douglass and approved by Secretary Boutwell, and have continued in use with the approval of all the Commissioners of Internal Revenue and all the Secretaries of the Treasury CA'^er since.
The time, "wo/, exceeding seven months," t o b e substituted for the " t h i r t y days," was
left to the discretion of the collector, who has opportunity forispecial knowledge of the
facts in each case, and was fixed under the regulatory authority A^ested iu the Secretary, as the maximum "period reasonably required in the jirocess of transportation"
for delivery at the port of entry.
I do not understand it to be claimed by Mr. Thompson that seven months is not all
the time reasonably required for the delivery of his spirits at the port of export, or
72
REPORT ON T H E
FINANCES.
t h a t it is his desire and bona fide intention to export them, unless compelled t/o do so,
to aA^oid an immediate or early x)t^yment of the tax. In this, howcA^er, I raay have
misunderstood him.
The questions involved are of great importance.to the Government, and, as represented, to Mr. Thonipson and to some other distillers. I t has therefore seemed to me
wise to take the opinion of the highest law officer of the Government wpon them. In
presenting them to the Attorney-General, if you should decide to do so, I respectfully
suggest tiiat you also present this view of the case, viz, t h a t CA^en if the opinion of
Attorney-Gen eral Brewster is correct, and CA^en if, as contended by Mr. Thompson, but
not conceded by this office, there arises no right of action on the export bond until a
failure to land the spirits abroad within the time specified, there will, nevertheless,
arise, on the neglect to withdraw the spirits within seven months, a right to seize
upon and distrain them on an assessment made under sectiou 3182, R. S., or, without
assessment, under the provisions of section 4 of the act of May, 1880 (21 Statutes,
145-146\ a r i g h t t o enforce the lien Avhich attached to the spi rits'the moment they were
in existence (R. S., section 3251), by a bill in equity or other appropriate proceedings,
and a right of action against the distiller (section 3213, R. S., The Dollar SaA^ings
Bank v. United States, 19 Wall., 227), even though, as said by the Attorney-General,
the exportation bond frees the spirits from the operation of the distillery warehouse
hond.
Respectfully,
JOS. S. MILLER,
Commissioner.
Hon.
D A N I E L MANNING,
Seeretary of tlie Treasury.
T R EASURY D E P A RTMENT,
Washington, July 28, 1885.
S I R : Under the xirovisions of section 3330, R. S,, and the act of June 9,1874,
. amendatory thereof (18 Stat., 64), the holders of distilled spirits on which the t a x
has not been paid are allowed to exjDort them in bond, or to transport them in bond
to a port of exj^ort for exportation.
I Avould thank you for au expression "of opinion on the following points :
(1) In the event t h a t holders or owners of such spirits shall have failed, Avithin the
seven months specified in the boud (given under the regulations of Internal Revenue
Circular, No. 282, a copy of which is inclosed), to withdraw theni in fact from the
distillery Avarehouse, should the Governn\ent at: once assess the taxes due upon t h e m ,
and take steps to collect the taxes Avith the penalty and interest thereon?
(2) Are the spirits thus covered by exportation bond, in the event of the failure to
withdraw them from Avarehouse, liable to distraint under the jirovisious of section 4
o f t h e act of May 28, 1880 (21 Stat., 145-146)?
(3) What are the rights o f t h e Government as to legal proceedings on the bond, in
the event of such failure to Avithdraw from warehouse, and should such proceedings
be taken by the Government; or should recourse be had to such legal steps as may
be practicable to enforce collection o f t h e taxes due on the spirits?
I inclose herewith a letter of the 27th instant frora the Commissioner of Interual
Revenue in reference to a jietition of J o h n B . Thompson, with a copy ofthe petition,
and a copy of Internal Revenue Regulations, Series 7, No. 4, for a more full explanation o f t h e matters upon which your opinion is solicited.
I Avould thank you for the return of the inclosed docuraents, except the priuted
ones.
Very respectfully,
DANIEL MANNING,
Secretary.
The
Hon.
the ATTORNEY-GENi:RAL.
D E P A R T M E N T OF J U S T I C E ,
Washington, August 5,1885.
SIR : I make the following extract from your letter of the 28th ultimo :
' ' U n d e r t h e provisions of section 3330, Revised Statutes, and the act of June 9,
1874, amendatory thereof (18 Stat., 64), tlie holders of distilled spirits on whieh the
t a x has not been paid, are allowed to export them in bond, or to transport them in
bond, to a port of export for exportation ; " and then you a s k for an opinion on three
questions.
Answer to first question :
I u t h e event t h a t holders or owners of such spirits shall haA^e failed within the
.seven months specified in the bond (giA^en u n d e r t h e regulations o f t h e Internal Reve
COMMISSIONER OF INTERNAL R E V E N U E . '
73
nue Circular, No. 282), to withdraw them io fact frora the distillery warehouse, a forfeiture o f t h e bond follows and the spirits are not protected thereafter frora an obligation for a domestic tax. The effect of the bond while in force, and before forfeiture, isto free the spirits from such obligation, biit this effect ceases upon the forfeiture of the boud. Any other construction, it is respectfully submitted, would be an
evasion o f t h e statute. (Meredith v. Uuited States, 13 Peters, 486.)
The Commissioner of Internal Revenue, with the assent of the Secretary of the
Treasury, by Circular No. 282, above referred to, has already provided for the assessment of Spirits, covered by transportation or exportation bond, AA^hen they liaA^e not
been AvithdraAvn from the warehouse within the time named in the bond for the delivery at the i)6rt from which they are to be exported, aud I see no sufficient reason
for disturbing this regulation.
Upon the application of the principal and sureties on such bond, and for good cause
shown, the Coraraissioner of InternalRevenue maj^, under existing regulations, extend
the time named in the bond beyond scA^en months. If the bond should becorae forfeited, and the time should not be extended as above indicated, the presumption would
arise t h a t the intention to export had been abandoned, and the Government should
assess the taxes due upon t h e spirits and take steps to collect the same with interest,
as provided by Circular 282.
2d. I am of opinion t h a t the spirits covered by exportation bond, after the failure
to withdraAV thera aud after the forfeiture of the bond, are liable to distraint, under
provisions of section 4 of the act of May -18, 1880 (21 Stat., 145-6).
3d. I answer t h a t the condition of the boud having been broken, by the failure to
withdraw the spirits frora the Avarehouse, the right of the Government to proceed upon
the bond is unquestioned.
At the same time, of course, the tax cau be collected by distraint, and as the latter
mode is most expeditious it would be advisable to resort to it first. 16 Opins., 634-5.
I t is to be said, as a general rule, in matters of this kind, t h a t the construction of
these statutes must be such as is most favorable to their enforcement. There is no°
liberal interpretation in favor o f t h e individual to be indulged in; but as statutes for
the accomplishment of great public purposes they niusr. be construed in a manner to
reach those i:)urposes, aud to carry out the intention of thn legislature in passing
them. (Taylor v. U. S., 3 Howard, 210; Cliquot Champagne, 3 Wallace, 405; U. S. v.
Hodson, 10 Wallace, 406; Smythe v. Fiske, 23 Wallace, 280.)
As a rule deductible from these decisions, the Government loses none of its remedies to collect its revenue or debt unless there is an express repeal or abrogation of
some existing remedy. .
This is discussed in the opinion of my predecessor already referred to. (16 Opinions,
supra. See also U. S. v. Herron, 20 Wallace, 251; Dollar Savings Bank v. U. S., 19; I h . ,
227; 13 Peters, sup.)
In, view of these authorities, I feel t h a t there is uo doubt as to the correctness of
the answers given above to your letter of the 2dth ultimo.
Verv respectfnllv,
A. H. GARLAND,
Attorney- General.
To the Hon.
the SECRETARY OF THE TREASURY.
TIME FOR EXPORTING BONDED SPIRITS NOT TO Bli: EXTENDED.
T R E A S U R Y D E P A R T M E N T , O F F I C E OF INTERNAL R E V E N U E ,
Washington, August 10, 1885.
S I R : Your letter of 6th instant has been received.
You ask the following questions:
^
(1) W h a t I Avould consider as good and sufficient causes t h a t would, in my judgment, entitle the holders of spirits uuder export bonds to an extension of time.
(2) If such application be granted by me, how many months additional time vtould
be allowed ?
In reply you are informed:
(1) That nothing suggests itself to me as a good and sufficient cause for extending
the time for the transportation of distilled spirits from the distillery warehouse to the
port of export beyond t h a t already giA^en.
(2) That if any such cause should be pointed out in any particular case the exten•sion Avould probably not be one of months, b u t merely of the additional time absolutely necessary for the actual aud bona fide transportation.
I t is belicA^ed t h a t the tirae already given is ample for those who are acting in good
faith, Avith a bona fide intention of exporting their spirits.
Respectfully,
JOS. S. MILLER,
Messrs..JAMES L E V Y & BRO.,
Conimissioner.
33 Sycamore Street, Cincinnati, Ohio.
74
REPORT ON T H E FINANCES.
T R E A S U R Y DEPARTMENT, O F F I C E O F INTERNAL R E V E N U E ,
Washington, August 12, 1885.
S I R : I n reply to your letter of the 20tli ultimo., you are informed that where spirit.^
were bonded forexport or for transportation after they had been assessed, and t h e
assessment remains unabated at the expiration of the period allowed for d°elivery at
the port of export, you will make immediate deraand for the t a x on Form 17, and, i f
the t a x is not paid Avithin ten days thereafter, you will issue t h e demand notice ou
Form 21 for the tax, penalty, and interest, and proceed to collect them by distraint,
if necessary, as in case of other assessed taxes. >
If the assessment has been abated the spirits will again be reported for assessment..
Respectfully,
JOS. S. MILLER, Commissioner.
ATTILLA COX, Esq., Collector Fifth District, Louisville, Ky.
REVOCATION OF T H E REGULATION PERMITTING SPIRITS TO REMAIN
IN A DISTILLERY WAREHOUSE SEVEN MONTHS AFTER T H E EXPIRATION OF T H E T H R E E YEARS FROM T H E DATE OF ENTRY T H E R E I N .
On the 14th of August, 1885, the following telegram was addressed
to each of the nineteen internal-revenue collectors who had already approved bonds (under authority conferred by Circular JN"O. 282), iu which
the time limited for delivering the spirits to the collector of customs or
on board ofthe exporting vessels was seven months.
After 15th instant, collectors of internal revenue must not approve transportation
or exportation bonds coA^ering spirits the t a x on which is overdue nnder the terms of
the warehousing bond nor approve bonds wherein the time specified for delivering the
"spirits at t h e port of exportation exceeds thirty days.
JOS. S. MILLER,
Commissioner of Internal Bevenue.
C. S. FAIRCHILD,
Acting Secretary of the Treasury.
A regulation embodying the decision embraced in the above telegram
was published in the following circular.
1885.—No. 128.—Circular No. 294.—Assessraent and Exportation of Spirits.
TREASURY DEPARTMENT,
O F F I C E OF INTERNAL R E V E N U E ,
Washington, D. C., August lb, 1885.
Hereafter collectors of internal revenue will decline to approve spirits transportation or exportation bonds where the time naraed in t h e bond for the delivery of th©
spirits at the port from which they are to be exported exceeds thirty days; and sa
much of Circular No. 282, dated Jauuary 3, 1885, as amends Regulations, Series 7,
No. 4, by striking dut the Avords " t h i r t y days," in the condition of the bonds prescribed in Articles 10 and 11 thereof, and authorizes the substitution theretbr of a
time exceeding thirty days, is hereby revoked.
So much also of Circular No. 283, dated J a n u a r y 15, 1885, as authorizes collectora
to approve bonds g i v e n t o r the transportation or exportation of distilled spirits filed
with them after the expiration of the three years' time limited by the warehousing
bonds, is hereby reA'^oked; and collectors are directed to decline to approve transportation or exportation bonds coA^ering distilled spirits after the expiration o f t h e thre&
years named in the warehousing bond.
JOS. S. MILLER,
Commissioner,
Approved.
C. S. FAIRCHILD,
Acting Seci-etary,.
COMMISSIONER
OF INTERNAL
7^
REVENUE.
STOCK ON HAND, PRODUCTION, AND MOVEMENT OF S P I R I T S , FOR FIVE.
YEARS.
The following table shows the stock on hand, production, and movement of spirits for the fiscal years 1881, 1882, 1883, 1884, and 1885:
1881.
1882.
1884.
Gallons.
Gallons.
Gallons.
Quantity of spirits actually in warehouses beginning of fiscal year
31, 363, 869 64. 648, 111 89, 962, 645
Quantity of spirits produced during flscal year
117, 728,150 105, 853,161 74, 013, 308
Total
Quantity of spirits Avithdrawn, tax-paid,
during fiscal year
Quan tit A?^ of spirits withdrawn for exportation during fiscal year
Quantity of spirits withdrawn for scientific purposes, for use of United States,
for transfer to manufacturing warehouse, destroyed by fire, allowed for
loss by leakage in Avarehouses, &c . . .
Total
,
GaUons.
80, 499, 993
1885.
Gallons.
63, 502, 551
75, 435, 739
74, 915, 363^
149. 092, 019 170, 501, 272 163, 975, 953 155, 935, 732
138,417, 914
67, 372, 575
15, 921,482
1,149, 851
84, 443, 908
Quantity of spirits remaining in warehouses at end of fiscal year
, 64, 648, 111
70, 730,180 75,441,087
8, 092, 725
1, 715, 722
80,538,627
89, 962, 645
78, 342, 474 | 67, 649, 321
5, 326, 427
9, 586, 738
2, 708, 446
10, 671,118^
4, 503, 969
5, 372, 559"
83, 475, 960 92, 433,181
83, 692, 998"
I, 499, 993 63, 502, 551
54, 724, 916^
SPIRITS REMAINING- IN WAREHOUSES AT T H E CLOSE OF THE YEAR.
The following table shows the quantity remaining in distillery warehouses at the close of each of the seventeen fiscal years during which
spirits have been stored in such warehouses:
Date.
Remaining
Remaining
Remaining
Remaining
Remaining
Remaining
Remaining
Remaining
Remaining
June
June
June
June
June
June
June
June
June
30, 1869
30, 1870.
30, 1871
30, 1872
30. 1873
30, 1874
30, 1875
30, 1876
30, 1877
Quantity.
Gallons.
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
Date.
Remaining
Remaiuing
Remaining
Remaining
Remaining
Remaining
Remaining
Remaining
June
June
June
June
June
June
June
June
30 1878
30, 1879
30, 1880
30, 1881
30 1882
30 1883
30 1884
30, 1885
Quantity.
Gallons.
14 088 773:
19, 212, 470
31, 363, 869^^
64, 648, 111
89, 962, 64580, 499, 99a
63, 502, 551
54, 724, 916.
76
REPORT
ON T H E
FINANCES.
;SPIRrTS I N D I S T I L L E R Y W A R E H O U S E S NOVEMBER
1, 1881, NOVEMBER
1,1882, OCTOBER 1,1883, OCTOBER 1, 1884, AND OCTOBER 1,1885.
Following is a statement of the quantities of spirits remaining in
"distillery warehouses November 1, 1881, November 1, 1882, Octoberl,
1883, October 1, 1884, and October 1, 1885:
Gallons.
states.
Alabama
Arkansas
California
Colorado
•Connecticut
Delaware
Georgia
Idaho
Illinois
Indiana
Iowa
Kansas
Kentuckv
Maryland
Massach usetts
Montana
Missouri
llTebraska
New Hampshire
New Jersey
New YorkNorth Carolina
Ohio
Oregon
Pennsylvania
South Carolina
Tennessee
Texas - . .
Virginia
West Virginia
Wisconsin
.•*..
...
Total.
1881.
1882.
1883.
1884.
5,942
14, 253
222, 382
2,388
25, 956
1, 240
8,134
332, 918
3,134
20, 326
260,148
2, 400
40, 422
124,184
1,847
38, 076
42, 957
13, 543
62, 254
39,220
20, 412
708
41, 958
1, 535, 527
968,910
81, 892
11,020
35, 351, 017
2, 647,133
542, 832
2,796
262, 349
130, 942
31, 282
187,170
302,127
189, 362
2, 036,127
8,383
6, 723,169
17, 262
4I, 408, 658
7, 033
248, 951
667, 972
167, 563
1, 383,131
1,239,890
48, 798
12, 676
29, 558, 919
2, 944, 563
537, 851
446
208, 600
81, 913
34, 080
61,836
439, 547
88, 953
2,120,167
16, 058
6,140, 093
10,149
1,133, 955
8, 498
234, 006
614,158
94,113
53, 749, 246
47,158, 358
15, 394
22, 676
5,508
905, 620
879, 907
4,756
28, 319
644, 660
723, 706
446, 254
,
12,020
. 6,894
2,194, 383
1, 664, 021
• 24,475
34, 067
59, 600, 469
4, 021, 007
471, 31.7
206,612
198, 284
29, 712
187, 654
281, 025
137,183
247, 868
162,
195,
31,
191,
345,
88,
, 683;851
5, 677
, 438, 385
8,493
179,107
854, 913
51, 095
9, 464, 256
2,587
1, 362, 493
6,434
191, 039
981, 881
129, 730
1,174, 012
1, 235, 690
19, 038
21, 688
52, 219,174
3, 349, 798
493, 205
131
195,316
164, 322
32, 407
142,126
242, 470
154,151
2, 758, 831
2,022
8, 056, 339
12, 532
1, 527, 574
6,340
224,130
857, 485
163, 852
67, 442,186
84, 628, 331
73, 405, 361
457
203
490
978
066
409
'
1885.
Of the 47,158,358 gallons of spirits remaining in warehouse October
1, 1885, 6,546,009 gallons were covered by transportation or exportation
•bonds given under the provisions of Circular 1:^0.282, dated January 3,
1885, extending the period in transportation to more than thirty days
and not exceeding seven months. The total quantity stamped for export under this circular up to October 1, 1885, was 11,039,307 gallons,
of which there were tax-paid 3,297,301 gallons, and actually withdrawn
for export 1,196,007 gallons, all of that withdrawn for export except
36)564 gallons having been so withdrawn since June 30, 1885.
DISTILLED
SPIRITS IN THE UNITED
STATES OCTOBER 1, 1 8 8 5 .
The quantity of distilled spirits in the United States, except what
may be in customs bonded warehouses, on the 1st day of October, 1885,
was 90,107,026 gallons, this quantity being distributed as follows:
I n distillery and specral bonded warehouses
J n hands of wholesale liquor dealers
I n hands of retail liquor dealers
Total
,
Gallons.
47,502,534
15,256, 792
27,347,700
90,107,026
In making the above computation the average stock of each retail
liquor dealer in the United States is estimated at 150 gallons.
COMMISSIONER OF INTERNAL REVENUE.
OPERATIONS AT SPECIAL BONDED WAREHOUSES FOR
GRAPE BRANDY.
77
STORAGE
OF
The following statement shows the quantity of grape brandy placed
in special bonded warehouses, withdrawn therefrom, and remaining
therein at the beginning and close of the fiscal year ended June 3O5.
1885, in taxable gallons:
Remaining in warehouse July 1, 1884 :
First district of California
Fourth district of California
Gallons. Gallons. Gallons^
263,578
118,764
382, 342
Remoyed for export and unaccounted for Julj^ 1, 1884:
First district of California
268
382,610
Produced and bonded during the y e a r :
Produced and AA^arehoused in first district
Produced in fonrth and Avarehoused in first district
122,176
52,387
174,563
137,634
Produced and Avarehoused in fourth district
y
•
312,197
Transferred from warehouses in fourth district to warehouses in first district
7,314
702,121
Exported and accounted for durmg the year:
First district of California
Removed, tax-paid, during the year:
First district of California
Fourth district of California
870
204,418
86,843
291,261
Loss by regauge act of May 28, 1880 :
First district of California
Fourth district of California
11,616
6,818
18,434
309,695
Removed for exportation and remaining unaccounted for J u n e 30, 1885:
First district of California
.•...
3,317
Remaining in warehouses J u n e 30, 1885 :
F i r s t d i s t r i c t of California
225,502
Fourth district of California
155,423
— 380,925
Transferred from warehouses in fourth district to warehouses in first district-
384,242:
7,314
702,121
Of the 312,197 gallons grape brandy bonded during the fiscal year,
122,176 gallons were produced in the first district and 190,021 gallons
were produced in the fourth district of Oalifornia.
The total product bonded was 111,465 gallons more than in the previous year, the amount removed, tax-paid, was 48,901 gallons more, and
the loss resulting from regauge under the act of May 2S, 1880, was 2,588
gallons larger than in 1884.
Ofthe quantity in warehouse June,30, 1885, 225,502 gallons were in
the following warehouses in the first district of California:
Gallons.
No. 1.
No.2.
No. 3.
No. 4.
Bode & Searle, at Sau Francisco
J u a n Bernard, at Los Angeles
George C. Carlon, at Stockton
James M. Tierman, at San Gabriel Station
^15,945
38,627
9,265
61,665
And 155,423 gallons were in the vfollowing warehouses in the fourth
district of Galifornia:
No. 1. E . B . Carroll, at Sacramento
No. 2. John F . Boyce, at Santa Rosa
No. 3. A. B. Purfurst, at Santa Helena
Digitized forNo.
FRASER
4. John Tivnen, at Sonoma
Gallons.
56,426
17,519
57, 825
23,653
78
REPORT ON T H E
FINANCES.
EXPORTATION OF MANUFACTURED TOBACCO AND SNUFF IN BOND.
The subjoined table sliows, as removed and unaccounted for July 1,
1884, and July 1,1885, the quantity, in pounds, of manufactured tobacco
^and snuff which had been removed for exportation in bond, and con•cerning which the proof of exportation required by law had not been
furnished prior to the dates named:
Pojinds.
1. Removed and unaccounted for July 1, 1884:
Tobacco, at 16 cents tax, removed under'exportation bonds
Tobacco, at 8 cents tax, removed under exportation bonds
Pounds.
11,026
747,645|^
—^
2. Removed during the year ended J u n e 30, 1885:
Tobacco at 8 cents tax under exportation bonds
758,671t
12,054,015^
' — 12,054,015i
12,812,6s6|
-3. Exported and accounted for during the year:
Tobacco at 16 cents tax under exportation bonds
Tobacco at 8 cents t a x under exportation bonds
Tobacco at 16 cents t a x paid on deficiencies
Tobacco a t 8 cents t a x paid ou deficiencies
8,546
11,770,764f
400
605
—•
:
11,780,3151
4. Remaining unaccounted for at the close of the fiscal year
J u n e 30, 1885:
Tobacco at 16 cents t a x under exportation bonds
2, 080
Tobacco at 8 cents t a x under exportation bonds
1,030,291
1,0.32,371
12,812,686f
EXPORTATION OF CIGARS AND CIGARETTES IN BOND.
Number of
cigars, at $3
perM.
Numbei-—
1. Hemoved and unaccounted for June 30 1884
"2. Removed during the year ended June 30, 1885
3. Exported and accounted for during the year ended June 30, 1885
4. Remaining unaccounted for at the close of the year ended June 30,1885.
Number of
cigarettes,
at 50 cents
perM.
72, 050
1, 557, 550
7 817 500
104, 811 420
1, 629, 600
112, 628, 920
1,516,200
113, 400
103, 333, 420
9, 295, 500
1, 629, 600
112, 628, 920
DATE OF BONDS REMAINING UNACCOUNTED FOR J U N E 3 0 , 1 8 8 5 .
The years in which the bonds were given for the exportation of the
tobacco, snuff, cigars, and cigarettes remaining unaccounted for by the
evidence required by law for their cancellation, on June 30, 1885, are
.as foflows, viz:
Year.
1879
1884
1885
.
.
Tobacco in
pounds.
2,080
17, 706
1,012, 585
Number of
cigars.
113,400
Number of
cigarettes.
9 295, 500
COMMISSIONER
OF INTERNAL
79
REVENUE.
INSPECTORS OF TOBACCO.
All packages of tobacco, snuff, cigars, and cigarettes, withdrawn
from factories free of tax for exportation are required, under regulations made pursuant to law, to be inspected and to have export stainps
affixed by inspectors of tobacco appointed by the Secretary of the
Treasury, under the provisions of section 3151 R. S., each inspector to
be paid by the manufacturer such fees as the Commissioner of Internal
Eevenue may prescribe.
Upon inquiry, having ascertained that certain inspectors of tobacco
were receiviug annual emoluments exceeding $3,000, and that the income of others was nearly as large, the services not being of such a
grade as would seem to w^arraut the compensation, 1 have reduced the
rates of fees from 10 cents to 7 cents per 100 pounds as to tobacco; from
3 cents to I J cents.as to cigarettes; and from 20 cents to 10 cents as to
cigars. Although in the cases referred to the lower rates of fees will
afford adequate compensation to the officer for his services, iu a majority
of cases, however, they are inadequate for such a purpose. It further
;appears that in many cases the exportations are so light as to make it
exceedingly difiicult to fiud suitable persons to take the office and fur.pish the $5,000 bond required by the law.
Inspectors of tobacco are the only officers now in the internal revenue
service who are paid by the citizeus for whom the-duty prescribed is
performed. When the office was created the payment of tobacco taxes
by stamps had not been devised, and the duties of inspectors were ac-.
<50rdingly much more extensive than now. In order to obtain officers to
perform the duties of inspecting the tobacco and marking and stamping
it for export, it has been found necessary to appoint deputy collectors
to be also inspectors of tobacco. This proceeding is deemed not to be
illegal, but it is thought advisable not to have one person hold two
offices.
I would therefore recommend that the office of inspector of tobacco
be abolished, and that his duties be devolved upon the collectors ofthe
districts where inspections of tobacco, snuff, cigars, or cigarettes for
exportation are necessary; and that the exportations be made under
such regulations as the Commissioner of Internal Revenue, with the
.approval of the Secretary of the Treasury, may prescribe.
S T A T E M E N T o f DBAWBACK of I N T E B N A L - B E V E N U E TAXES ALLOWED on
E X P O B T E D M E B C H A N D I S E during thefisoal year ended June 30, 1885.
No. of Proprietary
claims. articles.*' Tobacco.
Baltimore
Ohicago
Milwaukee
New Orleans
New York
Philadelphia
:San ITrancisco
•Saint Louis
Total
jLllowed 1884
$23 12
3
1
84
4
320
1
144
149
$46 66
706
1,090
32
42
16
2, 402
$45 00
00
40 '"'il2"50'
24
04
744 25
46 66 2, 515 80
901 75
16,460 34 . 6,135 811 5, 673 96
* Exported prior to July 1,1883.
Distilled
Cigars. Fermented
liquors.
spirits.
t Including snuff.
$33
3, 426
70
4, 710
30
87
23
20 $2, 080 80
i, 33i 40 1, 624 50
6, 620 71
16,192 71 3, 705 30
TotaL
$68 12
33 30
3, 426 87
l02 23
6, 992 56
16 24
6,102 19
6, 620 71
23,362 22
14, 996 30 8, 832 00| 52, 098 41
X Including exported stills.
80
REPORT ON THE
FINANCES.
MISCELLANEOUS ASSESSMENTS.
The following table shows the assessments made by the Oommissioner
of Internal Eevenue during the fiscal years ended June 30, 1884, and
Jnne 30,1885, respectively, and the increase or decrease on each article
or occupation:
,
A s s e s s e d d u r i n g fiscal
y e a r ended—
J u n e 30,1884. J u n e 30, 1885.
T a x on deficiencies i n p r o d u c t i o n of distilled 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 in t h e p r o d 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 a n k s , b a n k e r s ,
and savings institutions other than national
banks
T a x o n c i r c u l a t i o n of b a n k s a n d o t h e r s
T a x on d i s t i l l e d 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, also t a x e s o v e r d u e
T a x e s o n f e r m e n t e d l i q u o r s r e m o v e d from b r e w ery unstamped
T a x on t o b a c c o , snuflF, a n d c i g a r s r e m o v e d from
factory 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 u n s t a m p e d
Assessed penalties
,
L e g a c i e s a n d s u c c e s s i o n s .*
Unassessed and unassessable penalties, interest,
t a x e s previously abated, conscience money,
a n d deficiencies i n b o n d e d a c c o u n t s w h i c h
h a v e b e e n collected ; 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 c o u r t or b y o r d e r of S e c r e t a r y , a n d
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 i n s t r u m e n t s ( P 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
-
Fiscal year ended
J u n e 30,1885.
Inorease
o v e r 1884.
Decrease
from 1884.
$69,178 36
$43,511 42
$25, 666 94
3, 438 41
1, 391 52
2, 046 8»
550 61
228 61
1, 297 17
$746 56
228 61
1, 906, 401 75 7, 216, 387 22
2,170 89
20, 569
252
70, 315
1, 524
09
62
20
17
7,133 18
11, 287
50
60, 883
732
4, 962 29
53
00
28
30
284,188 17
69, 371 46
8, 034 51
291, 938 02
48, 111 09
4,105 67
9, 436, 223 85
7, 686, 828 40
9, 281
202
9,431
791
56
62 .
92
87
7,749 85
21, 260 37
3,928 84 •
1, 749, 395 45
ASSESSMENTS FOR 1 8 8 5 .
The following statement shows the amount of assessments in each of
tbe several States and Territories of the United States during the fiscal
year ended June 30, 1885:
states and Territories.
Alabama
Arkansas
Califoinia
j .
Colorado a n d W y o m i n g
Connecticut
Delaware
Plorida
Georgia
:
niinois
Indiana
Iowa
Kansas and Indian Territory
. Kentucky
Louisiana
Maine
Maryland
Massach usett s
Michigan
Minnesota
Mississippi
Missouri
Amount.
States and Territories.
Montana and Idaho
$7,724 36
5,184 81 N e b r a s k a a n d D a k o t a
24, 418 26 N e v a d a a n d U t a h —
3, 755 91 N e w H a m p s h i r e
1, 946 19 N e w J e r s e y
549 31 N e w M e x i c o a n d A r i z o n a
532 51 N e w Y o r k
15, 347 77 N o r t h C a r o l i n a
99, 432 83 Ohio
37,714 34 Oregon, W a s h i n g t o n , a n d A l a s k a . .
7,379 27 P e n n s y l v a n i a
• 1, 918 82 R h o d e I s l a n d
, 966, 594 01 S o u t h C a r o l i n a
10, 871 05 T e n n e s s e e
2, 060 61 T e x a s
290, 064 56 V e r m o n t
16, 461 09 V i r g i n i a
6, 095 35 W e s t V i r g i n i a ,
3, 054 40 W i s c o n s i n
1,122 09
Total
7, 839 26
Amount.
423 00
338 01
260 48
2, 255 98
7, 246 72
2, 134 72
65, 679 83
53, 796 63
204, 471 25
1, 265 55
567, 846 98
1, 029 49
183 34
137 03
666" 7a
752 11
32, 959 06
101, 529 64
10, 785 05
17,686,828 40
COMMISSIONER OF INTERNAL REVENUE.
81
Thedecrease of the assessments made during the past fiscal y e a r
from the amount assessed in 1884 consists mainly in the assessments oife.
distilled spirits on which the tax biecame due after they had remainedi
over three years in warehouse. This decrease of $1,690,014 53 is OOQ^sioned by two causes :.
(1) The production of distilled spirits three years ago was less thshm
it w^as four years ago.
(2) Large quantities of spirits on which the tax had become due wef©^
bonded for export under the provisions of Circular No. 282, and weKi?suffered to remain in warehouse without payment or assessment of ta^.
for a period not exceeding seven months.
In explanation of the decrease in assessments of tax for deficiemeiegi
in the production of distilled spirits and excess of materials nsed^it
may be said that a large amonnt of such taxes was abated under th^provisions of the act of March 1, 1879, as amended, before the assessment was made. The amount so abated was $35,412.27 for defieiency
tax and $4,598.43 for tax on excess of materials used in the prodiictioM^
of distilled Spirits.
The decrease in the assessment for special taxes is probably caujsed
by the reduction made by Congress on certain special taxes or liei&nseSo.
The other decreases and the few increases of assessments are BO4
more than will constantly occur from year to year.
I have the honor to be, very respectfully,
JOS. S. MILLER.
' • .
Gommissionrtr^
The Hon.
SECRETARY OF T H E T R E A S U R Y .
2673 F
6 •
REPORT OF THE COMPTROLLER OF THE CURRENOY.
m
REPORT
TffiE COMPTROLLER OF THE CURRENCY,
TREASURY DEPARTMENT,
OFFICE OF C O M P T R O L L E R OF THE CURRENCY,
Washington^ Decemher 1, 1885.
I have the honor to submit for the consideration of Congress, in compliance with section 333 of the Revised Statutes of the United States, the
twenty-third annual report of the Gomptroller of the Ourrency. During
tbe year ending liTovember 1, 1885, one hundred and forty-five banks
have been organized, with an aggregate capital of $16,938,000; circulating notes have been issued to these new associations amounting to
$4,274,910. The following table gives the number of banks organized
in eacji State and Territory during the year ending November 1, 1885,
with tlieir aggregate capital and circulation:
states and Territories.
No. of
banks.
$100, 000
50, 000
100, 000
150, 000
1, 685, 000
150, 000
800, 000
210, 000
50, 000
400, 000
125, 000
250, 000
150,000
50, 000
500, 000
300, 000
550, 000
100, 000
250, 000
1, 550, 000
Maine
New Hampshire
Vermont
Massachusetts . •
New York.
New Jersey
Pennsylvania...
Delaware
Mar;yland
Virginia
North Carolina .
Georgia
Plorida
Mississippi
Texas
Arkansas
Kentucky
Tennessee
Missouri
Ohio .:
Indiana
Illinois
Michigan
Wisconsin
Iowa
Minnesota
Kansas
Nebraska
Oregon
Colorado
Utah
Montana
Wyoming
Dakota
Washih^on
California
Total
Capital.
145
Bonds deposited.
Circulation
issued.
1, 050, 000
2, 508, 000
1, 865, 000
150, 000
350, 000
75, 000
965, 000
710,000
275, 000
300, 000
200, 000
160, 000
50, 000
560, 000
50, 000
150, 000
$25, 000
13,000
25, 000
37, 500
790, 000
65, 000
182, 500
50, 000
12, 500
50, 000
50, 000
71, 000
55, 000
12, 500
128, 000
80, 000
140, 000
25, 000
155, 000
546, 000
675, 000
312, 000
365, 500
65, 000
164, 500
19, 000
241, 300
180, 000
69, 000
62,500
50, 000
. 40, 000
12, 500
140, 000
12, 500
37, 500
45, 000
45, 000
18, 900
49, 500
11, 240
115,190
72, 000
126, 000
22, 490
139, 500
491,400
607, 500
280, 780
328, 880
58,490
136, 780
17,100
217,120
148, 390
11, 250
56, 250
45, 000
36, 000
11, 250
81,420
11, 250
33, 750
16, 938, 000
4, 959, 300
4,274,910
$22, 500
22, 500
33, 740
711,000
58, 500
164, 240
45, 000
85
86
REPORT ON THE FINANCES.
These banks are located by geographical divisions, as follows: .Eastern States 4 banks, with capital of $400,000; Middle States, 20, with
capital of $2,895,000; Southern States, 21, with capital of $2,425,000;
Western States, T6, with capital of $9,473,000; Pacific States, 8, with
capital of $725,000; Territories, 16, with capital of $1,020,000.
Since the establishment of the national banking system, on February
25,1863, there have been organized 3,406 national banks. Of these 432
have gone into voluntary liquidation for the purpose of winding up their
affairs; 79 have gone into voluntary liquidation for the purpose of reorganization; 64 are in liquidation by expiration of their charter, of which
number 38 have been reorganized; and 104 have been placed in the hands
of receivers for the purpose of closing uj) their affairs; leaving the total
number in existence 2,727, on November 1,1885, which is the largest number that has been in operation at any one time.
The corporate existence of 864 national banks expired during the year
ending November 1, 1885, of which 801 have been extended underthe
act of July 12, 1882. Forty-eight have permitted their corporate existence to expire, and are in liquidation under section 7 of said act (32 of
which have been succeeded by other banks located in the same places,
and with nearly the same shareholders), and 13 have been placed in
voluntary liquidation by vote of shareholders owning two-thirds of their
stock, of" which 7 were succeeded by other banks. The remaining 2
became insolvent, and were iilaced in the hands of receivers. The corporate existence of 14 national banks, with an aggregate capital of
14,450,000, will expire during November and December of this year;
and the corporate existence of 18 national banks, with an aggregate
capital of $3,135,000, will expire during 1886. Four national banks,
with an aggregate capital of $600,000, have failed and been placed in
the hands of receivers during the year.
Under the provisions of the act of July 12, 1882, national banks with
a capital of from $50,000 to $150,000 may be organized upon a minimum
deposit of UnitedStates bonds equal to 25 per cent, of suck capital.
The minimum deposit of bonds required by law to be made by banks
with a capital of upwards of $150,000 is $50,000. The foUowing table
shows the number of banks organized from July 1,1882, to July 1,1885,
their capital stock, amount of bonds deposited in accordance with law,
and the circulation issued thereon:
Year.
July 1,1882, to July 1,1883..
July 1,1883, to July 1,1884..
July 1,1884, to July 1,1885..
Number
of banks.
Capital.
Minimum
bonds
required.
Bonds
actually Percentage Circulation
issued.
deposited. of excess.
25\ $26, 552, 300 $5,155, 500 $7,116,400
218 19, 944, 000 4,016,000
4, 076,100
142 15, 2U5, 000 3, 061, 250 3. 332, 800
Peir cent.
28
14
8
$6,404,760
4,208,490
2, 999,620
An exiami nation of the foregoing table shows that 611 banks have
been organized between the dates above given, with a capital of
$61,701,300; that they have deposited $15,125,300 of bonds, upon which
circulation to the amount of $13,612,770 has been issued. The minimum deposit of bonds, as required by law for said banks is $12,232,750,
and it will be seen that while the actual deposit has in the aggregate
exceeded the minimum, yet this excess has steadily decreased during
the three years covered by the table. The excess above the required
minimum of bonds deposited from July, 1882, to July, 1883, was 28 per
cent, of the total deposit. From July, 1883, to July, 1884, this excess
was 14 per cent, only of the total deposit, and from July, 1884, to July,
COMPTROLLER OF THE CURRENCY.
81
1885, the excess was still further diminished to 8 per cent. This showsconclusively that the banks organized between the periods named havenot been induced to enter tbe system on account of the profit to be derived from the issue of circulating notes, but because it was believed bjr
tlieir;managers that they would have a better credit and standing witb
the public under the national bank act than as State or private banks, o]
I t is also to be noted that the reduction by the act of July 12, 1882^
ofthe minimum amount of bonds to be deposited by national banks of
$150,000 capital and under to one-quarter of their capital stock ha&
had a tendency to increase the organization of small banks throughout
the country. While the number of banks organized from July 1, 187^5,
to July 1, 1882, with a capital of $150,000 and und'er was 232, thenumber of banks of this class organized from July 1, 1882, to July 1, 1885^
was 548. These small banks have in many instances been organized to
take the place of private banking firms and small State banks, particularly in the West, Northwest, and Southwest. I t is believed that this
change is to the advantage of the public, as the majority of these banks
. were previously carrying on a banking business without being subject
to an examination of their affairs, and without the security given by the
publication of sworn statements of their condition, tb which supervision
and requirement they will be subject under the national bank act.
Under the present law, the minimum deposit of bonds required to te
made by the 2,714 national banks in operation in the United States oiu*
October 1, 1885, w^ould be but $80,970,423 in order to continue as national banking associations. A table has been prepared and will b©
found in the Appendix, showing for the national banks in each State,.
Territory, and reserve cities, the minimum amount of bonds required
by law, the bonds actually held, and the circulation issued thereoni
October 1, 1885. This table also shows the increased amount of circulation which the national banks might issue in the event of the passage
of a law authorizing them to issue circulation equal to the par value ot
their bonds on deposit.
I t is believed that the national banking system will be continued
even if the associations organized under it cannot issue circulation at
a profit, inasmuch as the experience under it has shown it is for the best
interests of the public, as well as of the banks, that this business should
o^be carried on under a general law haviug effect throughout all the different States. This statement is made without prejudice to banks organized
underthe statutesof those States which contain provisions and restrictions similar to those of the national banking law. In man^^ of the
States, however, the banking laws are defective, and it is evident that
the legislation upon the subject cannot be homogeneous, nor the working of the laws so harmonious and useful under statutes passed by
thirty-eight States as under one general law of Oongress applicable to
all banking institutions.
EXTENSION OF THE CORPORATE EXISTENCE OF NATIONAL EANKSo
The original national currency act of February 25, 1863, provided
in section 11 that banks organized under its jirovisions should have
succession for a period of not exceeding twenty years from the dateJof
said act, as follows:
Every association formed parsuant to the provisions of this act may make and
nse a common seal, and shall have snccession hy the name designated in its articles
of association, and for t h e period limited therein, not however exceeding twenty
yeaTB from the jpassage of this act.
^8
'
REPORT ON THE
FINANCES.
Under the provisions of this act 488 banks were organized, of which
^ 8 had ceased to exist prior to January 1, 1882, leaving 400 still in opaeration on that date. Of these, 314 were extended under the act of
J u l y 12, 1882, 72 were succeeded by other associations with the same or
diff'erent names, 12 went out by voluntary liquidation or expiraton of
^corporate existence without successors, and' 2 were placed in the hands
*of receivers. The corporate existence of 297 of these banks expired on
February 25, 1883, and 270 were then extended; while 103 expired pre"vious to that date, of which 44 were extended.
The national bank act of June 3, 1864, superseding that of February
:25,1863, provides in section 8 that each national bank shall have suc--cession for twenty years from the date of its organization, that is, from
the date of its organization certificate. This section was embodied in
.section 5136, Kevised Statutes, now in force, which is as follows:
Upon duly raaking and filing articles of association and an organization certificate,
t h e association shall become as from the date of execution of its orgahization certifi<jate a body corporate, and as snch and in tbe name designated in the organization .
certificate, it sball have power: First, to adopt and use a corporate seal; second, to
iiave succession for a period of twenty years from its organization, nnless it is sooner
dissolved according to the provisions of its articles of association, or by the act of its
shareholders owning two-tbirds of its stock, or nnless its franchise becomes forfeited
^ y some violation of law.
Anticipating the fact that a large number of national banks would
^expire by limitation during the years 1882 and 1883, the Comptroller of
the Currency, in his annual report for 1881, recommended that an act
be passed providing that any national bank might, with the approval
of the Comptroller, at any time within two years prior to the date of
>^xpiration of its corporate existence, extend its period of succession for
twenty years by amending its articles of association.
In accordance with this recommendation, a bill was introduced soon,
after the assembling of the Forty-seventh Congress, an.d was referred
to the Committee on Banking and Currency, and by that committee reported to the House, and after considerable discussion, passed on May '
^ 0 , 1882, by a vote of 125 to 67.*
The bill was amended in the Senate in many particulars, and passed
body June 22, 1882, by a vote of 34 to 14.t It subsequently
f)assed the House July 10,1882, upon a report of conference committee,
j e a s 110, nays 79, not voting 101,| and received the approval of the©
IPresident July 12, 1882.
Prior to the passage of this act the right of shareholders of national
'.banks whose corporate existence was about to expire, to organize under
uthe natioual bank act new associations with the same names, in ord e r to retain as far as possible their business and the prestige of their
siames, which had become known throughout thecountry, was in doubt,
.and inasmuch as there was then no statute permitting the extension of
{their corporate existence, the opinion of the Attorney-Gen eral was re•quested on this point, and on the 23d of February, 1882, an opinion
was given, in which he said:
The present national banking laws do not forbid the stockholders of an expiring .
corporation from organizing a new bauking association, nor from assuming the name
of the old corporation, with the approval of the Comptroller of the Cnrrency, and in
(ihe absence of any iprohibition to t h a t effect, no legal obstacle to the formation of a
mew association by such stockholders, and the adoption ofthe name ofthe old association, wonld in my opinion exist.
"
'
* Congressional Record, No. 120, p. 25, Forty-seventh Congress.
\ I b i d . , ^ o . 147, p. 32.
t / M ^ . , July 11,1882.
'
COMPTliOLLER
OF T H E
CURKENCY.
89
As there was some uncertainty in regard to tbe passage by Congress
of the act for the extension of the coriiorate existence of national banking associations, fiity banks gave notice of liquidation, and in raost instances new associations were organized with the same titles and the same
stockholders as those which had been placed in liquidation. A proviso
attached to section 5 of the act of July 12,1882, requires that in the organization" of any bankingassociation, intended to replace any existing
banking association and retaining the name- thereof, the holders of
stock .in the expiring association shall be entitled, to preference in the
allotment of the shares of the new association in proportion to the number of shares held by them respectivelv in the expiring association.
Under the act of July 12,1882, nearly all of the banks then in existence which were organized uuder the act of February 25,1863, exti nded
their corporate existence during the following months:
July, 1 8 8 2 . . . . '
Angust, 1882
September, 1882...
October, 1882
November, 1882
December, 1882
January, 1883
February, 1883 *
F e b m a r y 25, 1883
r:
'
:
>
-
Total
6
9
7
5
4
7
4
2
270
-.-.. 3i4
The whole number of banks organized under the act of June 3, 1864,
to the date of the act of July 12,1882, was 2,2(16, of which 450 had been
closed, leaving 1,816 in operation on that dctte. The following table
gives the number of these banks, the original periods of succession of
which will terminate during each year from 1886 to 1899 inclusive, with
their capital and circulation:
^N'uraber
of banks.
Years.
1886
1887
:
1888
1889 ..
1890
:
1891
1892
1893
1894
1895
1896
.
1897 .. - .
1898
1899
1
18
;
.
..
- .
.-
.->
.
.
. . .
Total
Capital,
Circulation. '
3
63
104
103
39
67
81
23
28
27
41
$3,135. 000
950, 000
1, 250, 000
600, 000
9. 290, 500
13,193. 900
12, 879, 600
4, 740, 000
7, 6:i8, 000
10,665,000
1, 968. 000
2, 969, 000
2, 649, 000
4, 820, 000
$1, 848, 250
925, 000
719,100
450, 000
6,419,950
9,120, 880
8, 300, 870
-3,849,400
5,819,150
7, 650, 000
1, 525, 500
2,106, 000
2, 208, 600
3, 811, 900
613
76, 748, 000
54, 754, 600
ll
On November 1, 1885, 8S5 banks organized under the act of June 3,
1864, had been extended, making, with the 314 extensions of banks organized under the act of February 25, 1863, 1,199 associations the corporate existence of which has been extended under the act of July 12,
1882.
In the Appendix wiU be found a table showing the distribution
and capital of these banks by States. During the year ending November 1, 1885, the periods of succession of 864 banks.organized underthe act of June 3, 1864, terminated. Of these, 801 have already ex'tended their corporate existence, 5 were placed in voluntary liquidation '
'^ Before February 25, 1883.
90
KEPORT ON THE FINAISCES.
by the vote of stockhoklers owning two-thirds of their stock, 15 were
permitted by their stockholders to close at the end of their periods of
succession, 4 were placed in the hands 6f receivers, and 39 were succeeded by other associations with different names but with the same
shareholders, wholly or in part. From November 1 to December 31,
1885, 14 banks will expire, all of which have applied in due form for
extension.
Among the banks extended during the year were 30 in the city ot
Kew York, with an aggregate capital of $35,350,000, as well as a large
number in Boston, Philadelphia, and other principal cities, being some
of the largest banking institutions in the United States. It is also interesting to note that many of the banks extending during the past
year were originally organized under the various State laws, and the
continuation of their existence under the natioual banking system indicates their belief that it is for their best interests to do business under
the general banking laws of the United States.
The number, capital, and circulation of the national banks whose
periods of succession terminated between November 1, 1884, and November 1, 1885, are shown by the following table, which also indicates
the number whose corporate existence has been extended, and the number which have expired and have been succeeded by other national
banks:
Date.
Number
banks
tliat
have
expired.
Capital.
Circulation.
Number
banks
tbat
h a v e extended.
Capital.
Circulation.
Number
bauks
succeed- C a p i t a l . Circulation.
ed b y
other
banks.
..
1884.
November.
Deceraber.
1885.
January ..
February .
March
April
^
May
June
July
August ...
September.
October . . .
Total....
48 $16, 695,150' $9, 635, 450
110. 40, 415, 240^ 22, 269, 290
46 $16,195,150 $9, 545, 450
1.06 38, 515,240 22, 099, 640
109
68
126
85
122
139
24
14
12
7
94
06
116
79
116
131
21
10
9
7
27,549,500
11,576.000
32,330,350
24,941,970,
28,507,330:
50,094,915!
4,915,000
1,951,000
1,775,000
005, OOOj
16,420,015
7,921,940
17,411,510
13,082,085
18,931,595
20,418,910
2,047,800
1,129,500
913,950
729, 000
864 241,662,455130,911,045
25, 054, 500
11, 226, 000
30, 946, 35U
21, 266, 970
27, 807, 340
47,069,915
4, 265, 000
1, 516, 000
1,12.5, 000
905, 000
1 $200, 000
3 1, 850, 000
$45,000
157,500
14, 467, 365
7,815,740
16, 507, 010
12, 704, 085
18, 496, 845
19, 877, 560
1, 522, 800
891,000
711,^450
729, 000
11 2,145, 000 1, 637,650
801 226, 492, 405 125, 367, 945
39 7, 600, 000 3, 851, 500
6
3
3
3
3
3
3
855, 000
275, 000
300. 000
300, 000
050, 000
375, 000
650, 000
567,000
153, 000
202, 500
176, 850
525, 000
184,500
202, 500
It will be seen from the foregoing statements that a larger number of
national banks expired by limitation during the year ending November
1, 1885, than have or wiil expire during any other year between the
passage of the act of July 12, 1882, and the year 1900.
The additional labor entailed upon this office by the extension of so
large a number of banks in so short a period of time has been very considerable, it being necessary in all instances to carefully examine the
original articles of each association as well as the amendments and the
signatures of assent of the shareholders thereto. On account of section
6, which provides that new circulating notes shall be issued to each
extended association, duplicate accounts have necessarily^ been opened
upon the books of this office with every extended bank, and in accordance with the third section of the act it has been necessary that a special
examination should be made of each bank to determine its condition, as
before granting a certificate of approval for extension to any association
COMPTROLLER OF THE CURRENCY.
91
the Gomptroller must'be satisfied that its capital is unimpaired a;nd that
it is otherwise in a sound condition.
I t appears to be a matter of congratulation to the friends of the national banking system that the associations, the original periods of succession of which have terminated, have up to this time as a rule decided
to continue in business, notwithstanding the fact that very little if any
profit cau be made upon circulation under the present provisions ofthe
law and the prevailing high prices of Government securities.
The provisions of the act for the extension of the corporate existence
of national banks in the main appear to be admirably suited for that
purpose. Those of the first and second sections, w^hich provide that the
period of succession may be extended by simply amending the articles
of association, by the consent in writing of shareholders owning not
less than two-thirds of the capital stock, are simple and easily carried
out by the banks.
Section 3, which provides for a special examination of the association
in order to determine its condition, is also well adapted for tbe purpose.
That part of section 4 which provides that the extended bank shall
continue to be iu all respects the identical association it was before the
extension of its period of succession prevents any break or disturbance
in its business, enables the bank to retain its surplus fund, and is especially useful in the matter of any litigation for collection of assets, title
to prdperty, &c.
It w^ould, however, appear that some of the provisions of section 5
might be amended with advantage to the public. Said section is as
follows:
S E C .5. T h a t when auy national bauking association has amended its articles of
association as provided in this act, and the Comptroller has granted his certificate of
approval, any sbarebolder not assenting to such amendment may give notice in
writing to the directors, witbin thirty days from the date of the certificate of approval, of his desire to withdraw from said association, in which case he shall be
entitled to receive from said banking association tbe value of the shares so held by .
him, to be ascertained by an appraisal made by a committee of three persons, one'to
be selected by such shareholder, one by tbe directors, and the third by the first t w o ;
and in case the value so fixed shall not be satisfactory to any such shareholder, he
may appeal to the Comptroller of the Currency, who sball cause a reappraisal to be
made, which shall be final and binding; a n d i f said reappraisal shall exceed the
valne fixed hy said committee, the bank shall pay the expenses of said reappraisal,
and otherwise tbe appellant shall pay said expenses; and t h e value so,ascertained
and determined shall be deemed to be a debt dne, aud be forthwith paid, to said
shareholder, from said b a n k ; aud the shares so surrendered and appraised shall,
after due notice, be sold a t public sale, within thirtj'^ days after the fiual appraisal
provided in this section : Provided, That in the organization of any banking association intended to replace any existing bankiug association, and retaining the name
thereof, t h e holders of stock in the expiriug association shall be entitled to preference in the allotment of the shares of the new association in proportion to the number of shares held by them respectively in the expiriug assocfiaDion.
Provision is thus made to ascertain the value of shares of non-assenting shareholders, by an appraisal to be made by a committee of three
persons, one to be selected by the non-assenting shareholder, one by the
directors, and a third by the first two. But if the bank does not heed
the notice of withdrawal and declines to appoint a person to serve on
the committee of ai^praisal, there is no penalty for such neglect, and
apparently the shareholder's only remedy is by a suit in some court of
vCompetent jurisdiction. I therefore conclude that some provision should
be made for the enforcement of this section. Provision is also made, in
case the value of the shares fixed by the committee of appraisal is not satisfactory to the shareholder, that he may appeal to the Oomptroller ofthe
Gurrency, who shall cause a reappraisal to be made, which shall be final
92
REPORT ON THE
FINANCES.
and binding. No provision is, however, made for au appeal on the part
ofthe bank, where the valuation fixed by the committee is not satisfactory to it. I have to,recommend, therefore, that the section be amended
to obviate this defect.
Provision is further made that after the appraised value has been
paid to the shareholder, as provided by law, and the shares surrendered,
the same shall, after due notice, be sold at public sale within thirty
days after the final appraisal. It appears that iu many cases thirty
days is not sufficient time for the bank to realize a fair price for shares
which it is thus compelled under the law to purchase, and inasmuch as
section 5201 of the Kevised Statutes provides that stock purchased or
acquired to prevent loss upon a debt previously contracted in good
faith may be sold at any time within six mouths from the date of its
purchase, at public or private sale, it would seem that the law should
grant at least as long a period for the sale of the stock which an association is compelled to take from a retiring stockholder under the act of
extension, and the Gomptroller recommends an amendment to this
effect.
.
Section 6, which relates to the circulation of extended associations, is
asfollows:
S E C ' 6. That the circulating notes of any association so extendiug the period of its
succession which shall have been issued to it prior to such extension shall be redeeraed
at the Treasury of the Uuited States, as provided in section three of the act of June
twentieth, eighteen hundred and seventy-four, entitled "Au act fixing the amouut
of Uuited States notes, providing for redistribution of national-bank currency, and
for other purposes," and such notes wheu redeemed shall be forwarded to the Comptroller of the Currency, and d^'stroyed, as now provided by l a w ; and at the en.d of
three years from the date of the extension of the corporate existence of each bank the
association so extended shall deposit lawful money with the Treasurer of the tfnited
States sufficient to redeem the remainder of the circulation which was outstanding
at the date of its extension, as provided in sections fifty-two hundred and twenty-two,
fifty-two hundred and twenty-four, aud tifty-tw^o hundred aud twenty-five o f t h e Revised Statutes; aud any gain t h a t may arise frora the failure to preseut such cir6ulating notes for redemptiou shall inure to the benefit of the United States; aud from
time to time, as such notes are redeeraed or lawful money deposited therefor as provided herein, new circulating notes shall be issued as provided by this act, bearing
such devices, to be approved by the Secretary of the Treasury, as shall make them
readily distinguishable frora the cia-culating notes heretofore issued : Provided, however,
That each bankiug association vyhich shall obtain the benefit of this act shall reimburse to the Treasury the cost of preparing the plate or plates for such new circulating notes as shall be issued to it.
It is respectfully submitted that more than three years should be
granted within which to deposit lawful money to retire the remainder
of the circulation outstanding at the date of extension. If this period
should be extended to six years the necessary deposit would then be
comparatively small. In the natural course of redemption the outstanding circulation of old'design of extended associations is constantly being
decreased, as all such notes redeemed are retired without regard to their
fitness for circulation, notes of a new design, as provided by law, being
issued in their place.
Upon reference to a statement heretofore made of the extension of
the corporate existence of national banks organized under the actof
February 25, 1803, it will be noticed that 270 banks, with a circulation
of $47,997,430, were extended on February 25, 1883, and therefore lawful money must be deposited under section 6 within thirty days frpm
February 25, 1886, to retire such portion of this circulation as then remains outstanding. From the redemptions of this circulation made in
regular course, it has for some time been evident to the Gomptroller
that the amount of the final deposit required by this law to be made iti
COMPTROLLER. OF THE CURRENCY.
93
lawful money duriug the thirty days succeeding February 25, 1886,
would be very large, and that this deposit of lawful money within so
short a period would perhaps occasion some temporary disturbance at
money centers, particularly as some time would necessarily elapse before new circulation to replace that retired could be issued bythe banks.
In this connection I desire to call attention to a portion of section 9,
which provides that in the aggregate not more than three million dollars of lawful money shall be deposited by national associations during
any calendar month in order to withdraw their circulating notes, except
when bondsowned by the association shall be called for redem ption by the
Secretary of the Treasury. I t does not appear that lawful money deX)Osits made uuder section 6 are exempted from the provisions of section
9 referred to, and inasmuch as the deposits under section 6 may at
times exceed $3,000,000 in any one month, there is an apparent conflict
in the act. I therefore recommend that the time of deposit be extended.
I also recommend that section 9 be so amended that its provisions shall
not apply to the deposit of lawful money by extended associations.
In anticipation of the difficulty which might arise after February 25,
1886, from the apparent conflict of law referred to, and from the large
deposit of lawful money, which, if not made before, would j by the law,
be required to be made withiu thirty days following that date, the
Gomptroller, early iu the present year, began to advi.se national banks
which would be required by section 6 to make deposits of lawful money
on or before March 25, 1886, in order to prevent, if ppssible, any disturbance, to make such deposits in advance, in sums of $10,000 or
% multiples thereof, extending them over a period of some months. These
banks were also advised to order in advance the preparation of ndtes
of new design, that they might be in readiness to be issued to replace
the circulation retired by the deposit of lawful money under section 6.
Early in .August a printed circular letter embodying this advice was
sent to all the national banks interested. Many of the banks so addressed have responded, and it is believed that the action of this office
has had an excellent eff'ect, and that the amouut of lawful money to be
deposited within thirty days after February 25, 1886, will be much less
than if this action had not been taken.
If the only object of section 6 is to enable the United States to gain
the benefit from lost or destroyed notes, this object might have been
accomplished by simple enactment to this effect, without the expense
of the issuance of new notes and the deposit of lawful money.
The extension ofthe franchises of expiring, associations for the sole
purpose of liquidating their affairs until closed, as provided for in section 7, ap))ears to answer its purpose.
The remaining sections of the act are for' purposes other than the
extension of the cor|)orate existence of natioual banks, and it is not
necessary in this connection to make any statement in regard to their
provisions.
At this date but two reappraisals have been made of the stock ol
non-assenting shareholders, under section five, by the Gomptroller of
the Gurrency.
CIRCULATION.
Notwithstanding the fact that 145 new banks were organized during
the past year, with a capital of $16,938,000, depositing $4,959,300 of
bonds as securitv for circulating notes, the aggregate of bonds on deposit for that purpose has diminished from $325,316,300 to $308,364,550.
The followino^ table aivc^s the various kiri(1.<! and amounts of bonds
94
REPORT ON T H E
FINANCES.
deposited by the banks to secure their circulatiug notes on November
1, 1883, November 1, 1884, and November 1, 1885.
1884.
1883.
Three-and-a-half8 . .
Threes
:
Four-anda-halfs
Pacific sixcB
. . .
yonra
- .
- .
..
$632, 000
201,327,750
41,319,700
3, 463, 000
106,164,850
352, 907, 300
$155,
49,
3.
116,
1885.
604,400
537, 450
469, OOU
705, 450
$138, 920, 650
49, 547, 250
3,505 000
116,391,650
325, 310, 300
308, 304, 550
By reference to this table it will be seen that the aggregate reduction of bonds deposited for the year ending November 1, 1885, was
$16,951,750. The changes were as follows: An increase of $36,000 in
Pacific currency six'es and of $9,800 in the amount of four-and-a-half
per cents deposited, a reduction of $313,800 in the amount of four per
cents held, and a reduction of $16,683,750 in the amount of three per
cents held, payable at the option of the Government. Of the three per
cents $9,580,200 had been called for payment, and interest had ceased
on November 1, 1884.*
The following fables show the decrease of natioual-bank circulation
during the years ending November 1, 1883, November 1, 1884, and
November^l, 1885, and the amount of lawful money on deposit at each
of the dates named:
^
National-bank notes outstanding November 1,1882, including notes of national gold banks
$362,727,747
Less lawful nioney on deposit at same date, including
deposits of gold banks
38,423,404
'- $324,304,343
National bank notes outstanding November 1,1883
Less lawful money on deposit November 1„1883 ,
•
352, 013,787
35,993,461
316,020, 326
Net decrease of circulation
National-bank notes outstanding November 1, 1883, inclnding notes of national gold banks .
Less lawful money on deposit a t same date, including
deposits of national gold banks
National-bank notes outstanding November 1, 1884, including notes of national gold banks
Less lawful money on deposit at same date, including
deposits of national gold banks
8,284,017
352,013,787
35,993,461
:
316,020,^26
333,559,813
41,710,163
291,849,650
Net decrease of circnlation
National-bank notes outstanding November 1, 1884, including notes of national gold banks ..
Less lawful money on deposit at same date, including
deposits of natioual gold banks
24,170,676
333,559,813
41,710,163
291,849,650
National-bank notes outstanding November 1,1885, including notes of national gokl banks
Less lawful money on deposit at same date, including
deposits of national gold banks
315,847,168
39,542,979
276, 304,189
Net decrease of circulation
* A large proportion of these bouds were replaced by others.
15,545,461
COMiPTROLLER' OF T H E CURRENCY.
95
It will be seen that the banks held on November 1,1884, $155,604,4005
and on November 1,1885, $138,920,650, of three percents under the act
of July 12,1882, payable at the pleasure of the Government. The Secretary of the Treasury, during the year ending November 1, 1883, paid
$105,634,150, and during the year euding November 1,188i, $105,970,450
of the public debt. In the latter year three per cents only were called.
No bonds w^ere called for the year ending November 1, 1885. Eeaspning upon the theory that the public debt would, during the year ending
November 1, 1885, continue to be reduced by the payment of three per
cent, bonds, and that this reduction would occasion the reinvestment of
trust and other funds invested in threes, and cause a greater demand for
and consequent increase in the price of four percent, bonds to a point at
which it would be more profitable for the national banks to sell them,
the Gomptroller estimated in his last aunual leport to Gongress, that
unless legislation should be secured enabling the banks to issue currency at a fair profit, circulation would be reduced at the rate of at least
$40,000,000 per annum. It is believed that this estimate would have
been substantially correct had the Government continued during 1885
to call and pay the three per cent, bonds as rapidly as during the two
previous years.
'
'
The reduction of circulation of national banks during the year ending
November 1, 1885, for reasons other than the call of bonds by which ifc
was secured, was greater than anticipated. The causes which have led
to this result are small profit remaining to national banks on circulation
after paying the tax of 1 per cent, per annum imposed by the Government; reduction in the rates of interest throughout the country, occasioned by the abundance of money in the financial centers; and, doubtless, uneasiness among certain of the bankers of the country as to the
outcome of the increase of silver in the Treasury, such increase indicating that possibly the interest on the public debt, and even some
portion of the principal, might be>paid in standard silver dollars, and
that Government bonds might thereby become depreciated in foreign
markets, which would undoubtedly aff'ect their price in this country.
The credit and standing of this country is deservedly high, and it is
not believed that the people desire either the principal or interest oh
the bonded debt of this country to be paid in anything but gold coin
or its equivalent. This matter was discussed at the time the bonds
were issued, during the period of the refunding of the debt, and tho
preparations for the resumption of specie payn:ents, and the conviction
is general that the faith and credit of this Go\'ernment is pledged for
the payment of its securities in gold coin or its equivalent.
The Gomptroller in his last annual report made the following statement: .
'^-'
^
The time of the final i)ayraeut of the debt is, however, yet distant, and with
appropriate legislation there will probably be for many years no lack of bonds as a
safe basis of circulation. Moreover, no feasible plan with other security has as yet
been suggested, affording a sound currency redeemable on demaud iu specie, and the
Comptroller believes that it is extremely doubtful whether, after the experience of
t h e last twenty years, the people would be satisfied wHth a currency based on any
security other than United States bonds.
Public sentiment seems to be iu favor o f t h e payment ofthe public debt as rapidly
as possible, and while no doubt this is.in general a correct principle, yet as it is
apparent t h a t such payment must extend under the most favorable circumstances
over a loug future period, the interest during which time is as much a portion o f t h e
debt as the principal, it is a question if it would not be of ultiraate benefit to the
country and a payment of the debt to reduce the interest upon it to a minimum rat©
and defer the payment of the principal, thus giving for many years &» ^ctfe bchnia for
national-bank circulation. This course would be particularly advantageous if th©
96
R E P O R T ON T H E FINANCES. ;
revenues of the Government are hereafter reduced to a point which, after providing
sufficient means fpr carrying on public bnsiness, will necessitate a more gradual
reduction of the priucipal of the debt.
The measures introduced in the Senate and House of Eepresentatives
during the last session of Gongress to enable national banking associations to issue circulation to the par value of the bonds deposited, and
for the funding of the high-rate bonds of the United States into bouds
bearing a lower rate of interest, did not become laws, the law taxing
circulation was not repealed, and no legislation whatever in relation to
the natioual banks or the refunding ofthe public debt was enacted. .
TTnless some measures be taken whereby the banks may be enabled
to issue circulation at a reasonable profit to themselves, the contraction
of national-bank notes will continue. The profit on circulation may be
increased by the removal of the tax and by increasing the amount of
currency issued to the par yalue ofthe United States bonds deposited ;
and the Gomptroller again respectfully recommends appropriate legislation for that purpose. Even if this be done, the national bank-uote
circulation is still liable to reduction and final disappearance with the
reduction and final payment of the debt of the United States.
Upon examiniug the various methods of issuing bank notes, adopted
in other countries, and which are described elsewhere in the report, it
will,be seen that a large proportion of the issue of notes under the laws of
the different Governments are based upou the credit.pf the banks—that
is to say, they are issued against the general assets of the various institutions, and are not, as a rule, secured by special deposits or securities
held iu trust, or by coin or bullion set apart specially for the protection
of the note-holder.
Irresponsible and illegitimate issues of bank notes have been common
to almost all civilized countries, and financial disturbances have again
and again resulted from such issues, notwithstanding the attempts
which have been made by many dittereut Governments to correct the
abuse.
'
^
Bank notes, which cir culate as mouey among the people, should either
be well secured by special deposit of valuable assets in trust, or they
should be issued only by corporations whose assets and management
are of such a character as to insure the payinent of the notes, and those'
corporations should be compelled by law to carry a sufl&cient reserve in
the coin of the country for their prompt redemption. Under these circumstaucjes only are bauk notes entitled to the confidence of the public. It is, of course, not to be expected that corporations or private
bankers will issue bank notes, if the law requires them to be based upon
the security of any form of debt and at the same time requires that an
amount of coiu or ^bullion equal to the notes issued shall b^ held by the
issuing associatiou for their redemption. There would be absolute loss
on such an issue. But as long as a bank note is payable on demand by
the issuer thereof, and the public are assured that it rests upon a stable
foundation of securitj^, either deposited in trust or vested in the issuer
iu such a manner as to secure its ultimate payment, and as long as said
note is protected by a reserve in proportion to the ordinary demands for
coin when needed for dealings with fbreign countries or the natural
wants of trade, the public will use it as money on account of its greater
convenience.
It being conceded that bank notes based upon coin or bullion will not
be issued iu sufficient quantities for the convenience of the public, banks
should be permitted to issue notes upon other securities for the con
COMPTROLLER OF THE CURRENCY.
97
venience of trade and commerce. The debt of a strong Government is,
next to coin or bullion, the most available for this purpose, and in this
country up to this time the debt has supplied a safe and satisfactory
basis for bank notes, but in view of the anticipated payment of the
public debt it becomes a question of interest how far bank notes can
safely be issued without other security thau the general assets and
credit of the banks.. If the liability of shareholders on accouut of notes
issued is increased, and note-holders are preferred as against all other
creditors, circulating notes might perhaps be issued by joint stock
banks, under an improved safety fund system to a certaiu percentage
of their capital, unsecured by a deposit of bonds.
My predecessor, Mr. Knox, in his report for 1883 said:
Experience has shown t h a t if instead of ninety dollars upon each one hundred
dollars of bouds, one hundred dollars of circulatiug notes had been issued upon
every seventy dollars of United States bouds deposited, there would not have beeu auy
loss to the Goverumeut, or to the holders of the circulating notes of any ofthe national
banks Avhich have failed during the last twenty years; but t h a t there might have
heen an additional loss to the depositors, dependiug upon the character of the assets
held in place o f t h e portion of bonds which on this supposition would have been, released. If circuiatiou had been issued to these insolvent banks, which had a capital
of about twenty millions, to the amount of their capital, the value of the bonds beiug
t h e same, and there had beengust previous to failure a decline in the market of 5 per
cent, upon the value of the bonds, the losses would not have exceeded one million of
dollars. These possible losses would have fallen upon the holders of the notes of such
few banks only as became insolvent, or ^iipon the creditors of these banks or the Government; aud if the gUin arising from, lost notes could have been used as proposed,
these possible losses would have been provided for.
He proposed that a safety fund should be accumulated, (1) from the
gain arising from the accidental loss or destruction of the circulating
notes ofnational banks; (2) from the tax upon circuiatiou; and (3)
from interest to be derived at a low rate upon the fitnd on deposit in
the Treasury for the purpose of redeeming the notes of nationalbanks
retiring circulation, which now amounts to more than thirty-nine million
dollars.
,
.
The amount available for a safety fund from the first source is estimated now to be not less than six million dollars^ and the arnount derived from the tax of 1 per cent, per annum on circulation during the
year 1884 was more than three millions. Even if this tax for safety
fund purposes should be fixed at one-half per cent., in the course of
three years a safety fund would be iu hand amounting to more than
ten millions of dollars.
The results of the liquidation of, 104 national banks which have failed,
and the affairs of which have been liquidated or areiu prociess of liquidation by receivers under the direction of this office, show in a very
interesting manner to what extent it may be safe to permit bauks under
the national system to issue circulation unprotected by a deposit of
United States bonds. Of these 104 bauks, 70 have been finally closed,
and for them the results are absolute. The remaining 34 are still
in process of liquidation, but have progressed so far that the final result can be estimated with comparative accuracy.
The dividends paid to the creditors of all these banks from the proceeds of their general assets amount to $28,379,080. They had an aggregate capital of $21,858,900, uppn which under the law they could,,on
deposit of bonds, issue 90 per cent., or $19,673,010 of circulation. If at
the time of their failure the law had permitted an issue of circulation
to the amount of 90 per cent, of capital, unsecured except hy a first lien
on general assets of the 104 banks mentioned, the note-holders of 58 would
have experienced no loss. If the law had authorized an unsao.urp.di^^xxej
2073 F
7
98
REPORT ON T H E
FINANCES.
equal to 70 per cent, of capital, the notes of 71 of these banks would
have been redeemed from the proceeds of their general assets. A t 40
per cent., the notes of 90 would havebeen paid in full, and upon an
unsecured issue of 25 per cent, of capital.* loss to note holders would
have occurred in the case of five banks only, or about $62,000 in all.
The experience with these 104 banks shows almost conclusively that if
their issues to the amount of 65 per cent, of their capital had been
secured by a deposit of bonds to an equal amount, the remaining 25
per cent, might have been issued without other security than a first
lien on the general assets, and if a safety fuhd had been in existence it
would in the case cited have been drawn upon to the extent of $62,000
only upon a circulation amounting to $5,464,700., For a beginning, therefore, it might be safe to authorize banks to isl?ue circulation amounting
to 90 per ceut. of their capital, 70 per cent, to be secured by an equal
amount of United States bonds at par value, the remaining 20 per cent,
being issued without other security than a first lien on such assets.
But if the law should provide fbr the accumulation of a safety fund
in the manner suggested, then as such safety fuud increased, the percentage of circulation unsecured by bonds might be increased, as the
diminution of the public debt might require and the safety fund warrant.
Such legislation would have the effect of maintaining bank-note circulation, and prevent its being superseded by Government issues, which
an authority as high as Alexander Hamilton has said ''are of a nature
so liable to abuse, and it may even be affirmed so certain of being
abused, that the wisdom of the Government will be shown in never
trusting itself with the use of so seducing and dangerous an experiment.''
While the bank-note circulation of this country is steadily decreasing,
there has been no reduction in the total circulating medium in the
United States, the reduction in the national-bank currency outstanding
having been more than met by the coinage of the standard silver dollar
and the issuance of certificates thereon.
The number of silver dollars coined under the provisious of the act
of February 28, 1878, amounted to $213,259,431 on November 1, 1885,
of which $163,817,342 remained in the Treasury of the United States,
while $49,442,089 were in circulation ou that date.
Under section 3 of the act mentioned above, silver certificates have
beeo issued, which are represented by standard silver dollars in the
Treasury of the United States, to the amount of $125,053,286. Of the
silver certificates so issued $31,906,514 remain in the Treasury of the
United States, leaving $93,146,772 of these certificates in circulation on
November 1, 1885. Through the operation of the act to authorize the
coinage of the standard silver dollar and to restore its legal-tender character, the circulating medium issued by the Government of the United
States has been increased in the sum of $213,259,431, of which $49,442,089
in standard silver dollars are in the hands of the people, and $70,670,570
of like coins are in the Treasury of the United States, in addition to
$93,146,772 of said standard dollars which are represented by silver
certificates in the hands of the people, and which can be converted into
* The redemption of the notes from the proceeds of the general assets would of course
reduce the amount paid from those assets to the depositors. In the case of the one
hundred and four failed banks, if circulation to the amount of 25 per cent, of the capital had been so redeemed, the average dividends to depositors would have been reduced from 67 per ceut. to 54 per cent, o f t h e claims proved.
COMPTROLLER OF THE CURRENCY.
' 99
standard dollars at the pleasure of the holder, and are receivable for
customs, taxes, and all public debts.
Under section 12 of the act of July 12, 1882, said certificates, when
heldby any national banking association, are to be counted as a partof
its lawful reserve, and national banks are forbidden to be members of
any clearing-house in which said certificates shall not be receivable in
the settlement of clearing-house balances. These certificates are redeemable in silver dollars, but have no legal-tender quality between
individuals or between banks, although national banks are compelled
to accept them in settlement of clearing-house balances. It hardly
seems just or equitable that national banks should be compelled to
receive these certificates under these conditions, when banks organized
under State laws, and private individuals, are not compelled to receive
them when tendered.
The Gomptroller in his last report to Gongress stated that he believed
the operation of the present law, which compels the coinage of two.
million standard silver dollars per month, weighing only 412^- grains
each, with unlimited legal-tender quality, would eventually bring financial disturbance upon the country, and he is still of the same opinion.
Eeferring to silver certificates, the following suggestions were also
made in the Gomptroller's last report:
If it is for the best interests of the United States to issue a circulation based upon,
silver, the Comptroller believes t h a t the circulation should be issued upon coin or
bullion which contains a sufficient, nuraber of grains of silver to have an intrinsic
value e q u a l i u the markets of the world to its nominal value; and t h a t under certain
restrictions and regulations it would be far more correct in princixile to issue silver
certificates based upon a deposit of silver bullion, to be valued in the exact proportion
of silver to gold, than to coutinue the issue of certificates under the present law.
These reflections are npon the theory, held by many, t h a t it is for the best interests
of this country to maintain a circulation based upon silver. The Comptroller doubts
the correctness of this theory, but it is submitted t h a t the circulation now outstand
ing based on silver is a depreciated cnrrency, by the issue of which the.Government
has gained at the expense of the people who now hold the silver dollars aud certificates, aud t h a t therefore it is incumbent on the Goyernment, if it continues to issue
-circulation based upon silver, to do so nnder a plan which will not ouly provide a
sound circulation for the future, but also prevent the holders of the preseut certificates and dollars from sustaining loss.
. . .
As the silver question is more unsettled than it was at the time the
foregoing was written, not only in the United States but elsewhere, it
seems doubtful if this Government should attempt to issue a circulation
based upon silver, even at*its bullion value, until the relative value of
this metal is more definitely settled throughout the world. The discontinuance of the coinage of the silver dollar b}^ our Government might
perhaps have a tendency to ^bring about some agreement with other
nations, and the fixing of a standard for a series of years; it is however
evident that the coinage of the standard silver dollar under the present
law is in excess of the requirements of the country, and should be discontinued. If we continue to add these dollars to our circulating medium, and they continue to accumulate in the Treasury, the Goverument
must of necessity pay some portion of its obligations in that coin; and
if the Government should pay its interest and other obligations and
redeem its bonds in standard dollar^, the business ofthe country would
immediately go to a silver basis. What effect this would have it is
diflficult to predict. It would appear, however, that gold would go to
a premium, which would compel its being held, to a certain extent, as
an article of merchandise, and it w^ould not circulate as money. This
would probably occasion contraction in credits aud financial disturbance. The effect upon the legal-tender notes, which by the terms of
100
REPORT ON THE FINANCES.
section 12 of the act pf July 12, 1882, appear to be redeemable in gold,
cannot well be foreseen, but it would be diflficult for the Government with
its present stock of gold to redeem the outstanding legal-tender notes,
or such portion of them as might be presented, if gold was held at a
premium. Inasmuch as the national-bank notes are redeemable in
legal-tender notes, their position would be determined by the status of
the latter,
The substitution of standard silver dollars and silver certificates based
thereon, in place of bank notes, which is taking place under the provisions of law now in force, evidently requires consideration and appropriate legislation.
BANK-NOTE ISSUES OF OTHER COUNTRIES.
Macleod, in his exhaustive work on the Theory and Practice of Banking, states that—
" T h e circulating raediura of any country is—
(1) Coined money—gold, silver, and copper.
(2) Paper currency, viz, promissory notes aud bills of exchange, with all their
variety.
(3) Sraall debts of all sorts, such as credits in bankers' books, ealled deposits, book
debts of traders, and private debts between individuals."
Bank notes come clearly within the second classification, and are
merely promises on the part of the bank to pay on demand a sum of
money. Unless otherwise provided for, this sum is payable in the coined
money of the country where the note is issued. The metallic money in
which the note is redeemable on demand is that issued by the governsnent of the country or State, and authenticated as to weight and fineaiess by its mints.
X In the earlier days of banking, promissory notes of joint-stock banks,
private bankers, and merchants were all on the same footing as inland
bills of exchange, that is to say, they were all transferable by indorsement. Under the present system of issuing bank notes, payable on demand to bearer, they pass in ordinary busiuess transactions from hand
to hand as a circulating niedium in the same manner as coined money.
The commercial transactions of the world have grown to be so enormous, and the use of bank notes therein so universal, that most Governments, recognizing the necessity of making the security for fulfillment
of these promises as substantial as possible, have enacted laws whereby
they are issued under certaiu restrictions and regulations, in order that
the public, many of whom are unable to discriminate between the different issues of the banks, may not sufferjoss by receiving what is supposed to be an equivalent of money. Either securities are required
to be deposited in trust, as under the national bank system, or set
aside and held in the bank, as in the case of the Bank of England,
or the issues are regulated by the condition of the assets, the amountof
capital paid in, and the amount of coin on hand. Very often the law
provides that the circulating uotes shall be a first lien upon all the assets ofthe bauk, and sometimes a direct guarantee of payment of bank
notes is given uuder conditions by the Government.
Since the passage of the national currency act in 1863, the entire
^ank-note circulation of the United States has been secured by a deposit of Government bonds with the Treasurer of the United States,
and owing to the care with which this precaution has been exercised the
general public scarcely realize that these notes are simply promises redeemable on demand, and not money.
COMPTROLLER OF THE CURRENCY.
101
As at some time in the future the redemption and payment ©f the
public debt of the United States will probably make it necessary to
issue bank notes upon the basis of some other security, it will be useful
to examine the various methods of issuing and securing bank notes
under the laws of the principal commercial nations of the world, in
order that the experience of other countries may be made available for
the welfare of our own. A system which is successful in one couutry
or nation may not be adapted to other countries, but from the experience of all, valuable deductions may be drawn.*
ENGLAND.
Bank-note circulation in England is regulated by the act of Parliament of 1844, which provides for the issuance by the Bauk of England of
£14,000,000 of bank notes through au issue department, tq which was to
be transferred £14,000,000 in Government securities, and also that the
banks of issue, consisting of joint-stock and private banks other than the
Bankof England, in existence at the date of the act, should not thereafter be permitted to issue notes except to the amouut they then had in
circulation, issued by them and outstanding. In other words, the actual
circulation to which each of these banks was.to be entitled under the act,
was to be arrived at by taking the average amount of circulation in each
case for twelve,weeks prior to April 27 of that year, and under this
regulation the maximum issue by provincial banks—that is, banksin
England outsideof Loudon, not including those of Scotland or Ireland—
was then fixed at about eight aud three-quarters million pounds. Under
certain conditions these banks of issue which were in existence in May,
1844, might cede their privilege of circulation to the Bank of England
for a fixed consideration of 1 per cent, per anuum to August 1,1856, and
the privilege of issue of any of these banks was forfeited in case of failure
to exercise it, of bankruptcy, or certain changes iu the constitution of
their partnerships. The Bank of England was authorized to issue its
own notes for the full amount of the circulation of other banks compounded for, and by order of Grown in council, to two-thirds of the
amount of lapsed circuiatiou.
The total amount of issues lapsed or compounded for since 1844 by
the country banks is about two and three quarters million pounds, leaving the present authorized circulation of such banks at about six million pounds, or $30,000,000. I t is estimated that the actual circulation
of these English provincial banks, that is of the banks other thau the
Bank of England, having privilege of issue, is but four per cent, of their
entire liability to the public. By the issue of its own notes iu place of
the lap'sed and surrendered circulation mentioned, the circulation ofthe
the Bauk of England, based on Goverument securities, has beeuincreased
*.For the facts in reference to foreign banks ofissue, the Comptroller is indebted to
the paper on ' ' B a n k Notes," by John Biddulph Martin, M. A., F. S. S., published in
the Journal of the London Institute of Baukers, March, 1880; paper of Mr. Robert
W. Barnett, on '^ Efi'ect of the Development of Bankiug," Journal London Institute
of • Bankers, February, 1881; " T h e T h e o r y and Practice of Banking," Henry Dunning
Macleod, M. A., 2 ed., 1866; " T h e Three Great Banks of Europe," paper by R. H. Inglis
Palgrave, in Journal London Institute of Baukers, J u n e , 1879; "Lombard Street," by
Walter Bagehot; paper on " Theory and Practice of Banking in Scotland," by J a m e s
Simpson Fleming, F. R. S., Journal Londou Institute of Bankers, 1882-1883, read J a n uary 17,1883 ; "Report of select coraraittee of Parliament on Banks of Issue," orderecl
printed July 22, 1875; article of Henry May on " T h e Bank of England," March number, 1885, Fortnightly Review ; " Statistique Internationale des Bauques d'lSm ssion,"
published by the Italian Government in 1878; Bauking Laws of Great Britain. Canada, and Germany; Notes by Mr. Ernest Seyd, F. S. S., on the German bankiug law^
102
REPORT ON THE FINANCES.
from £14,000,000 to over £15,000,000. The circulation of the jointstock and private banks of issue of England is based entirely upon
their general credit; that is to say,'it is not based upon securities or
bullion specially deposited or held as in the case of the Bank of England, but upou the aggregate assets of the institutions. These banks
snake weekly returns of their outstauding circulation to the Government, from which it appears that not more than one-half of the notes
they are authorized to issue are in actual circulation. The total amount
of notesof the Bank of England, issued on the security of the Government debt, is at this time £15,750,000 or about $78,750,000. This
bank, in addition, is permitted to issue notes equal in amount to the
bullion or coin which is transferred to and held in the vaults of the
issue department of said bank. Of the coin and bullion held, 25 per
cent, may consist of silver. It is to be noted, however, that very seldom is any circulation of the bank issued upon silver.
The Bahk of England is compelled to receive from any person tendering it, bullion in exchange for notes at the rate of £3,17s. and 9^. per
ounce of gold 11-12 fine. Under these provisions the amount in bank
notes issued varies from time to time by the receipt or withdrawal of
gold. The only tax paid by the bank against its issue of circulation is
for the privilege of issuiug £15,750,000 against securities of the Goverument, and for this privilege and the exemption from stamp duty the
bank pays to the Government an annual sum of about £200,000.*
Bank of England notes were, by the third section of the act of Parliament of 1833, made legal tender between all parties, except where the
bank itself is one, so long, and so long only, as the bank pays them in
• gold coin on demand.
The act of 1844 declares that the notes of the Bank of England in
circulation, including those held by the banking department, shall be
deemed to be issued on the credit of such securities (coin and bullion)
so appropriated and set apart to the said issue department.
, Although the act of 1844 only permits the issue of Bank of England
notes under the present situation of countrj^ bank issues to the amount
of £15,750,000, except on a deposit of coin or bullion, during the crisis
of 1857 and in 1866 this statutory provision was suspended and the
* The following table, takeu frora page 553 of appendix to report from the select
committee of Parliament on the banks ofissue, will give some idea of the profits to
the Bauk of England from its issue departmeut:
RECEIPTS.
Interest on securities
, Profit on bullion
£458,035
- 32, 433
,
• 490,468
PAYMENTS.
Composition, in lieu ofstamps
Her Majesty's excheijuer
Country bankers (lapsed issues)
Bank-note paper
Wages, pensions, rent, machinery, aud general charges
Balance of profit
..^
60, 000
138,578
18,860
18, 022
147,300
107,708
490,468
The average profits on bullion for the ten years, 1865 to 1874, were £14,900 per
annum.
BANK OF E N G L A N D , July 27,
1875.
COMPTROLLER OF THE CURRENCY.
103
bank was permitted further issue of notes in order to supply a circulating medium to avert financial trouble and distress, and it is believed
by many that this course would^ be pursued again if occasion demanded it.
'
From information communicated to the State Department by the
minister of the Uuited States to Great Britain, it appears that the
amount of bauk uotes outstauding iu Euglaud on December 31, 1884;
was—
Notes ofthe B a n k o f England
Other joint-stock b a n k s . :
Private banks
£24,647,000
1.623,160
1,.507,216
SCOTLAND AND I R E L A N D .
By the act of Parliament of 1845, the privilege of issuing notes on the
partof the existiug banks in Scotland and Ireland on their own account
was continued to the amount of their outstanding circulation. The
privilege of additional issue is granted to these banks upon the basis of
gold coin or bnllion to the nominal or par value of the notes issued, and
in this respect they have the advantage of the English provincial banks. ^
By the terms ofthe acts under which English, Scotch, and Irish banks
were permitted to continue their issue of circulation, unsecured by a
deposit of gold or bulliou, the liabilities of the individual shareholders
of ,said banks to the general public were unlimited so far as the banknote circulation was concerned. It seems to be the opinion of all authorities who have examiued the subject that Scotch and Irish banks
have no securities especially held, agaiust their issues.
From information communicated to the State Department by the
minister of the United States to Great Britain, it appears that the
a-mount of bank notes outstanding in Scotlaud and Ireland on December 31, 1884, was—
Scotland
Ireland
'.
•:.........
£6,399,310
6,748,027
The general banking act of Ganada was passed in 1871, and has since
been amended in many particulars. Its effect has been to bring under
one uniform system of restrictions and privileges all of the chartered
banks iu the Dominion, with the exception of a few banks, which, prior
to the passage of the general banking act, had been working under
special charters. Some of these bauks were permitted to retain certain
:special privileges, which they held under their old charters.
Under the general banking law of Ganada none but chartered banks
are permitted to issue notes. The bauk notes of a bank outstanding at
any one time must never exceed its unimpaired paid-up capital. Monthly
returns of the condition of each bank are made to the Government, and
if these reports show excessive issues, fines are imposed as follows: $100
for an excess of $20,000 or less; $1,000 for an excess between twenty
and one hundred thousand dollars; $5,000 for an excess between one
hundred and two hundred thousand dollars; and for an excessive issue
of over $200,000 a fine of $10,000 is exacted. There is, therefore, some
inducement to make small over-issue iu stringent times, as the comparatively light penalty might be offset by the profit, while excessive ahd
rash overissues are restrained by penalties virtually prohibitory. No
104
REPORT ON THE FINANCES.
notes can be issued by the banks for less than $5, nor for any denomina
tion except $5 or some multiple thereof.
In ease of insolvency, the notes are a tirst charge upon all the assets
of the bank. There appears to be no special security whatever. The
shareholders are, however, liable, first, for any amount not paid up on
their subscribed stock, and, second, for a further amount equal to their
subscribed stock. Suspension of payments in gold or Dominion notes
for ninety days constitutes insolvency. The directors may, after payment of notes has been suspeuded six months, call on the stockholders*
without regard to assets on hand.
No particular amount of cash reserve is required, this apparently being left to the judgment and discretion of the management; but of the
cash reserve kept, one-half, if practicable, and never less than 40 per
cent., must be in Dominion notes.
The banks may have branches and offices, and notes may be issued
and made payable at any of them, but each bank must receive its own
notes at any of its different branches or offices, although they need not
redeem them in gold or Dominion notes except at the place where the
notes are payable. Banks are required to make not less than $60 of
any one payment in Dominion notes of denominations of one, two, and
four dollars, if so requestei.
The Domijuion notes mentioned are notes of the Government. The
first idea iu regard to them appears to have been to have them supplant
the use of bank notes, as the tirst act in regard to Dominion notes was
entitled ^'Au act to enable banks in any part of Ganada to use notes^
of the Dominion instead of issuing uotes of their own." This-act was
passed in 1868, but was radically amended in 1870. The act of 1870*
authorized the issue of these uotes on the security of debentures of the
Dominion and specie held for the redemption of the notes by the receiver-general. The portion of specie held was to be not less than 20"
per cent. Tbe first amount authorized was $5,000,000, but this might
be increased by order in council under certaiu conditions to $9,000,000,
the security for redemption being,the same. Debentures or stock were
authorized to be issued and delivered to the receiver-general, to enable
him to keep the required security forthe notes issued. To keep the necessary proportion of specie, this officer was authorized to dispose of debentures. If Dominion notes in excess of the amount authorized were at
any time outstandiug, the receiver-general was required to hold specie
to the full extent of this excess in addition to the required security for
the authorized issues.
The latest act (1880) permits an increase, when authorized by order
of council, to a sum not exceeding $20,000,000. This act fixes the
security to be held, at 25 per cent, in specie and Dominion securities^
guaranteed by the Governmeut iu England (not less than 15 per
cent., however, to be in specie), and 75 per cent, in Dominion debentures authorized by Parliament. The whole amount outstandiug,
ou August 31,1885, was $17,469,380.83. Of this, over $6,000,000 were
in denominations of less than $5, and over $10,700,000 in denominationsof $500 and $ 1,000. The notes are issued in fractional parts of a dollar,
and iu denominations of $1, $2, $1, $5, $10, $20, $50, $100, $500, and
$1,000.'
The banks of Ganada held on August 31, 1885, $6,823,000 in specieand $12,421,270 in Dominion notes, while at the same date the receivergeneral held $3,989,767 in specie as against $17,469,380 Dominion notes
outstanding.
COMPTROLLER OF THE CURRENCY.
ENGLISH AUSTRALASIAN
105
COLONIES.
Banking in Australasia is carried on under the Scotch system, and
the only security for circulating notes issued consists of the general
assets of the banks. The Australasian bauks, however, hold in bullion
and specie a larger reserve against their liabilities, including circulation, than is the case in Scotlaud or England.
In 1840 the council of New South Wales passed an act requiring from
all banks of issue a quarterly .statement. The other colonies, as they
were established, adopted the same law. An article by Nathaniel Gork,
in the thirty-seventh volume of the Journal of the London Statistical
Society for March, 1874, gives valuable information regarding banking
in Australasia and statistics compiled from the quarterly statements, from
which it appears that the outstanding bank-note circulation in 1872-'73
of the banks of issue iu the colonies of New South Wales, Queensland,
.New Zealand, South Australia, and Tasmania was £3,410,000. 'The coin
reserve held was over 25 per cent, on all liabilities.
A curious fact connected with the bank-note circulation of the colonies, especially that of Victoria and New South Wales, is the large proportion of £ 1 notes issued, being 57.2 per cent, of the whole issne in
the former and 50.99 per ceut. in the latter. It appears that the profits on this circulation are not large, as taxes are imposed on the note
issues in circuiatiou in all the.colonies excepting South Australia and
Western Australia. Edwin Brett, in his article on the history of banking in Australasia, read before the Bankers' Institute, London, October
18, 1882, states the rate of taxation in Queensland to be 3 per ceht. and
in the other colonies to be 2 per cent, per annum. He also calls atten' tiou to the fact that although Australasia is a land of gold, and two
branches ofthe royal mint are actively engaged in converting the precious metals into coin, bank notes still constitute the chief circulating
mediuni in all the colonies.
I t appears from the June, 1885, number of the Australasian Insurance
and Banking Record, published at Melbourne, that banking in the
Australasian colonies has been much extended since 1873, but that the
increasein note circulation has been moderate compared with the general
increase in the banking business.
A bill was introduced iu the New Zealand Parliament, in 1885, providing that bank notes issued in that colony shoL;ild be a first charge
upon the assets, within the colonj^of the issuing bank. From appiearances, this bill is likel;^ to become a law.
Bank notes are issued only by the Bank of France, it having in 1848
absorbed all previously existing issues and become the sole issuing
b a n k i n France, with branches iu the principal towns. The issue of
notes of the Bank of France is controlled by the council or directory,
who are compelled to report to the Governmeut from time to time. The
Government, however, does not appear to interfere with the bank issue, except to see that the legal powers conferred in its charter are
not violated. At times, however, the Government has guaranteed or
secured a temporary or excessive issue. The notes of the Bank of
France are therefore based upon the security of the general assets of
the bank, w^hicli are at times reenforced h j a loan on the part of the
Government of its credit.
,
The Paris correspondent of the London Economist of June 28, 1879,
holds that there is no limitation of the circulation of the bank by its
106
REPORT ON THE FINANCES.
statutes. During the times that specie payments have been suspended,
and when the Government has permitted the issue of unconvertible notes
or forced currency, a limit is always fixed to such issue.
From information communicated to the State Department bythe minister ofthe United States to France, it appears that notes of the Bank
of France are legal tender, and are redeemable at sight, either ih gold
or silver five-franc coins, at the option of the bank (silver coins of
smaller denominations being legal tender only to the extent of 50 francs).
. On October 1, 1885, as shown by the returus of the Bank of France,
the notes in circulation amounted to2,786,051,930 francs, the bank holding at that time cash amounting to 2,265,636,853 francs, of which
1,162,987,434 francs was gold and 1,102,649,419 fraucs silver.
GERMANY.
On the 30th of January, 1875, the existing bauking law was passed,
and the Imperial or Reichsbank was established. By this act it appears*
that the Reichsbank, so far as its issueof notes is concerned, takes, to
some extent, in Germany, the place that the Bankof England occupied
upou the Iiassage of PeePs act of 1844. Uuder the present bankiug act
of the German Empire, seventeen of the banks in existence on the 30th
of Jauuary, 1875, were permitted to contiuue their issue of notes- to the
aggregate amount of about $27,000,000. In the apportionment of circulation between the Reichsbank, or Imperial Bank of Germany, aud
the other bauks of issue,, about $62,000,000 was alloted to the Imperial
Bank, and to this was added certain issues of fifteen other banks which
had forfeited their right ofissue by lapse of charter, voluntary renunciation of the right of issue, or by decision ofthe Government. Underthe
present act, banks other than the Reichsbank issuiug notes in excess of,
the limit prescribed, except wheu protected by cash security, are compelled to pay an anuual tax of five per cent, on such excess. The amount
of notes free of-duty; that is, not incurring this five per cent, tax, is
quoted every week in the German papers. The Imperial Bank appears to have the right of unlimited issue under the control of the
Imperial Debt Gommissioners, and under the preseut act has practically
the control of the issuance of bank notes throughout the Empire. The
singular provision in regard to the annual tax of five per cent, on circulation, issued in excess of securities deposited, is, no doubt, intended
to permit additional issues in times of financial distress. How far this
expedient will meet the eud for which it is evidently intended, has
never, it is believed, been practically tested. The Imperial Bauk is compelled to hold an amount equal to at least one-third of all its issues in
German coin, imperial legal-tender notes, gold bars or foreign coiu; the
remaining two-thirds of its issues must be represented by discounted
bills having not more than three months to run.
AUSTRIA.
The exclusive right of note issue of the Empire of Austria was conferred on the Austro-Hungarian Bank, with a charter extending from
the 1st of July, 1878, to the 31st of December, 1887. This bank was the
outgrowth ofthe forced currency of the Austrian Empire, Austria having contracted liabilities to the national bank. })rior to 1878, in the
amountof$40,000,000.
'
.
' .
The notes of the Austro-Hungarian Bank are redeemable in the coin
ofthe realm, at its two head offices iuYieuna and Budapest, and incase
notes are not so redeemed wathin twenty-four hours after demand the
COMPTROLLER OF THE CURRENCY.
'
107
bank forfeits its charter. The bank is authorized to issue $100,000,000
of notes without security being deposited in trust, but is compelled to
maintain sufficient reserve to meet demands uuder the penalty above
stated. The bank also has the privilege of issuing additional circulation upou the security of gold or silver bullion, and also appears to be
permitted to issue notes agaiust miscellaneous security. The exclusive
privileges granted the bank seem to be compensated for by its relations to
the Empire. It is compelled atall times to buy the mint pound ofsilver,
coin or bullion, with 45 florins in bank notes, and forward this bullion
for coiuage. I t must also furnish notes of such denominations as are
desired by the public in exchange for other denominations of its issue.
I t is compelled to accept the Government issues of currency as money,
these issues forming a debt of the country similar to our legal-tender
notes. The bank, however, has the right to issue its own notes on the
security of the Government currency, the same as on coin or bulliou.
The circulation of Austria consists of a trifle less than one-half of notes
ofthe Austro-Hungarian Bank and the balance in notes issued by the
Government.
BELGIUM.
The issue of bauk notes is confined to the National Bank, which has
a charter for thirty years from January 1, 1873. While the Government reserves the right to extend the privilege of issue to other banks,
and while theoretically bank notes may be issued by any individual,
firm, or company (except a corporation of limited liability), the notes
of the-National Bank are legal tender to the Goverument, which controls its issues aud business, and ou account of this feature the bank
really has the monopoly of issuing bank notes. The security to the
note-holders rests principally upon the Goverument supervision of the
bank, the investment of a certain portion of its capital and reserve in ^
Goverument funds, and its being compelled under the act to hold coin,
or bullion to one-third of its total liabilities to the public (deposits and
notes'outstanding).
-This reserve may, however, under the authority of the Government,
be reduced to 25 per cent, of its liabilities. There appears to be no
limit to the issue of circulation.
NETHERLANDS.
TheNederlandsche NationalBank enjoysthe monopoly of issuing bank
notes in the Netherlands. This bauk was founded in 1814. Its present
charter dates from 1864, for a period of twenty-five year^. The bank
issues two classes of notes, one class amounting to about $4,000,000,
covered by the Government debt. This issue is called state notes.
Bank notes of the National Bank proper are issued without any fixed
maximum limit. The bank, however, is compelled to carry at least 40
per cent, of gold coin or bullion against the aggregate liabilities to the
public for deposits ou call and bank notes.
DENMARK.
^ The Bank of Gopenhagen has the exclusive privilege of issuing bank
notes in Denmark. They may be issued apparently without limit, and
rest upon the security ofthe general assets of the bank. Against the
108
REPORT ON THE FINANCES.
first $8,000,000 of notes issued, the bank must hold good and easily convertible assets to the amount of 50 per cent, of their issue. For any
excess over the $8,000,000 the bank must hold a metallic reserve consisting of legal tender, coin, gold bulliou, and foreign coin, and may hold
silver bullion and silver foreign coin not exceeding one-third of the whole
reserve. The metallic reserve is not permitted under the act in any case
to fall below thr6e eighths of the whole circulation. From information
obtained through the Department of State, the bank notes outstanding
in Denmark on December 31, 1884, amounted to 73,000,000 crowns, or
about $19,500,000.
NORWAY.
The Bank of Norway (Norgesbank), whose charter dates from 1816, has
the excliisive privilege of note issue in Norway. This charter may be
annulled by actof the Storthing, confirmed by theKing. Modificationsof
charter have taken place from timeto time. The bank has the privilege of issuing unsecured notes in proportion to its capital. It is per- .
mitted to issue two-and-a-half times its original capital, and also issues
twice the amount of an increase of capital made in 1818, and oneand-a-lialf times its increased capital of 1842 and 1863. It also issues 150
per cent, of notes against its surplus fund, and a further amouut of notes
equal to its gold on hand. The proportion of secured to unsecured notes
is about fifteen to ten. The notes ofthe Bank of Norway are redeemable
in gold and are a full legal tender. In consideration of the privilege
of issue the Government participates in the iirofits, and the bank appears to be practically an institution of the State, and the shareholders
have no voice in its management. The Goverment does not guarantee
the issue, although it w^ould no doubt protect it, on account of its relations to the bank. Theoretically the notes are secured by the reserve
of coin and bullion, the capital, reserve fund, and assets of the bank.
From information obtained through the Department of State the bank
notes outstanding on December 31,1884, amounted to 38,983,500 crpwns,
or over $10,000,000.
The Riksbank, or Bankof Sweden, was founded in 1656, and Mr. Palgrave, in his Journal of the Statistical Societ}^, March, 1873, page 117,
claims for Sweden the invention of the bank note, the Riksbank being
founded, as it will be seen, forty years prior to the Bank of England.
The Bank of Sweden has a circulation of about $10,000,000, which
is unsecured, except that the bank is compelled to keep a certain reserve as security to the note-holder. The matter of reserve appears, to
be well provided for, as its reserve of gold or silver coin or bullion must
at no time be less thau about $4,100,000, aud such gold aud silver as is
deposited abroad or such cash as it has at call with foreign bauks and
companies is also held against its circiilation. This regulation has
been at times suspended, in something the same manner as the Peel
act of 1844 has been in England. For more than six months in 1869
the reserve was below the minimum required by law, and in 1873 the
issue of notes exceeded the prescribed limits. There are other banks
of issue in Sweden, known as Enskilda banks, whose organization
appears to be in the nature of a private partnership, the liabilities,
however, being somewhat limited. They issue circulation under certain
COMPTROLLER OF THE CURRENCY.
'
109
regulations aud restrictions, being compelled before issuing notes to,deposit in a place of public safety 25 per cent, of their capital which has
unlimited liability (the partners and shareholders in these banks being
divided into unlimited and limited liability shareholders). No notes
can be issued agaiust the limited capital until 75 per cent, of such
capital is deposited. In addition to the notes issued upon these deposits, bank notes may be issued on coin and notes iu hand, gold and
silver bullion, upon such, balance as the Enskilda Bank may have with
the Riksbank or Bank of Sweden, aud'^also upon approved securities.
This class of bank notes must not exceed 50 per .cent, ofthe entire capital.
The regulations for issueof bank notes in Sweden appear to have been
carefully considered. Upon a bank meeting with loss which impairs its
capital 10 per cent, and reduces its reserve, the association is compelled
to liquidate.
RUSSIA.
Bank notes are issued in Russia exclusively by the Imperial Bank,
which was chartered in 1860 with a capital of about $12,000,000. By its
charter it has the exclusive issue of bank notesin Russia for twenty-eightyears. The Imperial Bank seenis to have no limit to its issue of circulation. The iucrease of its circulation, however, is usually made in response to the requirements of the Government whenever an exigency
or a deficit in the anuual revenue occurs. The bauk a)ppears to furnish
a paper circulating medium to the Government in addition to the,
amount previously issued, which, finding its way into the channels of
trade, produces inflation. In 1873 the bank had outstanding upwards
of $600,000,000 of bank notes, against which it held as specie reserve
only about $43,000,000. On November 1, 1879, it is estimated the circulation was upwards of $900,000,000. This circulating medium was
then worth iu gold about 60 per cent, of its face or nominal value.
SWITZERLAND.
Notes are issued in Switzerland by banks of two classes—Gantonal
and joint-stock banks. (See London Bankers' Magazine, December,
1878.) The issues are unlimited. In 1879 the entire issue of thirty-five
'banks was about $20,000,000. Notes are received between banks, and
business interchanged under an agreement, the interchange being carried on in soniethiug like the manner that business of a clearing house
is conducted. In some states of Switzerland bauking appears to be
free from restriction in regard to the issue of bank notes, whicli a*e
subject to a tax of i per cent, per annum. Note-holders of the banks of
Switzerland haye no preference over other creditors. The preseut issue
of bank notes, as appears from information furnished to the Department
of/State, was over $25,000,000 on December 31, 1884.
In order to eliminate from the circulating medium of the country the
large amount of illegal and badly-secured issues of bank notes which
then existed, the law of April 30,1874, was passed, after ah elaborate
examination into methods of other countries in dealiug with the same
subject. This act limited the emission of bank notes to six associated
banks, which were required to issue $200,000,000 of notes to the Government of Italy, the Government paying interest on the amount of notes
110
REPORT ON THE FINANCES. '
SO loaned, and the banks being liable for their payment ratably to their
capital. This issue of notes was for the purppse of taking up certain
Government loans, and each of the associated banks was permitted in
addition, for its own use, to put out a certain aniount of circulation which
might be regulated by the Government to 40 per cent, of the capital of
the bank. The associated circuiatiou is practically thp debt of the Government, as Government securities equal in amount thereto were issued
to and held as security by the associated banks for the loan of this circulation to the Goverhment. The notes issued by the banks in their
individual capacity aie redeemable in coin or in the association notes.
Banks are compelled to report tothe Government full particulars in regard to their issues.
Q
Bank notes are issued iu Spain only by the Bank of Spain, with the head
office at Madrid, w^hichhasbetween twenty-five and thirty branches. The
bank is permitted to issue uotes to three times its capital, which are
issued entirely on its credit. The bank is required to keep a reserve of
33 percent, of its note issue in coin or bullion. The notes, theoretically,
are payablein gold oh demand, but a considerable proportion of its issue
appears to be simply promises to ^^pay to bearer,'^ the words ''on de.mand" or''presentation" having been left out, and no statement is
made as to whether or not the note is payable in gold or silver. The
bank does not readily redeem its notes. They have been at a discount
in Madrid and the circulation is somewhat limited.
PORTUGAL.
Bauk notes are issued in Portugal by the Bank of Portugal, and circulate principally in Lisbon and Oporto. There are other banks of
issue also in those cit|ies, as well as in several of the smaller towns,
whose circuiatiou is hot so generally current in business transactions.
The Bank of Portugal has peculiar privileges, and contends that other
banks have no right to issue circulation. The charter of this bank expired in 1876, and it exists only under a provisional renewal. Its notes
are payable in gold on deniand, with the exception of a small portion *
which are payable in silver and copper. These last circulate in Lisbon
only, where copper is legal tender to one-third of all payments. The
English sovereign is legal tender in Portugal. Note-holders of the
B^nk of Portugal are not better secured than the other creditors of the
bank. The bank notes outstanding in Portugal on December 31, 1884^
as reported to the Department of State, was $6,303,000.
Bank notes are issued in Japau by banks organized under a national
bank act similar in terms to that of the Uuited States. The first regulations of this act were issued in 1872, and were revised and amended
in September, 1876. There were, on June 30, 1882, 148 national banks
in operation in Japan, with 110 branches. These banks had at that
date outstanding circulating notes to the amount of 34,358,868 yen.*
There is also oue so-called specie bank at Yokohama. This bank has
the privilege of issuing "silver notes" to the extent of a million and a
* The silver yen is valued a t 86.9 cents.
COMPTROLLER < >V THE CURRENCY.
Ill
half yen. It apparently had outstanding in 1882, notes to the amount
of 294,520 yen. The notes issued by the national banks are secured by
a deposit of Government bonds, and the banks are under the supervision
of the Banking Bureau of the Imperial Finance Department of Japan.
The operatiou of the national bank act appears to have been of service
to the country, and the notes issued by the banks circulate freely
throughout the Empire.
On the 27th of June, 1882, the Government of Japan established'an institution to be known as the Bank of Japan, with a charter limited to
30 years, and a capital limit of 10,000,000 yen, business to be confined to
non-hazardous transactions, and the bank required to transact such
Government financial business as it shall be directed to perform. The
issue of bauk notes is prohibited for a time. The organization of this
bank is similar to that of the Belgium State Bauk. Its president is
appointed directly by the Emperor, the Government subscribing for
one-half of its capital. It is evident that the intention is that this bank
shall at some time in the future issue circulation under the direction
of the Government.
AMOUNT OF I N T E R E S T - B E A R I N a FUNDED DEBT IN THE UNITED STATES
AND THE AMOUNT H E L D BY NATIONAL BANKS.
The public debt reached its maximum on August 31,1865, at which
time it amounted to $2,845,907,626. More than twelve hundred and
seventy-five miUions of this debt were in temporary obligations of the
Government, of which eight hundred and thirty millions bore interest
at 7.30 per cent, per annum. The average rate of iuterest on seventeen hundred and twenty-five millions of the debt at that date was
6.62 per cent. This large amount of temporary obligations was
funded within the three years which followed the close of the war,
chiefly into six per cent, bonds. The six per cent, bonds were gradually reduced duriug the- year 1869 and the seven years following, by
paynient aud refunding iuto five per cents. The six per cents, together
with the fiye per cents, were subsequently rapidly replaced by four and
one-half and four per cent, bonds, Avhich were authorized to be issued
by the act of July 14, 1870. In the year 1881 all of the unredeemed
^YQ and six per cent, bonds, amounting to $579,560,050, were continued payable at the pleasure ofthe Government, with iuterest at 3^ per
cent., by agreement with the holders. The act of July 12, 1882, authorized the refunding of the three aud one-halfs into three per centSi^i;
and since its passage all of these bonds have been converted into three
per cents. No call has been made by.the Secretary during the year,
ending November 1 for the payment of any portion of the threes, and
the amouut of each class of bouds making up,the entire interest-bearing funded debt has but slightly changed during the past year. On
J u n e 30,1885, the total registered bonds of the United States amounted
to $1,071,460,262, of which sum $11,927,900 .only was held in foreign
countries.
The report for 1879 and subsequent reports contain tables exhibiting
the classification of the unmatured interest-bearing bonded debt of the
United States and of the bonds held by the national banks for a series
of years, and also tables showing the amount estimated to be held by
savings banks, trust coinpanies, etc.
112
REPORT
ON T H E
FINANCES.
The following table; is again presented, and exhibits the amount of
the outstanding bonds of the Goyernment, Avliich represent the unmatured interest-bearing bonded debt of the United States and the classification ofthe same oh the dates named:
Date.
Aiif?.
July
July
July
July
July
Jul.V
July
July
July
July
July
July
July
July
July
July
1865 .
1866.
1867 .
1868 .
1869 1870 1871 .
1872 .
1873 .
1874
1875 .
1876 .
1877.
1878 .
1879 .
1880.
1881'.
July
1882 .
July
.1883 .
July
July
Nov.
1884.
1885.
1885.
Six p e r c e n t ,
bonds.
F i v e p e r cent, F o u r a n d a h a l f F o u r p e r cent,
bouds.
p e r c e n t , bonds.'
bonds.
$90,8, 518, 091 $199, 792,100
198, 528, 435
1, 008, 388, 469
198, ,533,435
1,421,110,719
221,588,400
1,841,521,800
221, 589, 300
1, 886, 341, 300
221, 589, 300
1, 764, 932, 300
274, 236, 450
1, 613, 897, 300
414, 567, 300
1,374,883,800
414, 567, 300
1,281,238,650
510, 628, 050
1,2.13,624,700
1,100, 865, 550 607,132, 750
711, 68.5, 800
984, 999, 650
703, 266, 650
• 8.54, 621, 850
703, 266, 650
738,619,000
646, 90.5, 500
310, 932, 500
484, 864, 900
235,780,400
439,
841, 350
196, 378, 600
Continued a t Continued a t
3i p e r cent.
3i^ p e r c e n t .
"58,957,150
401, 593, 900
32, 082, 600
3 p e r cents.
304, 204, 350
224,612,150
194,190, 500
194,190, 500
Total.
000
000
000
000
000
$98, 850, 000
679, 878,110
739, 347, 800
739, 347, 800
$1,108, 310,191
1, 206, 916, 904
1,619, 644,1.54
2, 063, 110, 200
2,107, 930, 600
1, 986, 521, 600
1, 888, 133, 750
1, 780, 451,100
1,695, 805, 950
1,724, 252, 750
1,707, 998, 300,,
1, 696, 685, 450
1, 696, 888, 500
1, 780, 735, 650
1, 887, 716,110
1, 709, 993,100
1, 625, 567, 750
250,000, 000
739, 349, 350
1,449,810,400
250, 000, 000
737, 942, 200
1,324,229,150
250, 000, 000
250, 000, 000
250, 000, 000
737, 661, 700
737, 719, 850
737, 740, 350
1,212,273,850
1,181, 910, 350
1,181, 930, 850
$140,
240,
250,
250,
250,
000,
000,
000,
000,
000,
Pacific s i x e s aniountinfi t o $64,623,512, tlie N a v y p e n s i o n fund, a r a o u n t i n g to $14,000,000 in 3 p e r
e e n t s , t b e inter-^st u p o n w b i c h is a p p l i e d t o t h e p a y m e n t of u a v a l p e n s i o n s e x c l u s i v e l y , a n d $223,800 of
r e f u n d i n g certificates, a r e n o t i n c l u d e d in t h e t a b l e .
SECURITY FOR CIRCULATINGr NOTES.
The operations of the Treasury Departnient for a series of years have
largely reduced the atnount of interest receivable by the national banks
on the bonds owned by them and depo.sited in trust with the Treasurer
of the United States to secure their circulation, owing to the payment
of a portion of the public debt and the many changes made in the
classes of United States bonds by refunding or extension of the different I
issues of ^ve and six per ceut. bouds to bear interest at 4J, 4, 3J, and
3 per cent. Eighteen years ago the banks had on deposit, as security
for circulation, $327,000,000 in United States bonds, of which amount
$241,000,000 bore interest at 6 per cent, and $86,000,000 at 5 per c e n t ;
and on July 1, 1882, they held $227,000,000 of three and one-half per
cent, bonds. The iive> and six per cent, bonds disappeared in the year
1881 from the list of these securities with the exception of $3,500,000 of
Pacific sixes, and since that year the three and one-half per cents have
entirely disappeared. On November 1, 1885, more than 45 per cent, of
the amount pledged for circulation consisted of bonds bearing interest
at 3 per cent, only, and the remainder, with the exception of $3,505,000
of Pacifies, bear interest at the rate of four and four and one-half per
cegt. The average rate of interest uow paid by the United States on '
the bonds deposited as security for circulating notes is a little more than
3.6 per ceut. upon their par value.
°.
The amount and classes of United States bouds owued by the banks,
including those pledged as security for circuiatiou aud for public de
113
COMPTROLLER OF THE CURRENCY.
posits on the 1st day of July iu each year since 1865, and upon Novem-ber 1 of the present year, is exhibited in the following table:
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 .
United ,
States
bonds held
for o t h e r
purposes
at nearest
date.
Date.
6 p e r cent,
bonds.
J u l y 1,1865
J u l y 1,1866
J u l y 1,1867
J u l y l , 1868.....
J u l y 1,1869
J u l y 1,1870
J u l y 1,1871
J u l y 1,1872
J u l y 1,1873
J u l y l , 1874
J u l y 1,1875
July 1,1876...
J u l y 1,1877...:.
J u l y 1,1878
J u l y l , 1879
J u l y 1,1880
J u l y 1,1881
J u l y 1,1882
J u l y 1,1883
J u l y 1 1884
J u l y 1,1885
N o v . 1,1885
5 p e r cent, 4^ p e r c e n t , 4 p e r cent,
bonds.
bonds.
bonds.
Total.
Grand!
total.
$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, 450'
87, 690, 300
82, 421, 200
56, 042, '800
58, 056,150
61, 901, 800
Continued
a t 3^ p e r
cent.:
25,142, 600
$65, 576, 600
$235, 959,100 $155, 785, 750 $391, 744, 850
327, 310, 350 121,152, 950 448, 463, 300
86, 226, 850
89,177,100
340, 607, 500 84,002,650 424, 6 i 0 , 1 5 0
90, 768, 950
341, 495, 900 80, 922, 500 422, 418, 40O
87, 661, 250
342,851,600 55,102, 000 397, 953, 60O
94, 923, 200
342, 278, 550 43, 980, 600 386. 259,150
139, 387, 800
359, 885, 550 39.450, 800 399, 336, 3501
207, 189, 250
380, 440, 700 31, 868, 200 412, 308, 900
229, 487, 050
390, 410, 550 25, 724, 400 416,134, ISO236, 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, 05O
206, 651,^050 $44, 372, 250
338, 713, 600 47, 315, 050 386^028,650)
199, 514, 550 48, 448, 650 $19,162, 000 349, 546, 400 68,850,900 418,3ti7,30O
144, 616, 300 35, 056, 550 118,538,950 354, 254, 600 76, 603, 520 430, 858,120
139, 758, 650 37, 760, 950 126, 076, 300 361, 652, 050 42, 831, 300 404,483,350
172, 348, 350 32, 600, 500 93, 637, 700 360,488, 400 63, 849, 950 424, 338, 350
Contiuued
a t 3^ p e r
cent.:
202, 487, 650 32, 752, 650 97,429, 800 357, 812, 700 43,122, 550 400, 935, 25(^
7, 402, 800
385, 700 } 3 p e r c e n t s . 139,408, 500 104, 954, 650 353, 029, 500 34, 094,150 387,123, 650
200, 877, 850
172, 412, 550 46, 546, 400 111, 690, 900 330, 649, 850
361, 852, 8 5 ^
31, 203, 000
Pacifies.
3. 520, 000 142, 240, 850 48. 483, 050 117, 901, 300 312,145, 200 32,195, 800 344, 341, OOO
3, 505, 000 138, 920, 650 49, 547, 250 116, 391, 650 308, 364, 550 31,780,100 340,144, 65Qi
•
The following table shows the authorizing act for each class of bouds
held by the Treasurer as security for the circulating notes of the national
banks on the 1st day of November, 1885:
,
Class o f b o n d s .
E a t e of
interest.
Authorizing act.
Amounts
P e r cent.
J u l y 14,1870, a n d J a n u a r y 2 0 , 1 8 7 1 . . . .
.do
do
'.
J u l y 12,1882
J u l y 1,1862, a n d J u l y 2,1864
P u n d e d l o a n of 1891
P u n d e d loan of 1907
.
F u n d e d loan of J u l v 12 1882
Total
4
• 3
6
$49, 547, 250116v 391, 650'
138,920,650.
3, 505, 000'
308, 364, 550
-.
•
"
^^
The profits on national bank ciroulation based on 4 and 4J per cent,
bonds are very small, after paying the annual tax of 1 per cent. Attention is particularly called to carefully prepared tables by Mr. B. B .
Elliott^ Government Actuary, which appear in the Appendix,* ih relation to the average price of the 4 and 4J per cent. United States
securities for the year ending September 30, 1885, and computations^
based thereon showing the annual profit on circulation during the same
period.
^ See note at foot of page 153,
2673 F
8
114
COMPARATIVE
R E P O R T ON THE
FINANCES,
STATEMENTS OF THE NATIONAL BANKS FOR E L E V E N
YEARS.
The following table exhibits the resources and liabilities of the national banks for eleven years, at nearly corresponding dates, from 1875
to 1885, inclusive:
Oct. 1, Oct. 2, Oct. 1, Oct. 1, Oct. 2, Oct. 1, Oct. 1, Oct. 3, Oct. 2, Sep.30, Oct. 1,
1876.
1879.
1883.
1884.
1885.
1881. • 1882.
1877.
1880.
1875.
1878.
2,087 2,089 2,080 2,053 2,048 2, 090 2,132 2,269 2,501 2,664 2,714
banks. banks. bauks. banks. banks. banks. banks. banks. banks. banks. banks.
KESOURCES.
Millions.
878.5 1, 041. 0 1, 173. 8 1, 243. 2 1, 309. 2 1, 245. 3 1. .306.1
357.3 357.8 363.3 357.6 351.4 327.4' 307.7
71.2
•56.5
37.4
30.7
43.6
30. 41 31. 8
.39.7
61.9
66.2
71.1 '71.41
48.9
77.5
167.3 213.5 230.8 198.9 208.9 194. 2 235. 3
47.3
46.5
47.8
48.0
48.3
49. 9!
51.3
42.2 109.3 114.3 102.9 107.8 128.6 174.9
69.2
63.2
53.2
70.7
56.6
77.0
69.7
16.7
17.7
20.7
22.7
18.2
23.3
23.1
96.4
66.3
113.0 121.1 189.2 208.4
84.9
6.7
10.0
14.2
26.8
8.7
18.8
7.7
17.5
16.6
17.7
14.9
17.2
.17.0
17.1
26.2
28.9
33.8
36.9
22.1
28.9
23.0
Millioiis. Millions. Millions. Millions Millions. Millions. Millions. 'Millions. Millions. Millions.
Loans
B o n d s for c i r c u l a t ' n .
Other U . S . b o n d s . . . .
S t o c k s , bonds, &c
D u e from b a n k s
!Real e s t a t e
Specie
,Legal-tender notes ..
Nat'1-bauk notes
C. H . e x c h a n g e s
U , S. cert, of d e p o s i t .
D u e f r o m U . S . Treas.
Other resources
Totals
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
337.2
47.8
34.4
146.9
43.1
21.4
84.2
15.9
100.0
29.2
16.7
19.1
891.9
336.8
45.0
34.5
129.9
45.2
22.7
66.9
15.6
.74.5
33.4
16.0
28.7
834.0
347.6
94.7
36.9
138.9
46.7
30.7
64.4
16.9
82.4
32.7
16.5
24.9
1, 882'. 2 I, 827. 2 1, 741.1 1, 767. 3 1, 868. 8 2,105. 8 2, 358. 4 2, 399. 8 2, 372. 7 2 279. 5 2 4.q9i Q
'
LIABILITIES.
Capitalstock
^Surplus fund
Undivided profits . . .
Circulation
-•-D u e to d e p o s i t o r s . . .
D u e t o bauks
O t h e r liabilities
Totals
504.8 499.8
134.4 132.2
53.0
46.4
319.1 292.2
679.4 .666. 2
179.7 179.8
11.8
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
454.1 457.6 463.8 483.1 509. 7
114.8 • 120.5 128.1 132.0 142.0
46.1
41.3
56.4 • 61.2
61.6
313.8 317.3 320.2 315.0 . 310.5
736.9 887.9 1, 083.1 1,134. 9 1, 063. 6
201.2 267.9 294.9 259. 9 270.4
8.5
6.7
13.7
14.9
1L9
524.3 527.5
147.0 146. 6
63.2
59.4
289.8 269. 0
993.0 1,120.1
246.4 299.5
15.8
10.8
1, 882. 2 1, 827. 2 1, 741.1 1,767.3 1, 868. 8 2,105. 8 2, 358. 4 2, 399. 8 2, 372.7 2, 279. 5 2 432. 9
The diflferent items of resources aud liabilities in the preceding table
indicate that the business of the natioual banks durihg the past seven
years has generally incjreased, having been larger duriug the past year
than at any period siuce the organization of the national bankiug system. The items of United States bonds and circulation have decreased..
I t also appears from the table that the aggregate liabilities of the national banks to depositors^and correspondents, which were reduced
during the previous year upwards of 94 millions, have increased during
the present year more than 180 millions.
The table also shows that during the same period the national banks
increased their cash resources by about 46 millions of specie,i-aud decreased the same by kbout 2^ millious of legal tenders and United
States certificates of dfeposit for same.
COMPTROLLER OF THE CURRENCY.
115
The following table is an abstract of the resources and liabilities of
the national banks at the close of business ou the 1st day of October,
1885, the conditiou of the New York Gity, Boston, Philadelphia, Baltimore, and other reserve city banks being tab4ilated separately from the
other banks of the country:
New York
City.
Boston,
Philadelphia, and
Baltimore.
Other reserve
cities.*
44 banks.
105 banks.
98 banks.
Country
banks.
Aggregate.
2, 467 banks. 2,714 banks.
RESOURCES.
Loans and discounts
$236,
Overdrafts
Bonds for circulation
T. 12,
Bonds for deposit
United States bonds on hand
Other stocks and bonds
Due from reserve agents
Due from other national banks
Due from other banks and bankers..
Real estate, furniture, and fixtures..
Current expenses
Premiums
-.
Checks and other cash items
Clearing-house loan certificates
Exchanges for clearing-house
...
Bills of other national banks
Fractional currency
Trade dollars
"
Specie
Legal-tender notes
^
United States certificates of deposit.
Five per cent, redemption fund
Due from United States Treasurer ..
Total
$218, 424, 271$151, 435, 438 $694, 471, 997$1, 301,155, 304
61, 902
322, 583
. 4, 537, 888
40, 009, 950 24, 070, 700 231, 009, 900
67.5, 000 4, 788. 000
419, 500 2,-510, 200
097„293
7, 013, 425
110, 458 19, 292,151
059, 322 11, 586, 324
617, 537 4, 185, 592
571, 017 4, 846, 052
712, 308
866, 799
185,101
233, 681
428, 308
658,135
11,174, 000
7,133, 900
48,141, 778
95, 975, 906
31. 475, 341
9, 425, 641
29, 699, 233
4, 486, 854
. 9,106, 245
9, 663, 915
718,195
8, 265, 049
028, 406 2, 954, 676
42, 799
60, 593
338, 744
33, 717
364, 281 19, 586, 788
219, 212 14, 357, 351
805, 000 2, 575, 000
799, 737 1, 076, 774
157, 090
108, 035
1, 489, 710
15, 481, 765
• 337,840
1, 038, 519
41, 467, 335
29, 375, 936
500, 000
10.173, 742
823, 877
479, 249,186 384, 845, 431 281, 827, 0631,286,991,322
4, 988, 687
307, 657, 050
17, 457, 000
14, 329, 40O
77, 495, 230
138, 378, 515
78, 967, 698
17, 987, 892
51, 293, 801
6,853, 393
12, 511,333
14, 347, 579
1, 110,000
84, 926, 731
23, 062, 765
477, 055
i,605, 764
174, 872, 572
69, 738,119
18, 800, 000
13, 597, 353
1,299, 761
2, 432, 913, 002
LIABILITIES.
Oapital stock
45, 350, 000
Surplus fund
22,176, 008
Undivided profits
10, 487,171
National-bank notes outstanding
9, 917, 442
State-bank notes outstanding
31,195
Dividends unpaid
.232, 849
Individual deposits
250,494, 555
United States deposits
420,181
Deposits of United States disbursing
47,163
omcers
105, 687, 963
Due to national banks
34,199, 239
Due to other bauks and bankers
205, 420
Notes and biUs rediscounted
Bills payable
Total
80, 938, 510
23, 954, 854
5, 983,167
34, 270, 9751
20, 802|
1, 208, 854
176, 043, 047
454, 734
54, 951,
13, 415,
4, 839,
20, 986,
500 346, 284, 400
513 87, 078, 267
819 38, 025, 362
640 203, 694, 540
84, 901
246, 253
1, 820, 370
126, 049, 008 549, 785, 840
3, 435, 999
7, 241, 708
18,188
689, 647
47, 853, 728 33, 823, 084
14, 095, 822 22, 206, 594
460, 006
723, 000
2,750
527, 524,
146, 624,
59, 335,
268, 869,
136,
3, 508,
, 102, 372,
11, 552,
410
642
519
597
898
326
450
622
1, 959, 401
26,170,130
15, 613, 406
7, 767, 367
1, 465, 630
2, 714, 399
213, 534, 905
86,115, 061
8, 432, 793
2,191, 380
479,249,186 384,845,431 281,827,0631,286,991,322
2, 432, 913, 002
•* The reserve cities, in addition to NewYork, Bostou, Philadelphia, aud Baltiraore, are Albany,
Pittsburgh, Washington, New Orleans, Louisville, Cincinnati, Cleveland, Chicago, Detroit, Milwaukea
Saint Louis, and San Francisco.
116
R E P O R T ON T H E
FINANCES.
The following table exhibits, in the order of their capital, the twentyfive States (exclusive of reserve cities), haviug the largest amount of
capital, together with the amount of circulation, loans and discounts,
and individual deposits of each on October 1, 1885 :
States.
Capital.
$45, 095, 650
34, 819, 760
32, 665, 840
24,921,820
21, 909, 580
. 20,340,050
13, 673, 600
12, 208, 200
12,189, 500
11, 390, 000
10, 360, 000
10,194,600
10,155,000
9, 648, 900
7, 541, 000
• 6, 880, 000
6,105, 000
5, 949, 250
' 5, 007, 500
4, 995, 720
3, 785, 000
3, 576, 300
3, 311, 000
2, 716, 700
2, 472, 345
Massachusetts. New York
Pennsylvania...
Connecticut
Ohio
Rhode Island . . .
Illinois
NewJersey
Indiana
Minnesota.......
Maine
Michigan
Iowa
Kentucky
Vermont
Texas
New Hampshire
Nebraska
Tennessee
Kansas
Wisconsin
Virginia
Missouri
Maryland
Georgia
Circulation.
Loans and
discounts.
$34, 200, 534 $86, 090, 367
23, 989, 591 83, 654, 256
23, 401, 460
65, 259, 486
15, 932, 600 40, 501, 279
13, 474, 579 40, 660, 917
30, 974, 846
12, 056,177
30, 636, 484
6,154,525
8, 007, 406 29, 343, 068
23, 210, 592
6, 7.34,150
1, 884, 576 28, 076, 758
7, 683, 079 16, 577, 506
21, 321, 908
3,479,715
3, 813, 858 21, 020, 360
5, 714, 770 14, 770, 265
5, 355, 913 10, 543, 083
13, 087, 251
1, 739,250
8, 333, 617
5,149, 045
1, 774. 330 15, 217, 754
11, 468, 980
2,114, 010
1, 435, 705 10, 610, 954
9, 570, 727
1, 517, 078
9, 420, 831
2, 007, 500
7. 217, 665
1,251,648
5, 695, 512
2,143, 702
5, 282, 217
1, 570, 900
Individual
deposits.
$51, 715, 367
77, 834, 371
61, 821, 735
24, 482, 781
31, 594, 784
13, 096,23227, 693, 720
32, 501,42219, 845, 317
19, 651, 296.
10, 095, 495
18, 575, 061
17, 053, 7758, 233, 931
5, 154, 308
9, 183; 812.
5, 425,190
316, 707
11, 783, 995- .
7, 089, 967
10, 132,396>
10 376, 66a
8, 972, 242'
5, 744,190
5, 335, 352^
REDEMPTION.
Since the passage of the act of J u n e 20, 1874, section 3 of which
requires the banks atall times to keep on deposit in the Treasury 5 per
cent, of their circulation as a redemption fund, that fund, as a rule^
has been maintained, and circulating notes of the banks have been
promptly redeemed at the Treasury without expense to the G-overnment.
From the passage of the act of June 20, 1874, to November 1,.
1885, there was received at the redemption agency of the Treasury
$1,594,365,738 of national bank currency for redemption. Durihg the
year the receipts amounted to $145,880,327, of which amount $66,974,000,
or nearly 46 per cent., was received from the banks in the city of New
York, and $29,762,000, or upwards of 20 per cent., from the banks in
the city of Bostou. The amount received from Philadelphia was
$7,446,000, from Chicago $3,943,000, from Cincinnati $2,154,000, from
Saint Louis $1,668,000, from Baltimore $3,797,000, from Providence
$2,470,000, from New Orieaus, $2,514,000, and from. Pittsburgh $576,000.
The following table* exhibits the amount of national-bank notes received monthly for redemption by the Comptroller of the Currencj
during the year endiug October 31, 1885, and the amount received during the same period at the redemption agency of the Treasury, together with the total amouut received since the passage of the act of
June 20, 1874:
>
* Notes of gold hanks are not included in the tahle.
117
COMPTROLLEE OF THE CURRENCY.
R e c e i v e d b y t h e C o m p t r o l l e r of t h e C a r r e n c y .
F r o m nat i o n a l b a n k s F r o m refor r e i s s u e d e m p t i o n
agency
or s u r r e n for r e i s s u e .
der.
Months.
N o t e s o f national b a n k s
i n liquidation.
A c t of
J u n e 20,
1874.
Total.
Received at
redemption
agency.
1884.
K"o v e m b e r
December
$65, 040
77, 500
$5, 279, 800
5, 535, 800
83, 040
11,750
45, 000
7,440
26, 900
130, 250
10
8,090
60
22, 060
6, 531, 000
7, 343, 600
6, 413, 300
6, 221, 400
6,591,100
8, 558, 600
6, 482, 500
4, 848, 900
4,140, 900
3, 675, 930
1885.
•January
February
March
April
May
June
Jiily
August
September
October
^ —
...
—
Total
:.
R e c e i v e d from J u n e 20,
1874, t o O c t o b e r 31,1884
477,140
$2, 002,195 • $660,785 $8, 007, 820
644, 639
1, 971, 575
8, 229, 514
$11,471,644
12, 240, 921
2, 266,140
2, 072, 533
1, 724, 795
1, 472, 480
1, 527, 420
256, 600
1, 660, 415
813; 500
827;510
1,981, 120
798, 262 9, 678, 442
784, 537 10, 212, 420
785, 580 8, 968, 675
819, 729 8, 521, 049
998, 910 9,144, 330
107, 870 9, 053, 320
1,259,814
9, 402, 739
807,184
.6, 477, 674
799. 076
5, 767, 546
482, 794 6,161, 904
17, 882, 887
10,972,096
10, 195, 586
12, 549, 026
14,189,983
16, 652, 302
12,131,083
9, 893, 843
7, 588, 980
10, 111, 976
71, 622, 830 18, 576, 283
8, 949,180 99, 625, 433
145, 880, 327
15, 042, 450 622, 042, 055 140, 342, 018 33, 354, 329 810, 780, 852 1, 448,485, 411
Grand total
15, 519, 590 693, 664, 885 158, 918, 301 42, 303, 509 910,406, 285 1, 594, 365, 738
The amount of notes iit for circulation returned by the redemj)tion
agency to the banks ofissue during the year was $46,402,730, being an
increase over last year of $13,322,430.
- The total amount received by the ComptroUer ofthe Currency for destruction, from the agency and from the banks direct, was $72,099,970.
Of this amouut, $4,953,400 were the issues of banks in the city of Kew '
York, $9,557,000 of banks in Boston, $3,018,300 of Philadelphia,
$3,463,000 of Providence, $1,812,600 of Baltimore, $1,818,000 of Pittsburgh, $1,033,700 of Cincinnati, $591,500 of .Louisville, $415,000 of
Albany, $428,700 of Eew Orleans, and of each of the other principal
cities less than $300,000.
.
The following table exhibits the number and amounts of national-bank
eotes of each denomination which have been issued and redeemed
since the organization 6f the vSystem, and the number and amount outstanding on November 1, 188.5 :
'•
Amount.
Number.
Denominations.
Issued.
Ones
Twos
*
;^ives
Tens
Twenties
-..
Fifties
One h u n d r e d s
Five hundreds
One t h o u s a n d s
P o r t i o n of n o t e s l o s t
or d e s t r o y e d
23,167, 677
7, 747, 519
93, 208,400
39, 804, 001
12, 318,173
1, 758, 533
1, 287, 686
23, 924
7, 369
Redeemed. Outstanding.
22,
7,
76,
29,
8,
1,
731, 963
628 877
817, 066
382, 872
563, 797
345, 762
971, 922
22, 727
7,238
179, 323, 282 147, 472, 224
435, 714
118, 642
16, 391, 334
10, 421, 129
3,754, 376
412, 771
315, 764
1,197
131
Issued.
$23,167, 677
15, 495, 038
466, 042, 000
398, 040, 010
246, 363, 460
87, 926, 650
128, 768,600
11, 962, 000
7, 369, 000
Redeemed.
$22, 731, 963
15, 257, 754
384, 085. 330
293, 828, 720
171, 275, 940
67,288,100
97,192, 200
11,363,500
7, 238, 000
Outstanding.
$435, 714
237, 284
81, 956, 670
104, 211, 290
75, 087, 520
20,638,550
31, 576, 400
598, 500
131,000
- 2 1 , 890
+ 2 1 , 890
31, 851, 058 1, 385,134,435 1, 070, 239, 617
314,894,818
A table showing the number aud denomination of national-bank notes
issued and redeeined, and thv nuniber of each deuoniiuation outstauding on iJ^Toveraber 1, for the last thirteen years, will be found in the
Appendix.
118
REPOUT
ON T H E
FINANCES.
The following table exhibits the amount of national-bank notes received at this office and destroyed yearly since the establishment of the
systeni:
Prior to November 1, 1865
:'
During the year ending—
Oct. 31/1866
Oct. 31, 1867
Oct. 31, 1868
-..
Oct. 31, 1869
Oct. 31, 1870
Oct. 31, 1871
Oct. 31, 1872
Oct. 31, 1873
9...
Oct. 31, 1874
Oct. 31, 1875
Oct. 31, 1876
Oct. 31, 1877
Oct. 31, 1878
:
:
Oct. 31, 1879
Oct. 31, 1880
•
Oct. 31, 1881
Oct. 31, 1882
Oct. 31, 1883
.
Oct. 31, 1884
- Oct. 3i, 1885
Additional a m o u n t of notes of insolvent and liquidating national
banks
^
,
Total
;.
$175,490 00
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
54,941,130
74,917,611
-82,913,766
93,178,418
91,048,723
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
50
00
00
00
52,859,636 90
1,070,239,616 40
Notes of gold banks are not included in the above table.
NATIONAL-BANK
FAILURES.
The total number of uational banks placed in the hands of receivers
to IsToyember L, 1885, has been 104, of which 4 became insolvent and
were placed iu this category siuce November 1, 1884. A full list of
these banks will be found in the appendix, with the amount of capital,
claims proved, and dividends paid. The four which have failed during^
the past year are as follows:
Name of bank.
Middletown National Bank of Middletown, N. Y
Farmers' National Bank of Bushnell, III
Schoharie County National Bank of Schoharie, N. Y
Exchange National Ban It of Norfolk, Va
Capital.
. ..
$200, 000
50, 000
50, 000
300, 000
Receiver
appointed.
Nov. 29,1884
Dec. 17,1884
Mar. 23,1885
Apr. 9,1885
The affairs of seven banks have been finally closed, and a final dividend has been made to their creditors duriug the year. These bauks,
with the total dividends paid by each, are as follows:
Name of bank.
Venango National Bank of Franklin, Pa ..
City National Bank of Chicago, 111
First National Bank of Greorgetown, Colo
First National Bank of Allentown, Pa ...
First National Bank of Dallas, Tex
First National Bank of Newark, N. J. *...
First National Bank of Brattleboro', Vt.t
ProporTotal
dividends tion of
on princi- interest
paid.
pal.
Per cent. Per cent.
23. 37
77. 512
37. 6483
88
38.10
100
100
100 .
loa
•* An assessment of 100 per cent, was raade on the stock of this bank, but the amount paid was returned to the stockholders; 5 per cent, during the preaent year.
t A u assessment of 25 per cent, was made on the stock of this bank, but 64.625 per cent, of the araount
paid under this assessment was returned to stockholders during the present jear.
119
COMPTROLLER OF THE CURRENCY.
The affairs of a nnmber of banks in the hands of receivers have been
completely liquidated, with the exception of some matters involved in
litigation now pending in the courts. Much of this litigation is pending
in courts of last resort, and it may be some time before the cases can be
beard and decided. This condition of things may delay the final settlement of the affairs of these associations. In such cases, however, the
receivers are, as a rule, paid no salary, it beiug understood that on final
settlement of the affairs of the banks they shall be paid only for actual
services rendered. The names of the banks in this condition, with the
dividends already paid to their creditors, are as follows:
Dividends
paid.
N a m e of b a n k .
P e r cent.
50. 0
62.0
39.5.
62.0
50. O*
*100. 0
*100. 0
60. 0
60. 0>
40. 0
85.0
50. 0>
tlOO.O
70. O
S c a n d i n a v i a n N a t i o n a l B a n k of C h i c a g o , III
N e w O r l e a n s N a t i o n a l B a n k i n g A s s o c i a t i o n of N e w O r l e a n s , L a
F i r s t N a t i o n a l B a n k of A n d e r s o n , I n d
C h a r l o t t e s v i l l e N a t i o n a l B a n k of C h a r l o t t e s v i l l e , V a
F o u r t h N a t i o n a l B a n k of C h i c a g o , 111
N a t i o n a l B a n k of t h e S t a t e of M i s s o u r i , S a i n t L o u i s , M o
T h i r d N a t i o n a l B a n k of C h i c a g o , 111
C e n t r a l N a t i o n a l B a n k of C h i c a g o , III
F i i ' s t N a t i o n a l B a n k of W a y n e s b u r g , P a
P e o p l e ' s N a t i o n a l B a n k of H e l e n a , M o n t
,
F i r s t N a t i o n a l B a n k of B o z e m a n , M o n t
G-erman-American N a t i o n a l B a n k of W a s h i n g t o n , D . C
S e c o n d N a t i o n a l B a n k of S c r a n t o n , P a
:
F i r s t N a t i o n a l B a n k of B u t l e r . P a
*And interest.
t A n d 50 p e r cent, of i n t e r e s t .
The following dividends have been paid to the creditors of insolvent
banks duriug the past year, the total dividends paid up to November
1, 1885, being given in each case:
N a m e of b a n k .
V e n a n g o N a t i o n a l B a n k of F r a n k l i u , P a
N e w O r l e a n s N a t i o n a l B a n k i n g A s s o c i a t i o n of N e w O r l e a n s , L a .
F i r s t N a t i o n a l B a n k of A n d e r s o n , I n d
C i t y N a t i o n a l B^mk of Chicago, III
F i r s t N a t i o n a l B a n k of G e o r g e t o w n , Colo
F i r s t N a t i o n a l B a n k of A l l e n t o w n , P a
F i r s t N a t i o n a l B a n k of W a y n e s b u r g , P a
•
F i r s t N a t i o n a l B a n k of D a l l a s , T e x
Second N a t i o n a l B a n k of S c r a n t o n , P a .,
F i r s t N a t i o n a l B a n k of N e w a r k , N . J
F i r s t N a t i o n a l B a u k of B r a t t l e b o r o , V t
F i r s t N a t i o n a l B a n k of Buffalo, N . Y . ,
'....
Pacific N a t i o n a l B a n k of Boston, M a s s
F i r s t N a t i o n a l B a n k of U n i o n Mills, U n i o n C i t y , P a
V e r m o n t N a t i o n a l B a n k of Saint A l b a n s , V t
F i r s t N a t i o n a l B a n k of Leadville, Colo
F i r s t N a t i o n a l B a n k of S a i n t A l b a n s , V t
'
F i r s t N a t i o n a l B a n k of M o n m o u t h , 111
M a r i n e N a t i o n a l B a n k of N e w Y o r k , N . Y
H o t S p r i n g s N a t i o n a l B a n k of H o t S p r i n g s , A r k
R i c h m o n d N a t i o n a l B a n k of R i c h m o n d , I n d
L o g a n N a t i o n a l B a n k of W e s t L i b e r t y , Ohio
M i d d l e t o w n N a t i o n a l B a n k of M i d d l e t o w n , N . Y
F a r m e r s ' N a t i o n a l B a n k of B u s h n e l l , III
S c h o h a r i e C o u n t y N a t i o n a l B a n k of S c h o h a r i e , N . Y
E x c h a n g e N a t i o n a l B a n k of Norfolk, V a
F i r s t N a t i o n a l B a h k of J a m e s t o w n , D a k . . . . '
Total
Dividends
ProportioBu
p a i d d u r i n g ] d i v i d e n d s of i n t e r e s t .
t h e iiast
paid to
paid to
year.
d e p o s i t o r s . depositorSo.
P e r cent.
8.37
2
14.50
.512
15.1483
3
20
1.10
*50
15
t64. 625
5
5
10
30
5
12.50
20
15
40
36
30
40 .
40
20
20
100
P e r cent.
23. 37
62
39.50
77. 512
37. 6483
88
60
38.10
ICO
100
100
38
15
60
42. 50
25
12.50
90
40
70
36
30
40
40
20
20
100 •
P e r cent.
50>
10C>
loa^
* Of i n t e r e s t .
t A n a s s e s s m e n t of 100 p e r c e n t , w a s m a d e on t h e s t o c k of t h i s b a n k , b u t t h e a m o u n t p a i d w a s r e t u r n e d t o t h e s t o c k h o l d e r s , 5 p e r cent, d u r i n g t b e p r e s e n t y e a r .
J A n a s s e s s r a e n t of 25 p e r cent, w a s raade on t h e s t o c k of t h i s b a u k , b u t 64.625 p e r cent, of the^
a m o u n t p a i d u n d e r t h i s assessment; w a s r e t u r n e d t o t h e s t o c k h o l d e r s d u r i n g t h e p r e s e n t y e a r .
120
REPORT ON THE FINANCES.
As has been seen, there have been but four failures of national banks
during the year ending November 1,1885, as against eleven during the
previous year. An inspection of the above list will show that each of
the four banks failed this year has already paid a dividend to its creditors, two of them 40 per cent, each, and two 20 per cent each.
If receivers, on taking charge of insolvent natioual banks, discover
evidence which appears to indicate that insolvency has been caused by
practices in violation of the criminal statutes of the United States, such
•evidence is at once, by direction of this office, referred through the proper
•channels to the Department of Justice for appropriate action against
those who appear to have rendered themselves liable to the penalties
of the law. Prosecutions of officers of many of the insolvent national
ibanks have been instituted by the Department of Justice through the
United States attorneys in the districts where the banks were located,
:and as a rule convictions have been secured where indictments have
l)een found. A number of proceedings of this character are now pending.
Since the commencement of the national banking system 104 banks
Suave been placed in the hands of receivers, 549 banks have voluntarily
•closed their business by a vote of stockholders owning two-thirds of the
®tock, under the provisions of sections 5220 and 5221 of the Eevised
statutes, and the corporate existence of 26 expired by limitation. Of
t h e bauks in the hands of receivers, 9 had been previously placed in
liquidation by their stockholders, but failing to pay their depositors, receivers were afterwards appointed by the Comptroller to wind up their
affairs. Of the 104 banks placed in the hands of receivers, 70 have
t)een finally closed, leaving 34 in process of settlement, of which, as has
ibeen seen, 14 are virtually closed with the exception of pending litigation, leaving 20 receiverships only in active operation.
Since the commencement of the system there has absolutely been no
loss to the note-holders of insolvent natioual banks, every note having been promptly" redeemed on presentation at the United States
Treasury. The loss to the depositors of these insolvent national banks
during the twenty-two years elapsed siuce the passage of the act of Feb-,
ruary 25, 1863, as nearly as can be estimated, taking into consideration
•dividends which will probably hereafter be paid, has been about
^9,860,000. The average annual loss to depositors has been therefore
about $448,000 iu the busiuess of corporations having from year to year
an average capital of about $450,000,000, which corporations havebeen
responsible for the safe keeping of deposits iu their hands averaging
•constantly over $800,000,000. The annual average loss to depositors of
all the national banks is therefore not in excess of one-twentieth of 1
per cent.
The total amount so far paid to creditors of insolvent national banks
lias been $25,651,390 upon proved clBims amounting to $43,159,252.
T h e amount paid duriug the year has been $2,151,868.
Assessments amounting to $9,812,750 have been made upon stockliolders of the insolvent national banks to euforce their iudividual lia- .
Ibility under section 5151 of the Eevised Statutes of the United States.
From this source $3,982,627 has been collected; $348,670 of this amount
during the past year.
Eeferen"ce is again made to the tables in the Appendix, showing national banks which have been placed in the hands of receivers, the
amount of their capital, of the claims proved, and the rates of dividends
paid, and also showing the amouut of circulation of such banks issued,
redeemed, and outstanding.
COMPTROLLER OF THE CURRENCY.
121
As stated in bis last report:
" It is the intention of the Comptroller to rigidly euforce the hank act and to call
t h e attention of the Department of Justice to any criminal violations of the same,
but experience has proved that it is difficult, not only under the hank act, hut generally under criaiinal statutes, to always obtain sufficient evidence to convict offenders.
The Comptroller is of the opinion that, with, a few exceptions, the national.bank act
hias adequate provisions for the prosecution and conviction of those who lay themselves liable to its penalties. As stated elsewhere, bank failures are not so much due
t o the inadequacy o f t h e law as to the failure on the part of the officers and directors
t o maintain a proper supervision of the affairs of their associations."
TAXATION.
The only United States tax now paid b y t h e national banks is the
semi annual dut}" of one-half of 1 per cent, upon the average amount of
their notes in circuiatiou during the preceding six months. The prohibitory tax of 10 lier ceut. upon State bank circulation paid out, as
provided by section 3412 of the Eevised Statutes, is also still in force.
Section 5173 of the Eevised Statutes provides that the expenses of the
Bureau of the Comptroller of the Currency, including those of the
plates and dies used for the printing of national-bank notes and of the
printing of such notes, shall be paid out of the proceeds of the tax on
<5irculation.
The act of June 20, 1874, provides for the redemption of nationalbank notes in the office of the Treasurer of the United States; that the
<30St of such redemptions shall be paid by the banks; and that the cost
of the plates for printing, up to that time paid out of the proceeds of
the tax oh circulation, shall thereafter be paid from the proceeds of an
assessment upon the banks. Section 6 of the act of July 12, 1882, for
extending the corporate existence of national banking associations,
provides that the cost of engraving plates for the issue of circulation
of new design, required by the section, should also be paid by the banks.
It was the evident intention of the euactcjrs of the original bankiug law
that all the expenses which were incurred by the Government in preparing circulation to be issued to national associations, as well as the
expenses of carrying oh the Bureau of the Comptroller of the Curreucy
and enforcing the restrictions of the uational bauking laws, shoald be
defrayed from the tax ou circuiatiou. As has been seen, this principle
was changed by the act of Juue 20,1874, which, without abolishing the
tax on circulation, imposed ou the banks the expense of the redemption
of their notes and preparation of their plates, aud this course was also
followed in the act of July 12, 1882.
The Comptroller iu his last aunual report suggested that, inasmuch
as the coustant contraction of the volume of the national-bank currency
was due in great measure to the fact that uuder present conditions banks
can make but a nominal profit from the issue of circulation, a ready
and simple way to prevent a further diminution of the volume of national-bauk notes would be to abolish this tax, and also that if this tax
were abolished the expenses of the Bureau of the Comptroller of the
Currenc}^ could be paid by a pro rata assessment on the banks, as is now
done in the case of the redemption of their notes by the Treasurer of
the United States and in the case of the expenses of preparing plates
for printing notes.
The total expense of the Office of the Comptroller of the Currency
from the date of its organization to June 30,1885, has been ^6,066,227.37,
and the expense for the year ending on that date $225,293.38. From
the tax on circulation for the year ending June 30, 1885, $2,794,584.01
was realized by the United States Treasury,
122
R E P O R T ON T H E
FINANCES.
The total taxes collected from the natioual bauks to the eud of the
present fiscal year are shown in the following table:
Tears.
1864
1865
1866
. .
1867
1868
1869
1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885 ..
O n circulation. O n deposits.
...
V
$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
3,121,374 33
3,190,981 98
3,132, 006 73
3, 024, 668 24
2,794,584 01
O n capital.
$95,911 87
$18, 432 07
1, 087, 530 86 133, 251 15
2, 633,102 77
406, 947 74
2, 650,180 09
321, 881 36
2, 564,143 44
306, 781 67
2, 614, 553 58
312, 918 68
2, 614, 767 61 375, 962 26
2, 802, 840 85
385, 292 13
3,120, 984 37
389, 356 27
3,196,569 29
454, 891 51
3, 209, 967 72 469, 048 02
3, 514, 265 39
507, 417 76
3, 505,129 64
632,296 16
3, 451, 965 38
660, 784 90
3, 273, 111 74 560, 296 83
3, 309, 668 90 401, 920 61
4, 058, 710 61
379, 424 19
4, 940, 945 U
431, 233 10
5, 521, 927 47 437, 774 90
*2, 773, 790 46 *269,976 43
'Totals.
$167 537 26
1, 954 029 60
5,146, 835 81
5, 840, 698 23
5, 817 268 18
5, 884, 888 99
5, 940; 474 00
6,175,154 67
6 703 910 67
7, 004, 646 93
7, 083, 498 85
7, 305,134 04
7,229,221 56
7, 013, 707 81
6, 781, 455 65
6 721 236 67
7 591, 770 43
8,493,552 55
9,150, 684 3&
6 175 773 62
3, 024, 668 24
2 794 584 01
61, 204, 777 22 60, 940, 067 16 7, 855, 887 74 130,000,732 12
Affffrecates
* Six months to June 1, 1883.
The following table exhibits the taxes upon the circulation, deposits,
and capital of banks, other thau national, collected by the Commissiouer
of Internal Eevenue, from 1864 to November 1, 1882, the date upon
which the taxation of capital and deposits ceased:
O n circulation.
Years.
1864
1865
1866
1867
1868
1869
1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880
1881
1882
1882*
$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
4, 295 08
4, 285 77
1
AfiTfifresrates
5,487, 608 82
O n deposits.
O n capital.
Totals.
$780, 723 52
$2, 837, 719 83
2, 043, 841 08 '*""$903,'367'98
4, 940, 870 90
2, 099, 635 83
374, 074 11
3; 463, 988 05
1,355,395 98
476, 867 73
2, 046. 562 46
1,438,512 77
399, 562 90
1, 866, 745 55
445, 071 49
1, 734, 417 63
2,196, 054 17
827, 087 21
2,177, 576 46
3, 020, 083 61
919,262 77
2, 702,196 84
3, 644, 241 53
976, 057 61 •
3, 643, 251 71
4, 628 229 14
736,950 05
3, 009, 302 79
3,771,031 46
916, 878 15
2, 453, 544 26
3, 387,160 67
1,102,241 58
2, 972, 260 27
4, 097, 248 12
989, 219 61
2, 999, 530 75
4, 006, 698 03
927, 661 24
2, 896, 637 93
3, »29, 729 33
897, 225 84
2, 593, 687 29
3,492,031 85
830,068 56
2,354,911 74
3, 198, 883 5^
811, 436 48
2,510,775 43"
3, 350, 985 28
811,006 35
2, 946, 906 64
3, 762, 208 07
1,153, 070 25
5, 253, 458 47
4, 096,102 45
489, 033 53
1, 993, 026 02
2, 482, 059 55
48, 802, 237 39
14, 986,143 44
69 275, 989 65
*Six montlis to Noveraber 30, 1882.
STATE TAXATION OF NATIONAL BANKS.
The r 'ports of the Comptroller of the Currency for the years 1877,
1880,1831, and 1882 contain chapters ou thesubject of .State taxation of
national-bank shares, in which the decisions of the courts construing
the effect of the provisions of the national banking law permitting
such taxation were considered.
COMPTROLLER OF THE CURRENCY.
123
In view of the recent decision of the United States Supreme Court in
the case of Boyer v. Boyer, and the actiou of the New York banks in
seeking the protection of the courts against the alleged discriminating
taxation of their shares by the city of New York for the year 1885, it is
deemed best to gi^e in this report a brief resume of the law authorizing State taxation of natioual-bank shares, and the most important decisions of the courts construing this law.
The original uational currency act of February 25, 1863, contained
no provision authorizing the States to tax national banks in any
manner whatever. The number of bauks organized under this act was^
however, comparatively small, and the capital small compared with
the capital invested in banks organized under State laws, over which
the States had full power of taxation. Much of the opposition to the
national system at the time of its inception was manifested by those
wbo regarded it as bostile to the State systems, and as a step toward
the removal of one objection, at least, to the State systems becoming
merged in the national. Congress seems to have regarded it as necessary to grant to the States the authority to tax national banks. At an
early day the Supreme Court of the United States had held that the
States had no power to impose taxes on corporations created by Cougress, and the same court has since held that the States cannot impose
any tax whatever on national banks without the authority of Congress.
(Williams v. Assessors.)
The power to. tax national-bank sljares was granted, and the method
of imposing such tax indicated by three provisos attached to section 41
of t h e a c t of June 3, 1864, by which the original act of February 25,
1863, was superseded. Under this law, shares of national-bank stock
were made liable to assessment by State authority at the place where
the bank was located, but not at a greater rate than was assessed upor^
other moneyed capital in the handsof individual citizens of such State,,
and the tax imposed was not to be at a greater rate than was iinposed
upon the shares of banks organized under State law. Eeal estate belonging to a national bank was to be taxed as other real estate was
taxed.
The q uestion that appears to have first arisen as to the proper construction of the law permitting State taxation of national bank shares, was in
regard to the exemption of United States bonds held by national banks^
in arriving at the value of the shares liable to taxation. The Hon. Freeman Clarke, then Comptroller of the Curreucy, in his report to Congress
for the year 1865, took strong ground in favor of the exemption of United
Stated bonds held by the national banks. He claimed that unless sucb
bonds held by a national bank were deducted from its capital in order
to arrive at the value of the shares liable to taxation, the States exercised indirectly the right of taxing United States bonds, although
such bonds were exempted by law from direct state taxatibu, and that
thus bonds held by national banks were taxed while those held by individuals were exempted. He says, iu regard to the ground takeu by
some, that a tax ou the shares was not a tax upon the securities represented by those shares; " t h a t the positiou assumed by those who favor
this hypothesis will be found, upon critical examination, to be fallacious
can scarcely admit of a doubt."
The point came before the Ijnited States Supreme Court for decision
in Van Allen v, r^ssessors (3 Wall.,573), and it was decided bythe majority of the court that a share of national bank stock was a distinct
thing from the capital of the bank, which capital may be invested in
124
REPORT ON THE FINANCES.
United.States bonds—that the shares are property in the hands of individuals, while the corporation is the legal owner of all the property
of the bauk, real aud personal. ,
. The interest of the shareholder entitles him to participate in the
profits of the corporation while the latter is iu existence, and also upon
itS'dissolution to receive his proportionate share of such property as
ma3^ remaiu after the payment of its debts. It is this entire interest
that Congress has left subject to taxation by the States, and not such
portion as might remain were the amoant invested in United States
bonds deducted from capital. '' The court also held in this case that a New York statute, assessing
-shares of national banks for purposes of taxation at the same rate at
which other moneyed capital was assessed, the tax not to exceed the par
value of the shares, was void, because it was contrary to the provisions
of the Pederal law—that taxation of national bauk shares was not to be
a t a greater rate thau was imposed on State bank shares.
The Stat»^ bauks in New York were not taxed on their shares, but on
capital, from which the deduction of the amouut iuvested in United
States securities was allowed, while this deduction could not be made
to reduce the value of natioual bank shares. The question then arose
in a new form. Inasmuch as the law provides that shares of national
banks shall be assessed at the same rate as other moneyed capital in
the hands of individual citizens, and inasmuch as United States bonds
^nd securities are exempt iu the liands of individual citizens ; when the
capitalof national banks is invested in United States bonds, is not
the State tax on their shares invalid"? The United.States Supreme
Court in People v. Commissioners (4 Wall., 244) decided that uuder such
circumstances the State tax ou national bank shares was valid. Under
these two decisions it is apparent that no deduction can be made from
the value of shares of national banks on accouut of the exemption from
tax of some of the assets in which their capital may be iuvested. This
principle will apply to Uuited States notes aud to United States or
other securities which may by law be exempt from taxation.
The next important case bearing on this matter decided in the United
States Supreme Court was that of Liouberger v. Eouse. This turned
upon the coustruction of that portion of the Federal law providing that
the tax on national-bauk shares should not be at a greater rate than
was imposed on the shares-of State banks. The point raised was that
the State of Missouri taxed some State banks less than others. These
lightly taxed banks, holding au inconsiderable portion of the banking
<5apital of the State, were organized under special charters, granted
prior to the commencement of the national system, which the State had
no power to change. There was no discrimination as betweeu nationalbank shares and those of State banks not so specially exempted. The
<30urt construed the clause of theFederal law iu question to mean only
that the Scare, as a conditiou to the exercise of the power to tax the
shares ofnational banks, shall, as far as it has the capacity ^ tax in like
manner the shares of banks of its own creation.
The act of February 10,1868, was passed to further define the place
a^d manner of taxation of national-bank shares, amending section 41
of the act of June 3,1864. It may perhaps be regarded as superseding
that section to the extent of dropping out the proviso that shares of
national banks shall be taxed at a rate no greater than is imiiosed on
the shares of State banks. This appears to be the view taken by Congress iu 1873, wheu approving the Eevised Statutes, as iu those statutes
COMPTROLLER OF THE CURRENCY.
125
this proviso is not included. Sectiou 5219, which now embodies the
law on State taxation of national-bank shares, is as follows:
S E C 5219. Nothing hereui shall prevent a l l the shares in any association from
being iucluded in tbe valuation of t h e personal property of the owner or holder of
such shares, in assessing taxes imposed hy authority of the State within which the
association is located; but the legislature ofeach State may determine and direct t h e
manner and place of taxing all the shares of national banking associations located*
within the State, subject only to the two restrictions, t h a t the taxation shall not bea t a greater rate thau is assessed upon other moneyed capital in the hands of iudividual citizens of such State, and t h a t the shares of any uational banking association owned by non-residents of any State shall be taxed in the city or town where
t h e bank is located, and not elsewhere. Nothing herein shall be construed to exempt
the real property of associations from either State, connty, or mnnicipal taxes, to t h e
sarae extent, according to its value, as other real property is taxed.
The validity of State taxation on national-bank shares, is under »this
section, to be determined solely by the inquiry whether it is at a greater
rate than is assessed upou other moneyed capital in the hands of individual citizens. There has, however, been great difficulty in so regulating the taxation of national-bank shares by the States as to conform
strictly to the intent of this law. As a consequence, in many of the
States, national-bank shares^ in the assessment and collection of taxes,
bave, it is alleged, been in different ways subjected to severe and
unjust discrimination, as compared with other moneyed capital. Some
of the methods of discrimination are as follows:
(1) Differences are made in the valu'ation of national-bank shares for
pnrposes of assessing taxes, as compared with the valuation of othr
moneyed capital for the same purpose.
(2) Theindividual holders of other moneyed capital have been allowed
to make deductions on account of certain exemptions, such as debts
owed by such individual holders, when holders of national-bank shares
were not permitted to deduct their debts from the value of such shares.
(3) In the different States distinctions are made in the taxation of
various kinds of moneyed capital, other than national-bank shares, in
the hands of individual citizens, and the standard by which the taxation
of national-bank shares is to be legally measured becomes thus confused.
Many forms of moneyed capital in the hands of individual citizens are
altogether exempted by law from taxation, while national-bank shares
are taxed. The difficulty arises in deciding by which class of moneyed
capital the tax on national-bank shares is to be guided: Whether there
is to be no tax, as in case of exempted moneyed capitalj'a less tax, as in
case of fhe class of moneyed capital taxed at a less rate; or a greater tax^
as in case of the class of moneyed capital taxed at a greater rate.
All of these forms of discrimination have been passed on in litigation
wbicb bas come before the United States Supreme Court.
In Ohio the law provided certain State boards for equalizing the taxation on real estate, on railroad capital, and on capital invested in
bank shares; but there was no State board for equalizing the taxation
on personal prdperty, other than bank shares, railroad stock, or other
moneyed capital. The equalization as to all other personal property
assessed ceased with the county boards of equalization, but the county
boards throughout the State fixed the valuation of moneyed capital
for purposes of taxation at six-tenths of its true value, while tbe State
board fixed the taxable value of bank shares at their actual cash value.
The rates of taxation being the same, bank shares were discriminated
against to the extent of four-tenths of their value. In New York the
law permitted the deduction of just debts of an individual from his
126
REPORT ON THE i^INANCES.
personal property, including his moneyed capital, excepting only his
bank shares.
^
In Pelton ^?. Commercial National Bank of Clevelaud (101 U. S., p.
143), and in Cummings?;. Merchants' National Bank of Toledo (101
U. S., p. 153), the United States Supreme Court decided the question of discrimination arising under the laws of Ohio. In those cases
it was held that a tax upon national-bank shares valued for taxation
at a higher rate than other moneyed capital was invalid, aud that upon
paymentof theamouut justly assessable a court of equity would enjoin
the collectiou of the residue, but that the bank must pay the portion
of the taxes justly due.
In Peoples. Weaver (100 U. S., p. 539), a case arising under the New
York law, the Supreme Court decided that the word rate in the provision of section 5219 United States Eevised Statutes, that taxation
shall notbe a t a greater rate than is assesssd upou other moneyed captai in the hands of individuals, applies to and includes as well the valuation of shares for taxation, as the rate of taxes to be imposed; and that the
iaw ofthe State of New York, which permitted a party to deduct his just
debts from the yalue of all his personal property, except his national;
bank shares, was void as to the taxation of such bank shares. The
case of Evansville Bank t;. Britton (104 U. S., p. 323), arising under the
law of Indiaua, taxing national-bank shares, supports the same doctrine. These cases disposed of the first two forms of discriminations
already mentioned, and pointed out the proper remedy to be pursued
by banks in avoiding the payment of taxes illegally assessed. Supervisors V, Stanley (104 U. S., p. 305) decides questious arising as to the
recovery of excessive taxes which have beeu paid by the shareholders
of national banks.
Under the third class of discrimination^—where doubt as to the
proper taxation of natioual-bank shares arises from the fact that under
State law a discrimination is mide in taxing different classes of other
moneyed capital iu the hands of individual citizeus—the important
cases decided in UnitedStates Supreme Court are Liouberger v, Eouse
(9 Wall.), already mentioned; Hepburn v. School Directors (23 WalL,
480), and the recently decided case of Boyer v. Boyer. In Liouberger V. Eouse a discrimination was made by the State in taxing shares
of banks organized under its own laws—one class of banks being
taxed at a higher rate thau auother. At that time, as has been seen,
the law in force measured the taxation of national-bank shares by the
taxationof State-bank shares,.and iu this case the United S.tates Supreme Court held a tax on national-bank shares to be valid which did
not exceed the tax imposed upon the larger bulk of State-bank shares.
In Hepburn v. School Directors (23 Wall., 480) it was held by the United
States Supreme Court that the exemption by State law from taxation
of a small portion of other moneyed capital in the hands of individual
citizens was not a reason for exempting national-bank shares from
taxation. In this case also it was held that shares of national banks.
might be taxed at an amount exceeding their par value, if their market
value exceeded their par value^
In the case of Boyer v, Boyer, the Supreme Court decided that if
the great bulk of moneyed capital' in the hands of individual citizens
is exempted by State law from municipal taxation, that under the law
of Congress national-bank shares must be exempted also. The court
says that cases will arise in which it will be difficult to determine
whether the exemption of the particular part of moneyed capital in
individual hands is so serious or material as to infringe the rules of
COMPTROLLER OF THE CURRENCY.
127
substantial equality—that a proper construction of the act of Congress
forces the conclusion that capital invested in national bank shares was
intended to be placed upon the same footing of substantial equality
in respect to taxation by State authority, with other moneyed capital
in the hands of individual citizeus, however invested. The court proceeded to say:
Upon such facts, and in view of the revenue laws of the State, it seems difficult to
avoid t h e conclusion that, iu respect of county taxation of natioual-bank shares,
there has been and is such a discrimination in favor of other moneyed capital against
capital invested in such shares as is not consistent with the legislation of Congress.
The exemptions in favor of other moneyed capital appear to be of such a substantial
character in amount as to take the present case out of the operation of the rule t h a t
it is not absolute equality that is contemplated by the act of Congress ; a rule which
rests upon the ground tlaat exact uniformity or equality of taxation caunot in the
nature of things be expected or attained under any system. But as substantial
equality is attainable, and is required by the supreme law of the land, in respect of
State taxation of national-bank shares, when the inequality is so palpable, as to show
t h a t the discrimination against capital invested in siich shares is serious, the courts
have no discretion b u t to interfere.
Having in view this last decision, the banks of the city of New York,
after due investigation of the subject by a committee* appointed for the
purpose, have arrived at the conclusion that the valuation of their
sbares for purposes of taxation is illegal and void, for the reason that
the greater portion of moneyed capital in the hands of individual citizens in the city of New York is, under the laws of that State, exempt
from municipal taxation.
Suits bave been brought in equity, and the bill in eacb case asks for
an injnnction from collecting any taxes from the bank or from theindividual shaf'eholders until a final hearing of the cause.
The question is frequently asked this office, whether national-bank
notes in the hands of individual citizens are liable to State taxation.
Section 3707 of the Eevised Statutes provides that all stocks, bonds,
Treasury notes, and other obligations of the United States shall be exempt from taxation by or under State or municipal or local authority.
In section 5413, Eevised Statutes, the words ^^obligation of the United
States" is held to include national-bank currency. The question of the
taxability of national-bank currency arose in the case of the Board of
Commissioners in Montgomery Countj^ v, Elston (32 Ind., 27), and
it was decided by the Supreme Court of the State that national-bank
currency is not exempt from taxation by the State. The court held that
the provision of law makiug national currency an obligation of the
United States, ouly intended to throw around national currency the
same guards against counterfeiting that were by law provided for obligations of the United States, and not to generally define national currency as an obligation of the United States. •
In the qase of Home v, G-reene, in the Supreme Court of the State of
Mississippi (52 Miss., 452), it was decided that the circulating notes of
national banks are not subject to State taxes. The question, therefore,
still appears to be an open oue.
LOANS AND RATES OF INTEREST.
The following table gives the classification of the loans of the banks
in the city of New York, in Boston, Philadelphia, and Baltimore, in the
* Report of John J a y Knox, Edmund D. Randolph, and W. P. St. John, tax committee, on the recent decision of the Supreme Court of the United States, New York,
J u n e 9, 1885.
128
REPORT ON THE FINANCES.
other reserve cities, and in the remaining banks of the country a t corresponding dates in each of the last three years:
OCTOBER 2, 1883. ~
Classification.
48 b a n k s .
On U . S. b o n d s on d e r a a n d
O n o t h e r s t o c k s , b o n d s , & c . , on
demand
On single-name paper w i t h o u t
other security.. ^
All othf>^ lo^.p-s - Totals
103 b a n k s .
Totals
2,501 b a n k s .
$344, 337
$623, 679
$1, 972, 232
$5, 033,774
94, 321, 605
29, 638, 276
23, 099, 682
41, 518, 741
188, 578,304
19,147, 049
129, 546,152
24, 684,110
146,149,205
17, 259, 584
110, 381, 881
87, 910, 589
574, 760,143
149, 001,332r
960, 837, 381
245,108,332
200, 815, 928
151, 364, 826
706,161, 705
1, 303, 450,791
44 b a n k s .
O n . U . S. b o n d s on d e r a a n d
O n o t h e r s t o c k s , b o n d s , &c., on
demand
.
On s i n g l e - n a m e p a p e r w i t h o u t
other security
AU other Idans
2,253 b a n k s .
$2, 093, 526
SEPTEMBER 30,
Classification.
97 b a n k s .
1884.
104 b a n k s .
99 b a n k s .
2,417 b a n k s .
2, 664 b a n k s .
$2,933,785
$644, 017
$268, 396
$970, 691
$4,816,889>
69, 805, 215
25, 763, 605
18,573, 905
34, 050, 829
148,193, 554
12, 559, 441
120, 054, 836
22,458, 370
150, 372, 086
16, 239, 550
107, 543,129
83, 816,871
574,016,071
135, 074, 232951, 986,122
205, 353, 277
199,238,078
142 624 980 fi^5> ftPid 4fi9
1, 240, 070, 797
98 b a n k s .
2, 714 b a u k s .
OCTOBER 1, 1885.
Classification.
44 b a n k s .
O n IT. S. b o n d s o n d e m a n d
O n o t h e r s t o c k s , b o n d s , &c., on
On single-name p a p e r w i t h o u t
other security
Totals
105 b a n k s .
2,467 b a n k s .
$3, 286,124
$190,195
$585,154
$504,134
$4, 565, 607
80, 687, 265
33, 157, 319
25, 421, 092
34, 036, 931
173, 302, 607
25, 331, 820
127, 518, 389
34, 806, 254
150, 270, 503
18, 480, 233
106, 948, 959
92, 873, 780
567, 057,152
371,492,087
951, 795, 003-
236, 823, 598
218, 424, 271
151, 435, 438
694,471,997
1, 301,155, 304
•
In the table below is given a full classification of the loans in New
York City alone for the last five years:
O c t o b e r 1,
1881.
O c t o b e r 3,
1882.
O c t o b e r 2,
1883.
September
30, 1884.
O c t o b e r 1',
1885.
48 b a n k s .
50 b a n k s .
48 b a n k s .
44 b a n k s .
44 b a n k s .
$112, 049, 004
26, 935, 878
On U . S. b o n d s on d e m a n d
2, 539, 928
97,249,162
On o t h e r s t o c k s , &c., on d e m a n d .
236,100
On real-estate security
7, 747, 587
A l l other loans
$118, 692, 651
21,203,573
1, 707, 687
89, 532, 762
304, 732
7, 600, 487
$121, 644, 201
19,147, 051
2, 093, 527
94, 321, 605
184, 683
7, 717, 265
246, 757, 659
239, 041, 892
245,108, 332
Loans and discount.
On endorsed p a p e r
.
Totals
$116,
12,
2,
69,
010, 062
559, 443
933, 785
805, 215
163, 397
3, 881, 375
205, 353, 277
$114,
25,
3,
80,
013,775
331, 820
286, 124
687, 265
215, 385
13, 289, 229
236,823,598
In previous reports the attention of Congress has been called to the
provisions of section 5200 of the Revised Statutes, which place restrictions upon loans, and to the difficulty of enforcing the same. In cities
where large amounts of produce are received and stored it is claimed to
COMPTROLLER OF THE CURRENCY.
^
129
be impossible for the bauks to transact this class of business so loug as
they are restricted to loaus to au amount uot exceediug iu auy case onetenth of their capitaL While it is true that the limitation prescribed
does not apply to loaus upon produce in transit where the drafts are
drawn on existing values, yet if the produce is stored instead of being'
shipped, loans in excess of the one-tenth limit cannot be made except in
violation of law. In such a case the Comptroller has no means of enforcing the law except by bringing suit for forfeiture of charter, which
might result iu great embarrassment to business, as well as loss to innocent stockholders. It seems evident that the law should be. so amended
as to permit legitimate loaus upon United States bouds, produce or warechouse receipts, aud some other classes of collateral security.
RATES OF INTEREST IN N E W YORK CITY AND OF THE BANK OF
ENGLAND AND THE BANK OF FRANCE.
The average rate of interest iu. New York City for each of the fiscal
years from 1875 to 1885, as ascertaiued from data derived from the
Journal of Commerce and the Commercial and Financial Chronicle, was
as follows:
1875, call loans, 3.0 per
1876, call loaus, 3.3 per
, 1877, call loans, 3.0 per
1878, call loaus, 4.4 per
1879, call loans, 4.4 per
1880, call loans, 4.9 per
1881, call loans, 3.8 per
1882, call loaus, 4.4 per
1883, call loans, 5.7 j)er
1884, call loans, 2.4 per
1885, call loans, 2,3 per
cent. ;
ceut.;
cent..;
cent. ;
ceut.;
ceut. ;
cent.;
cent.;
cent.;
cent.;
cent.;
commercial pape'r, 5.8 per
commercial paper, 5.3 per
commercial paper, 5.2 per
comuiercial paper, 5.1 per
oommercial paper, 4.4 per
commercial paper, 5.3'per
commercial paper, 5.0 per
commercial paper, 5.4 per
commercial paper, 5.7 per
commercial paper, 5.6 per
commercial paper, 5.5 per
ceut.
cent.
cent.
cent.
cenfc.
cenfc.
cent.
cent.
ceut.
cent.
ce.ut.^
/
The average rate ot discount of the Bank of England for the same
years was as follows:
During the calendar year ending December 31, 1874, 3.69 per
During the calendar year ending Decemher 31, 1875, 3.23 per
During the calendar year ending Deceinber 31, 1876, 2.61 per
During the calendar year endinoj December 31, 1877, 2.91 per
During the calendar year ending December 31, 1878, 3.78 per
During the calendar year ending December 31, 1879, 2.50 per
During the caleudar year endiug December 31, 1880, 2.76 per
During the calendar year endiug December 31, 1881, 3.49 per
During the calendar year endiug December 31, 1882, 4.10 per
Duriug the caleudar year euding December 31, 1883, 3.57 per
D u n n g ,the caleudar year euding December 31, 1884, 3.18 per
From December 31, 1884, to September 30, 1885, 2 per cent.§
cent.
cent.
cent.
cent.
ceut.
cent.
cenfc.
cent.t
cent.t
cent.t
cent.^
From December 31,1884, the rate of discount of the Bank of England
was uniform at 2 per cent. The average rate of interest in New York
City for the four mouths previous to Noveraber 1, 1885, was, according
to the Financial Chronicle, on call loaus about 2 per cent, and on commercial paper about 4.3 per cent., and the rate of interest on October 31,
1885, was on call loans 2.5 per cent, and on commercial paper 4.75 per
cent. The rate of discount in the Bank of France, which was lowered
from 4 to 3J per cent, on March 23,1882, was lowered to 3 per cent, on
February 23, 1883, and the general council of the bank reported on
* From the Financial Chronicle. Maximum rate.
tFrom the Financial Chronicle ouly.
t F r o m the London Bankers'Magazine.
^ From the London Econonxist.
. 2673 F
9
130
REPORT ON T H E
FINANCES.
January 29, 1885, as stated in the London Bankers' Magazine, that this
rate of discount, bad stood since the former date, aud that they had endeavored for the advantage of business to maintain the position of a
fixed rate, ahd fortunately succeeded in doing so duriug the year 1884.
The number of trade bills admitted to discount in the bauk of France
dnring the year 1884* was 5,144,635, representing- the sum 'of
$907,870,300. Ot this number of bills there were 14,327 bills of $2.08
and undier, 661,895 bills from $2.29 to $10, 905,293 bills from $10.21 to
$20, and 3,563,120 bills above $20; that is to say, uearly a third in
bills under $20.21. The uumber of trade bills under $20 steadily increases. In 1880 there were 1,014,412 of these small discounted bills,
in 1881 1,160,945, iu 1882 1,224,326, iu 1883 1,349,270, aud in 1884 they
increased to 1,581,515. The report by the governor of the Bank of
Frauce for the year 1884 states that the proportion o f t h e discounts
for retail trade in Paris has continually increased duriug the pastyear.
DIVIDENPS AND EARNINGS.
The large number of mercautile failures which have occurred during
1884 and 1885 have not apparently injured or weakened the national
banks, the aggregate surplus fuuds and uudivided profits having been
but slightly reduced. The aggregate surplus of 2,664 banks on September 30, 1884, amounted to $147,055,038, aud the undivided profits to
$63,234,238.
A t the close of busiuess October 1, 1885, the aggregate surplus fund
of 2,714 banks amounted to $146,624,642, and the undivided profits to
$59,335,519, showing a decrease in surplus of $430,396, aud in undivided
profits of $3,898,719.
The following table shows the losses ofnational banks from Septem-^
ber 1, 1880, to September 1, 1885, and the ratio o'f losses to the aggregate capital employed:
•
Seini-aiiDual d i v i d e n d periods..
S e p t e m b e r 1 1880 t o M a r c h
M a n j l i 1, 1881, to S e p t e n i b e r
S e p t e m b e r 1, 1881, t o M a r c h
M a r c h 1 1882 to Seuleiiiber
S e p t e m b e r 1 1882, 1 o M a r c h
M a r c b 1. 1883, to St-pteinber
S e p t e m b e r 1, 1883, to M a r c h
M a r c h 1, 1884, t o Sepleiu beiS e p t e m b e r 1, 1884, to M a r c h
M a r c h 1, 1885, to S e p t e m b e r
] 1881
1, 1881
] , 1882
1 1882
1, 1883
1, 1883
1, 1884
1 1884
1, 1885
1, 1885
:
Capi till.
$450, 844, 805
458, 934, 485
460, 354, 485
47:{,947,715
483, 091, 342
494, 640, 140
507, 909, 300
518,605,725
522,899,715
524, 599, 602
Losses.
$5, 007, 297
5,462.713
3, 886, 836
4,4)2,575
4, 040, 865
6,146, 294
5, 593, 691
11, 377, 293
9,973,101
8, 739, 420
Eatio.
Number
of b a n k s .
1.10
1.19
0.84
0.93
0.96
1.24
1.10
2.19
1.91
1.67
2,087
2,100
2 137
2 197
2,267
/2, 359
2,491
2,582
2,650
2,665
The following tables have been compiled in order that comparisons may
be made between the annual dividends paid by the uational bauks of the
United States and those paid by banks in foreign countries to their
stockholders,^and indicate that the average dividends and earnings of
^London Banters' Magtizine, August, 1885, p . 698. ^
131
COMPTROLLER OF THE CURRENCY.
the national bauks in tlie Uuited States are as a rule less than the
dividends of joint-stock banks of other countries :
sSi
Paid np
capital.
Bank.
4i'^'P,
P«4-, «:
8°S !
o "^
Bank.
111 II
Paid np
capital.
2^
16
25
16
14
7
9
10
$70, 727, 580
B a n k of E n g l a n d
L(>ndon a n d p a r t l y pro- 75, 096, 763
vincial b a n k s .
Y o r k s h i r e a n d N o r t h - 27, 325, 763
ern.
L a n c a s h i r e a n d Che- 30, 31,4, 936
shire.
Midland a n d E a s t e r n . . 18, 667, 260
9, 384, 324
W e l s h a n d W e s t of
England.
6, 075, 000
B a n k of S c o t l a n d
37,917,720
Scotch banks
13, 458, 457
B a n k of I r e l a n d
17, 933, 400
9|
14i
3
2
12^
3
14
3
14
.
8
12
10
6
Colonial hanJcs.
•
24
15
9
2
1
Australasian
67,173, 039
47,332,316
36, 552, 472
6,561,000
2. 916, 000
Sonth African
West Indies
12^
3
1
8*
lo"^
6
Anglo-Continental
banks.
Russian banks
A n s t r o H n n g a r i a n ..
A u s t r o-H u n g a r i a n
• banks. •
Banque Nationale
BiBlgian b a n k s
B a n q u e de F r a n c e
French banks
Deutsche Reichs bank
Grerman b a n k s
B a n r a N a z i o u a l e d'
Italia.
Italian banks . . .
Swiss banks
S p a n i s h hankN.
Imperial Ottoman
Turkish banks
$50 950 000
115, 584. 370
46, 250, 000
1,775,000
18, 058, 000
10} 179, 600
,11,713,260
^ 1,125, 000
83,9.58,888
3. 525, 000
3,551,500
$5, 603, 580
5^
20, 988, 009
35, 370, 000
32, 619, 000
9
9, 650, 000
10, 562, 066
35, 222, 500
114,352.500
28, 56u, OOO
52, 407, 600
38, 600, 000
15, 440, 000
8, 202, .^00
3, 860. 000
24, 300, 000
18, 715, 512
5 5
7 1
8 8 I
9.5
9 1
7.4
7 4
6 8
7 7
7 9
• 6 8
7^
13|
^II8
6i
i
10
T!fATIONAL B A N K S I N T H E U N I T E D
C i t v of Bhston
New England States..
C i t y of N e w Y o r k
C i t v ot A l b a n v
C i t v of P h i l a d e l p h i a . .
C i t y of P i t t s b u r g h . . . .
C i t y of B a l t i m o r e
C i t y of W a s h i n g t o n . .
Middle States
City of N e w O r l e a n s . .
C i t y of L o u i s v i l l e
Rate per cent, per
aunum ot" dividend on capital.
FOREIGN BANKS.
STATES.
Southern States
C i t y of C i n c i n n a t i
C i t y of C l e v e l a n d
C i t y of Chicago
C i t y of D e t r o i t
C i t y of M i l w a u k e e
C i t y of S a i n t Louis . . .
W^estern S t a t e s
C i t y of San F r a n c i s c o
Pacitic States aud Territories
35, 997, 850
8, 600, 000
5, 932, 050
11.150,000
2, 650, 01)0050. 000
3, 250; 000^
95,518,140
1, 500, 000
8 1
6.4
5
9.2
9.3
11.4
6.3
8.8
8
11, 831, 000
9 4
The information in regard to the foreign banks ha§ been derived from
the London Bankers' Magazine for October, 1885, and is to the latest
obtainable date. The principal bank in each country is given separately, aud the dividends paid by other banks in the same country are
averaged. Similar stateuients of the natioual banks of the United
States are by geographical divisions, the reserve cities in each being
given separately, aud the dividends paid by all other banks in the same
division are averaged.
Further particulars in relation to dividends paid by the uational
banks in the United States will be found in a table given in the Appeudix.
,
TRANSACTIONS OF THE NEW YORK CLEARING-HOUSE.
The ]^ew York Clearing-House Association is composed of 43 national aud 21 State banks aud the assistaut treasurer of theUnited
StatQS at New York. Through the courtesy of Mr. W. A. Gamp, its
manager, a statement of the transactions during the year endiug Octo
132
R E P O R T ON T H E
FINANCES.
ber 1, 1885, has beeu obtained, which shows that the total exchanges
were more than.$25,000,000,000, while the balances paid iu money were
over $1,295,000,000. The daily average balances paid were $4,247,069,
or about 5.1 per cent, of the amount of the settlemeuts.
'The balances paid in money duriug the year consisted of $120,436,000 .
in clearinghouse certificates of the Bank of America; clearinghouse
certificates for legal-tender notes amounting to $405,900,000; legaltenders amouuting to $212,643,251; and United States gold certificates'
$556,376,000. Since the date of the issue of the new gold certiticates
(October 4, 1883), authorized by the act of July 12, 1882, the greater
portion of the balances due from the Governmeut, have been paid iu
these certificates instead of coin, thus dispensing with the movement
of large amounts in bags and upon drays from the Treasury to the custody of the banks. During the six mouths ending JSTovember 1, 1884,
a portion of the balances due from the Treasury of the United States
were paid in legal-tender notes, and duriug the past year the amount of
gold certificates of the United.States and of the Bank of America received in payment have decreased, while the balances paid in clearing-,
house legal-tender certificates and legal-tender notes amount to nearly
one-half of the entire money balances paid.
The following table shows the yearly transactions of the ISTew York
Olearing-House for the thirty-two years siuce its organization in 1853,
and the amounts and ratios of currenc}^ required for the paymeut of
daily balances:
Years.
N o . of
banks.
Capital.*
Exchanges.
Balances paid
in money.
Average
Average .
d a i l y baldaily
ances paid
exchanges.
iu m o n e y .
'
1854
1855
1856
1857
1858
1859
1860
1861
1862
-.
1863.......
1864
1865
1866
1867
1868
1869
1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880
'
1881
1882
1883
:.
1884
1885
$47, 044, 900
50
48 • 48,884,180
50
52, 883, 700
50
64, 420, 200
46
, 67,1'16, 018
47
67,921,714
50
69, 907, 435
50
68, 900, 605
50
68, 375, 820
50
68,972,508
49
.68, 586, 763
55
80, 363, 013
58
82, 370, 200
58
81, 770, 200
59
82, 27;0, 200
59
82, 720i 200
61
83, 620, 200
62
84, 420, 200
61
84, 420, 200
59
83. 370, 200
59
81, 635, 200
59
80, 435, 200
59
81,731,200
58.
71. 085, 200
57
63, 611, 500
59
60, 800, 200
57
60, 475, 200
60
61,162, 700
61
60, 962, 700
63
61,162. 700
61
60,412,700
64
58, 612, 700
170,014,239
$297; 411, 494 $19,104,505
$5, 750, 455, 987
5, 362, 912, 098
289, 694,137
17,412,052
6. 906, 213, 328
334, 714, 489=
22, 278,108
8,333,226,718
365, 313, 902
26, 968, 371
4, 756, 664, 386
314,238,911
15, 393, 736
5, 448, 005, 956
363, 984, 683
20, 867, 333
7,231,143,057
380, 693, 438
23, 401, 757
5,915,742,758
353, 383, 944
19,269,520
6, 871, 443, 591
415,530,331
22, 237, 682
14, 867, 597, 849
677, 626, 483
48, 428, 657
24, 097,196, 656
885,719,205
77, 984, 455
26, 032, 384, 342
1, 035, 765,108
84, 796, 040
28,717,146,914
1,066,135,106
93, 541,195
28, 675,159, 472
1,144, 963, 451
93,101,167
28, 484, 288, 637
1,125, 455, 237
92,182,164
37, 407, 028, 987 . 1,120,318,308 121, 451, 393
27, 804, 539, 406
1,036,484,822.
90, 274, 479
29, 300, 986, 682
1,209,721,029
95,133, 074
33, 844, 369, 568 .1,428,582,707 109, 884, 317
35, 461, 052, 826
1, 474, 508, 025 •115,885,794
22, 855. 927, 636
1.286,753,176
74, 692, 574
25, 061, 237, 902
1,408,608,777
81, 899, 470
21, 597, 274, 247
1, 295, 042, 029
70, 349, 428
23, 289, 243, 701
1, 373, 996, 302
76, 358,176
22, 508, 438, 442
1, 307, 843, 857
73, 555, 988
25,178,770,691
1,400.111,063
82, 015, 540
37,182,128, 621
1,516,538,631
121,510,224
48, 565, 818, 212
1,776,018,162
159, 232,191
46, 552, 846,161
1, 595, 000, 245 151, 637, 935
40, 293, 165, 258
1,568,983,196
132, 543, 307
34, 092, 037, 338 • 1,524, 930.. 994 111, 048, 982
25,250,791,440
1, 295, 355, 252
82, 789, 480
1744,695,238,867 +32,669,426,493
t75,850,909
Ratios.
$988, 078
940, 565
1,079,724
1,182, 246
1, 016, 954
1, 177, 944
1, 232, 018
1,151,088
1, 344, 758
2, 207, 252
2, 866, 405
3, 373, 828
3, 472, 753
3,717,414
3, 642, 250
3, 637, 397
3 365,210
3, 927, 666
4, 636, 632
4, 818. 654
4, 205, 076
4, 603, 297
4,218,378
4. 504, 906
4, 274. 000
4. 560, 622
4, 956, 009
5,823.010
5,195. 440
5,161,129
4, 967, 202
4. 247, 069
P e r ct.
5.2
5.4
.
4.8
4.4
6.6
5.6
5.3
6.0
' 6.0
4.6
3.7
4.0
3.7
. 4.0
4.0
3.0
3.7
4.1
4.2
4. I
5.7
5.6
5.9
5.9
5.8
5.6
4.1
3.5
3.4
8.9
4.5
5.1
t 3 , 327, 968
4.4
* The oapital is for various dates, the amounts at si nuifoins. date in each year not being obtaiuable.
1 Yearly averages for thirty-two years.
t'^'J^^l toi tuirty-two years.
133
COMPTROLLER OF THE CURRENCY.
The total amount of transactions for the thirtv-two years given in the
table is $744,695,238,867, and the annual average is $23,271,726,214,
The clearing-house transactions of the assistant treasurer of the
Uuited States at ISew York for the year ehding October 1, 1885, were
as follows:
Exchanges received from clearing-house
Exchanges delivered to clearing-house
^
Balauces paid to clearing-house
Balances received from clearing-house
J|259,935, .584 08
114, 0.^1,016 05
146,724,869 08
840,301 05
Showing that the amount paid by the assistant treasurer to the clearing-house was in excess of the amount received by hira
145,884,568 03
A table compiled from statements made by the JSTew York clearinghouse, giving the clearances and balances„ weekly from September 4,
1880, to October 31, 1885, inclusive, will be found in the Appendix, and
is valuable for purposes of comparison.
The following interesting table has beeu copied from the Commercial
and Financial Ohronicle of New York Oity, of November 7,1885, which
gives information concerning the exchanges at New York aud other
cities having clearing-houses for the week euding October 31, comparing them with those for the corresponding week in 1884, and showiug
the percentage of differc^nces. The exchanges at the same places for the
month ending October 31,1885, are also given with the percentage of
differences resulting from a comparison with the exchanges for the same
mouth of the previous year:
Week.
October.
Cities.
1885.
1884.
Per
cent.
1885.
$695, 214, 387
76,974,841
48,771,241
47, 353. 039
13,662,131
11, 512, 515
10, 760,103
10, .337, 785
8, 212, 250
7, 407, 417
5, 579, 400
4, 771, 467
4,105, 872
3, 863, 906
2, 949, 221
2,142, 899
1, 582, 422
1, 534, 252
1,386,809
1, 377, 473
1,037,815
936, 421
794, 964
713, 723
635, 979
408, 836
$458, 532, 568
58. 811, 468
44, 515, 792
39, 828, 337
12, 918. 575
13, 365, 680
8, 477, 673
11, 577, 658
8, 062, 250
8, 461, 699
4, 498, 700
3, 602, 645
3, 702, 453
3, 289, 468
2, 690, 522
1,881,996
1, 385, 609.
1,173, 465
1,192, 532
1, 335, 327
1, 023, 975
776, 746
808, 300
653, 389
579,131
456, Oil
+51.6
+30.9
+ 9.6
+ 18.9
+ 5:8
—13.9
+ 26.9
—10.7
+ 1.9
—12.5
+24.0
+32.4
+ 10.9
+ 17.5
+ 9.6
+13.9
+14. 2
+30.7
+ 16.3
+ 3.2
+ 1.4
+20.6
— 1.6
+ 9.2
+ 9.8
-10.^3
$3,189,746,196
342,121,551
234, 770, 623
236, 905, 761
66, 532, 755
51, 609, 656
40, 349, 600
52,164, 929
41, 952, 425
32, 765. 984
22, 819, 000
25, 0«.5, 652
18, 691, 227
19, 467, 445
14, 591, 498
9, 858,182
6, 595, 745
8, 301. 504
6, 505, 282
6, 053, 829
4, 544, 266
4, 454, 202
4, 459, 517
3, 409, 539
3, 323, 586
2, 351, 427
$2, 370, 856,125
288, 641, 009
204, 712, 276
208, 220, 032
63,474,959
54,162,816
38, 420, 300
57,616,449
38, 736, 050
37, 489, 987
16, 674, 200
17, 406, 421
16, 330, 707
16, 211, 381
13, 279, 277
9, 397, 942
5, 500,186
6, 254, 003
6, 048, 265
5, 888,112
4, 471, 868
4,079,364
3, 766, 739
3,291,396
2, 566,163
.. 2,360,967
+34.5
+18.5
+14.7
+13.8
+ 4.8
— 4.7
+ 5.0
— 9.5
+ 8.3
—12. 6
+36.9
+44.1
+14.5
+20.1
+ 9.9
+ 4. 9
+19.9
+32.7
+ 7.6
+ 2.8
+ 1.6
+ 9.2
+ 18.4
+ 3.6
+29.5
— 0.4
Total .:
964, 027,168
693, 601, 969
+39.0
4, 449, 431, 381
3, 495, 856, 994
+27.3
Outside New Y o r k
268,812,781
235,069,401
+ 14.4
1, 259, 685,185
1,125, 000, 869
+ 11.9
New York
Boston
Chicago
Philadelphia
S a i n t Louis
San E r a n c i s c o
N e w Orleans
Balti more
PittsburiJli'
Providence
K a n s a s Cicy
Milwaukee
Louisville
Detroit
Cleveland
Memphis
Harttord.
Colurabus
Indianapolis
Portland
Peoria
Worcester
Springfield
Saint Joseph
Lowell
1
'.
1884.
1 ,
Per
cent.
The following table exhibits the transactions of clearing-houses lo.oated in twenty-nine cities for the year ending October 1, 1885, from
134
REPORT ON T H E
FINANCES.
official returns received by the manager of the New York clearinghouse:
Clearing-houses.
NewYork
Bo.ston
Philadelphia
Chicago
Saint Louis
Baltimore
SanFrancisco
Pittsbnr<'h
N e w Orleans
Cinciunati
Providencie
Louisville
Milwaukee
Detroit ..
Cleveland
Indianapolis ..
K a n s a s City
H a r t f o r d .."
NeAV H a v e n
Columbus
Memphis
>
Peoria
Spnngfield
Lowell
Svracuse
Portland
Omaha
S a i n t Josej)h
Exchanges.
$25,250,791,440
3, 365, 702, 730
2, 244,194, 406
2,248,230.189
745, 577, 323
590, 859, 346
562, 640,183
358, 517, 850
387, 485, 900
439, 034, 000
205, 575, 000
. 208.714,120
179, 437, 953
134, 050, 006
101,305,282
65, 2:55, 339
209,335,915
77, 495, 526
54, 803, 637
33,632,517
67,199, 260
40, 554, 333
37, 036, 992
36, 754, 686
22,403; 614
24, 372, 022
44, 786. 547
New.
33, 784, 703
$1, 295, 355, 252
442, 972, 332
215, 464, 089
257. 588, 370
122, 057, 237
76, 623; 877
96,150, 787
74, 460, 991
46,712,200
N o record.
N o record.
49, 794, 209
31,967,463
23, 849, 499
N o I'ecord.
10, 936.134
,33,309,955
23, 484, 960
12, .542, 686
10, 905, 258
16, 008, 332
11, 370, 217
11, 358, 664
10, 396, 230
8, 578, 929
5, 675, 260
8, 556, 421
New.
9. 510, 485
.-... 37, 770,110, 819
2, 905, 629, 837
:. .
i
.
.
..
..:
.
.
:
,
,
•.
.'
..
.t
'
"
Total
.
.
Balances.
From the above table it will be seen that the exchanges in New York
Oity amounted to 66.8 per cent, of the whole sum, and the balauces iu
that city were nearly 44.6 per ceut. ofthe total balances.
CLEARING-HOUSE CERTIFICATES.
Section 5192 Kevised Statutes, provides that clearing-house certificates representing specie or lawful mouey specially deposited for the
purposes of auy clearing-house association, shall also be deemed-to be
lawful mouey in the possession of any associatiou belonging to such
clearing-house holding and owning such certificates 5 aud section 5193
provides that the Secretary of the Treasury may receive Uuited States
notes on deposit, without interest, from any uational banking association, in sums not less thau $10,000, and issue certificates therefor in
denominations of not less thau $5,000, which certificates may be couuted
as part of the lawful money reserve, and may be accepted in the settlement of cleariiig-house balauces at the places where the deposits
therefor were made.
The legal-tender note certificates Avere first issued iu 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 amouut outstanding was $33,140,000, of which the banks held
$27,955,000. Ou June 30, 1879, the amount had been reduced to $29,330,000, and the banks held on June 14 of the same year $25,180,000.
The amount outstauding on September 30, 1885, was $23,185,000, and
the uational bauks held ou that day $18,800,000. The issue of the gold
certificates was authorized by the fiftii section of the act of March 3,
1863, and they were nsed for clearing-house purposes soon after the
passage of the uational bank act.
The first issue was made on November 13, 1865. On June 30, 18751
COMPTROLLER OF THE CURRENOY.
135
there were outstanding $21,79^,300, of which the natioual banks in New
York City held $12,642,180. The issue of these certificates was discontinued on December 1,1878, and the amount outstanding had decreased
on Juue 30, 1879, to $15,413,700, aud 'on October 1, 1880, to $7,480,100.
The amount outstanding on October 3, 1882, was $4,907,440, of which
the national banks held $4,594,300. The issue of gold cei'tificates having been discontinued by the Oovernment, and the araount of gold coin
having rapidly increased, thebaul>:s inNew York fouud it necessary to establish a depository of gold coiu for the convenience of the clearinghouse. This depository at the preseut time is the Bauk of America, by
which bank certificates of deposit were first issued on October 14,1879.
The amount of such certificates outstanding on January 1, 1880, was
$25,610,000, and on October 1, 1883, was $22,955,000.^ The largest
amount of coiu on deposit w^as on January 21, 1882, viz, $45,330,000,
the capacity of* the vault having been increased since 1880. Of this
amount the national banks of New York Oity held on October 2, 1883,
$20,345,000; on September 30, 1884, $15,123,000; aud on October 1,
1885, $16,094,000.
These banks ou the same date held of gold Treasury certificates - issued uuder the acts of March 3, 1863, and July 12, 1882, $62,249,74b.
The act of February 28, 1878, authorized auy holder of silver dollars of
the weight of 412J grains troy of standard silver to deposit the same
with the Treasurer or any assistaut treasurer of the United States in
suras not less than $10, and receive theretbr certificates of uot less than
$10 each, corresponding with the denomination of the United States
notes. It required that the coin deiiosited or representing the certificates should be retained in the Treasury for the paymeut of the same
on demand, and that said certificates should be receivable for customs,
taxes, aud all public dues, and also authorized their reissue.
The New York Olearing-House Association issued during July and
August, 1885, clearing-house certiflcates based upon fractioual silver
specially deposited for such purpose, and on October 1, 1885, the nationalbanks of New York City held $4,825,000 of these certificates.*
It would appear that these certiflcates could be legally held if desired
as a portion of the lawful money reserve of natioual banks, under
section 5192 of the Revised Statutes of the United States, which provides, as heretofore stated, that clearing-house certiflcates representing
specie or lawful money, specially deposited for the purpose in the clearing-house association, shall be deemed lawful money. The fractioual
silver coin represented by these certificates could also be converted into lawful mouey at^any time, as they are redeemable in lawful money of
the United States ou presentation at the Treasury.
Section 12, act of July 12, 188:^, provides that the Secretary of the
Treasury is authorized aud directed to receive deposits of gold coin
with the Treasurer or assistant treasurers of the Uuited States iu
sums not less thau $20, and to issue certificates therefor in denominations of not less than $20 each, corresponding with the denominations
of Uuited States notes. The coiu deposited for or representing the
certificates of deposit shall be retained in the Treasury for the payment
of the same ou demaud. Said certificates shall be receivable for customs,
taxes, and all public dues, and when so received may be reissued; aud
such certiflcates, as also silver certificates, when held by. any national
banking association, shall be counted as part of its lawful reserve, and"
no uational banking association shall be a member of any clearing house
^ These certiiicates were retired during the month of November, the fractional
€oin which tbey represented having been presented and redeemed in lawful money.
136
R E P O R T ON T H E
FINANCES.
in which such certificates shall not be receivable ih the settlemeut of
clearing-house balances.
The amount of silver certificates ou November 1,1885, was $125,053,286, and the amouut held by the Treasury was $31,906,514, leaving the
amount outstanding $93,146,772.
The amourit of gold certificates on November 1,1885, was $140,136,610,
and the amouut held by the Treasury was $31,115,850, leaving the
^amount outstauding $109,020,760.
On October 1, 1885, the national banks held $2,274,6n0 of silver certificates^ and $72,986,340 of gold certificates, issued under the acts of
March 3, 1863, and July 12,1882.
In addition to the certificates heretofore mentioned, the national
banks of New York City held ou October 1, 1885, $1,945,000 clearingbouse loan certificates, issued iu pursuance of resolutions adopted May
14, 1884, to the Metropolitan Natioual Bank, now in liquidation, and
State banks in New York City held $735,000, the total outstauding on*
that date being $2,680,000. On the 13th of October $130,000 of these
certificates were paid by the Metropolitan National Bank, leaving
the aggregate amount outstauding on that date $2,550,000. These
certificates are secured by a deposit in trust of certain securities and bills
receivable with the loan committee of the New York Clearing-House
Association, and bear interest at the rate of 5 per cent, per aunum. They
arecarried bythe associated banks among their loans, and were more fully
described in the report of this office for the year 1884, pages 36 and 37.
RESERVE.
The following table exhibits the amouut of net deposits and the reserve required thereon by the act of June 20, 1874, together with the
amount and classification of reserve held by the national banks in New
York City, in the other reserve cities, and by the remaining banks, at
the dates of their reports in October of each year from 1875 to 1883,
on September 30, 1884, and on October 1, 1885 :
N E W YORK
CITT.
Classification of r e s e r v e .
Reserve held.
NnmN e t de- R e s e r v e
b e r of p o s i t s . r e q u i r e d .
banks.
Ratio to
deposits.
t h e r law- D n e from R e d e m p Specie. oful
money a g e n t s . tion fund.
Millions. Millions. Millions. P e r cent. Millions.
29.9
202.3
50.6
60.5
.5.0
30.7
197.9
49.5
60.7
14.6
27.5
174.9
43.7
48.1
13.0
26.8
189.8
' 47.4
50. 9
13.3
25.3
210.2
52.6
53.1
19.4
26.4
268.1
67.0
70.6
58.7
• 23.3
268.8
67.2
62.5
50.6
25.4
254.0
63.5
64.4
44.5
26.5
266.9
66.7
70.8
50.3
35.6
255. 0
63.7
90.8
63.1
37.0
312. 9
78.2
115.7
91.5
Oct. 1,,1875.
Oct. 2, 1876.,
Oct. 1, 1877.
Oct. 1,, 1878.,
Oct. 2,, 1879.,
Oct. 1,, 1880.,
Oct. 1,, 1881.,
Oct. 3, 1882..
Oct. 2, 1883..
Sept. 30,1884.
Oci. 1, 1885..
Millions.
54.4
45.3
8'4. 3
36.5
32.6
11.0
10.9
18.9
19. 7
27.0
23.7
Millions. M i l l i o n s .
1.1
0.
0.
1.
1
0.1>
1.0
l.a
0.9.
0.7
0.&
OTHER RESERVE CITIES.
Oct. 1, 1875-.
Oct. 2, 1876..
Oct. 1, 1877
Oct. 1, 1878..
Oct. 2, 1879..
y Oct. 1, 1880..
Oct. 1, 1881..
Oct. 3, 1882..
Oct. 2, 1883..
S e p t 30,1884.
Oct. 1, 1885..
188
189
188-
184
181
184
189
193
200
203
203
223.9
217. 0
204. 1
199. 9 ,
288.8
289.4
335.4
318.8
323. 9
307.9
S64.5
56.0
54.2
51.0
50.0
57.2
72.4
83.9
79.7
81.0
77.0
91.1
74.5
76.1
67.3
71.1
83.5
105.2
100.8
89.1
100.6
99.0
122.2
33. 3
35.1
33.0
35.6
36.5
36.2
30.0
28.0
31.1
32.2
33.5
1.5
4.0
5.6
9.4
11:3
28.3
. 34.6
28.3
26.3
30.3
42.0
37.1
37.1
34.3
29.4
33.0
25.0
21.9
24.1
30.1
.33.3
34.9
32.3
32.0
24.4
29.1
35.7
48.2
40.6
33.2
40.8
32.3
• 42.4
3.6
3.0
3.0
3.2
Z.h
3.7
3.7
3.&
3.4
3.1
2.9
.137
COMPTROLLER OF THE CURRENCY.
STATES AND
Oct. 1,1875
Oct. 2,1876 . . .
Oct. 1 , 1 8 7 7 . . . .
Oct. 1 , 1 8 7 8 . . . .
Oct.2,1879...Oct. 1, 1 8 8 0 . . . .
Oct.l, ^881..-Oct. 3,1882-.-Oct.2,1883. .-Sept. 30, 1884 .
Oct. 1 , 1 8 8 5 . . . .
1, 851
1,853
1,845
1,822
1,820
1, 859
1,895
2,026
2, 2.53
2,417
2,467
307.9
291. 7
290.1
289.1
329.9
410.5
507.2
545. 8
577.9
. 535. 8
570.8
46.3
43.8
43.6
4c. 4
49.5
61.6
76.1
81.9
86.7
80.4
85.6
TERRITORIES.
100.1
99.9
95.4
106.1
124.3
147. 2
158. 3
150.4
157.5
156.3
177.5
32.5
.34.3
32.9
36.7
.37.7
35.8
31.2
27.5
27.2
29.2
31.1
1.6
2.7
4.2
8.0
11.5
21.2
27.5
30.0
31.2
35.2
41.5
11.5
10.8
10.7
11.0
11.2
11.3
11.4
11.3
11.3
10.5
10.2
SUMMARY.
Oct. 1,1875
Oct. 2,1876
Oct. 1,1877 . . . .
Oct. 1,1878
Oct.2,1879
Oct. 1,1880
Oct. 1,1881
Oct. 3,1882
O c t . 2 , 1883
S e p t . 3 0 . 1884 . .
Oct. 1,1885
2,087
2,089
2,080
2, 053
2,048
2.090
2,132
2,269
2, 501
2,664
2,714
734.1
. 706. 6
669.1
678.8
768.9
968.0
1,111.6
1,118.6
1,168.7
1, 098. 7
1, 248. 2
152.2
147. 5
138.3
140.8
159.3
201. 0
227.2
225.1
234.4
221.1
254. 9
235.1
236.7
210.8
228.1
260.9
323. 0
321.6
303.9
328. 9
346.1
415.4
32.0
33.5
31.5
33.6
33.9
33.4
28.9
27.2
28.1
31.6
33.3
8.1
21 3
22; 8
30.7
. 42.2
108.2
112.7
102. 8
107.8
128.6
175.0
125.2
113.4
100.2
97.0
95.9
64.3
59.9
72.0
80.6
91.2
88.5
85.6
87.4
73.3
85.1
107.0
13^.6
133.0
llJi.3
12^:. 9
112.0
138.3
16.2
14.6
14.5
15.3
15.8
15.9
16.1
15.8
15. G
14.3
13.6
The following table, compiled from returus made to the clearing-house
by the natioual banks in New York City, exhibits the movementof their
reserve, weekly, during October, for the last nine years:
R a t i o of r e s e r v e to—
Week ending-
October
October
October
October
October
October
October
October
October
Oci ober
Ociober
Oci o b e r
OcLober
October
October
October
October
October
October
October
October
October
October
October
October
October
October
October
October
October
October
October
October
October
October
October
October
October
October
October
October
October
October
7,1876
14, 1876
21,1876
28, 1876
6, 1877
13, 1877
20.1877
27, 1877
5, 1878
12, 1878
19, 1878
26, 1878
4, 1879
11,1879
18, 1879
25. 1879
2,1880
9, 1880
16, 1880
23,1880
30,1880.
1,1881.
8,1B81
15,1881.
22,1881.
29,1881.
7,1882.
14,1882.
21,1882
28, 1882.
6,1883.
13. 1883.
20,1883
27,1883.
4, lf!84.
11,1884.
18.1884.
25,1884
3, 1885.
10,1885
17,1885
24,1885
30,1885.
Specie.
$17, 6K2, 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
54, 954, 600
53, 287, 900
51, 008, 300
54, 016, 200
55, 961,'200
47,
48, 016, 000
49, 281, 000
48, 518, 200
51, 374, 200
50. 586, 700
47, 894, 000
46, 262, 900
67, 372, 800
68, 470, 600
67, 922, 500
67, 579, 400
92, 638, 000
93, 351, 600
91, 642, 500
87, 945, 300
84, 309,100
95^, 600
Legal-tenders.
Total.
$45. 535, 600 $63, 218, 200
43, 004, 600
59, 238, 200
41,421,700
56, 999,.200
41, 645, 600
55, 657, 200
36,168, .300
50, 833, 900
35,178, 900
49, 905, 400
35,101, 700
49,189,100
49, 576, 800
34. 367, 800
53, 300,700
38, 304, 900
49, 869, 700
37,685,100
50,107, 400
36, 576, 000
53, 074, 700
35, 690, 500
53, 347, 600
34, 368, 000
53, 722,100
32, 820, 300
29, 305, 200 • 53,991,700
26, 713, 900
52, 349, 900
11,129,100
70, 952, 800
10. 785, 000
73, 306, 300
10, 939, 200
73, 699, 800
10, 988, 200
71, 876, 400
10, 925, 000
72, 396, 600
12,150, 400
67,105, 000
12.153, 800
65, 441, 700
12, 452, 700
63,461,000
12, 496. 500
66, 512, 700
12, 947, 900
68, 909,100
18, 384, 500
65, 400, 500
18, 002, 700
66,283,700
17, 023, 900
66, 542, 100
17, 204, 700
65, 578, 900
20,122, 500
71, 709, 200
21.145,800
72, 039,' 800
20, 719, 700
67, 982, 600
20, 617, 600
66, 990, 400
25, 81.7, 300
93, 287. 900
27, 654,100
96, 576, 600
27, 875. 500
95, 454, 900
27, 354, 200
94, 992, 200
24, 516, 600 116, 868. 200
23, 002, 000 116, 644, 500
22, 221, 100 114,166, 400
21,059,800
108, 368, 900
21, 874, 900 106, 829, GOO
Circnlation and Deposits.
deposits.
P e r cent. F e r
'30.5
28.8
27.8
28.0
27.0
> 26.7
26.5
26.8
25.7
•
24.4
24.7
25.8
23.3
23.4
23.5
23.0
25.4
25. 4.
25.5
24.8
25 0
23.1
23.1
23.2
24.6
25.6
24.0
24.7
25. 0
24.8
25.5
25.4
24.5
24.5
'
34.5
35.2
34.8
34.6
36.0
35.8
34.9
33.5
33.0
cent.
32.4
31.1
30.0
30.3
29.5
29.2
29.0
29.4
28.4
27.0
27.3
28.5
25.8
25.9
26.1
25.5
26.4
21.?,
27.1
26.6
26.7
24.8
24.9
25.0
26.6
27.4
26.3
26.6
26.8
26.5
27.0
26.8
25.9
25.9
36.3
36.9
36.5
36.3
37.1
37.0
36.0
34.5
34.1
138
REPORT ON T H E FINANCES.
UNITED
STATES
L E a l L - T E N D E R NOTES AND NATIONAL-BANK
CULATION.
OIR-
The acts of Febuary 25, 1862, July 11, 1862, and March 3, 1863, each
authorize the issue of 150 millions of dollars of legal-tender notes, making
an aggregate of 450 raillions of dollars.
Oil February 3, 1864, the amount of such notes outstauding was
$449,479,222, which was the highest amount outstanding at auy one
time. The act of June 30, 1861, 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 might
be temporarily required for the redemption, of temporary loans.
^ By the act of June 20, 1874, the maximum amount was fixed at 382
millious. Sectiou 3, act of January 14, 1875, authorized an increase of
the circulation of uational banks in accordance with existing law, without respect to the limit previously existing, aud required the Secretary
of the Treasury to iretire legal-tender uotes, to an amount equal to 80
per ceut. ofthe uational bank notes thereafter issued, until the amount
of such legal-tender notes outstanding should be 300 millions aud no
more. Under the operations of this act $35,318,984 of legal-tender
notes were retired, leaving the amount in circulatipn on May 31, 1878,
the date ofthe repeal of the act, $346,681,016, which is the amouut outstandiug.
In the following table are given the amounts and kinds of the outstanding curreucy of the United States, and of the uational banks on
Jauuary 1, of each year, from 1866l;o 1885, and ou November 1, 1885,
to which is prefixed the amount on August 31, 1865, when the public
debt reached its maximum.
United States issues.
Date.
Legal-ten d e r
notes.
A u g . 3 1 , 1 8 6 5 . . . $432,553,912
J a n . l , 1866 . . . . 425, 839, 319
J a n . 1,1867 . . . . 380, 276, 160
J . i n . 1,1868 . . . . 356, 000, 000
J n n . 1,1869 . . . . 356,000,000
J a n . 1,1870 . . . . 356. 000. 000
J a n . 1,1871 . . . . 356, 000, 000
J.an. 1,1872 . . . . 357, 500, 000
J a n . 1.1873 . . . . 358, 557, 907
J a u . 1,1874 . . . . 378, 401. 702
J a n . 1,1875 . . .
382, 000, 000
J a n . 1,1876 . . . . 371. 827, 220
J a u . 1,1877 . - . . 366, 055, 084
J a n . 1,1878 . . - . 349, 943, 776
J a n . 1.1879 . - - . 346, 681, 016
J a n . 1,1880 . . . . 346,681,016
J a n . l , 1881
340.681,016
J a n . J , 1882 . . .
346,681,016
J a n . 1,1883 . . . . . 346,681,016
J a n . 1,1884 . . . . 346,681,016
J a n . 1,1S85 . . . . 346, 681, 016
N o v . 1,1885 . . 346,681,016
Old
deraand
notes.
Fractional
currency.
$402, 965
392, 670
221,632
159,127
128, 098
113, 098
101, 086
92, 801
84, 387
79, 637
72,317
69, 642
65, 462
63, 532
62, 035
61, 350
60, 745
59, 920
59, 295
58, 680
58. 240
57, 825
$26, 344, 742
26, 000, 420
28,732,812
31,597.583
34,215,715
39, 762. 664
39, 995, 089
40,'767. 877
45, 722, 061
48, 544, 792
46, 390, 598
44,147,072
26, 348, 206
17, 764,109
16,108, 159
15.674,304
15, 523, 464
15,451,861
15, 398, 008
15, 365. 362
15, 347, 277
15, 337, 096
\ Notes
ofnational
b a u k s , iuclud- A g g r e g a t e .
i n g gold
notes.
$176, 213, 955
236, 636, 098
29S. 588, 419
299,846,206
299, 747, 569
299, 629, 322
306, 307. 672
328,465,431
344, .582, 812
350. 848. 236
.354,128,2.50
346, 479, 756
321, .595, 606
321, 672, .505
323,791,674
342, 387, 336
344, 355, 203
.362,421,988
361,882,791
349, 949, 352
329,158, 623
*315, 847,168
$635,515,574
688, 867, 907
707, 819, 023
687, 602, 916
690,091,382
695, 505, 084
702, 403, 847
726, 826,109
748, 947,167
777, 874, 367
782,591,165
762, 523, 690
714, 064, 358
689,443,922
686, 642, 884
704, 804, 006
706, 620, 428
724. 614, 785
724, 021,110
712, 054, 410
691,245,156
677, 923,105
Goid
Currency
p r i c e of p r i c e of
$100
cur$100 gold.
rency.
$144
144
133
133
135
120
. 110
109
112
110
112
112
107
102
100
100
100
100
100
100
100
100
25
50
00
25
00
00
75
50
00
25
50
75
00
87
00
00
00
00
00
00
00
00
$69
69
75
75
74
83
90
91
89
90
88
88
93
97
100
100
100
100
100
100
100
100
32
20
18
04
07
33
29
32
28
70
89
69
46
21
00
00
00
00
00
00
00
00
^* Includes $384,269 notes of gold banks and $568,081 mutilated currency in transit.
The act of June 20, 1874, provided that any national banking association inight withdrjaw its circulating notes upon the deposit of lawful
monc}^ with the Treasurer of the Uuited States, iu sums of not less thau
$9,000. Under this act, and on accountof liquidating and insolvent
baukg, and under the act of July 12, 1882, which provides for a deposit
of lawful money to retire the old circulation of uational banks whose
corporate existence has been extended, $239,347,068 of lawful mouey
139
COMPTROLLER OF THE CURRENCY.
has been deposited with the Treasurer. This includes $2,663,720 for
the redemption of the uotes of national gold bauks, and $14,125,820 for
the redemptiou of national-bauk notes uuder section 6 of the act of July
12, 1882. Since Juue 20, 1874, $203,617,764 of bank uotes have been
redeemed, destroyed, and retired. This includes' $2,279,451 of the
notes of uational gold banks and $4,425,625 of the notes ofnational.
banks whose corporate existence has been exteuded under the act of
July 12, 1882.
The followiug table shows by-States the amouut of additioual circulation issued during the year ending October 31, 1885, and the total
amount of such circulation issued since Juue 20, 1874. It also shows
the amount of circulation retired during the year, and the total amount
retired since June 20, 1874:
Circalation retired.
s t a t e s and Territories.
Maine
New Hainpshire
Verraont.
. Massachusetts
Rhode Island
Connecticut
New York
New Jersey
Penusyivania
jL»elaware
Maryland
D i s t r i c t of C o l u m b i a . .
Virginia
W e s t Virginia
N o r t l i Caroli u a
Sonth Caroliua
Georgia
Elorida
Alaba,jna
. Mississippi
Loui.siana
Texas
Arkansas
Kentucky
Tennessee
Missouri
Ohio
Indiaua
Illinois
Michigan
Wiscon.sin
Iowa
J.
Minnesota
Kansas
•...
Nebraska
Nevada
Oregon
Colorado
Utah
Idaho
Moutana
Wyoming
N e w Me-Kico
Dakota ,
Washington
Aiizona
California '' currency "
Additional
circulation
issued.
$304,
158,
926,
57,
149.
1, 687,
398,
1,107,
49,
150,
18,
49,
90.
33,
225,
191,
117,
126,
22,
308,
1, 598,
874,
649,
374,
123,
177,
50,
291,
173,
29,
83,
45,
A c t J u n e 20,
1874.
Liquidating
banks.
$69,100
36, 680
218, 570
3, 928, 665
763.110
386, 733
3,457,210
718,6.50
1, 664, 490
4,100
513, 750
10, 790
220, 070
64. 830
116, 500
36, 745
91,720
$164, 495
69,170
329, 846
1, 765. 957
31,611
248, 656
1, 968. 677
196. 442
1, 074, 609
71,520
5,360
188, 470
200, 630
15,110
561, 060
163.100
333, 645
1, 662, 250
494, 450
763, 670
385, 890
175, 460
588. 680
189,410
90, 010
59, 580
23, 452
15
4,345
7, 580
9, 740
92, 482
119,093
57, 371
1,107,323
771, 032
414,714
379, 638
139, 994
176, 026
129, 626
21, 468
42, 823
130
6,740
3, 628
75, 853
5.034
22,525
7,449
94, 972
5, 375
192, 815
208,210
24, 850
653, 542
282,193
391,016
2, 769, 273
1, 265, 482
1,178,384
765, 528
315,454
764, 706 •
319, 036
111,478
102,403
130
4,000
113, 621
57, 364
24, 820
69, 040
9, 250
22. 210
73, 817
46, 820
13, 870
165, 020
135, 010
11,142, 650
18, 746, 593
9, 570, 591
28, 317,184
375, 630
170, 074, 049
18. 746, 593
140,163, 218
9, 570, 591
32, 8.57, 909
28,692,814'
173, 021,127
13,878,309-
181, 216, 699
158, 909, ^11
42, 428. 500
215,592,250
43, 631
1,064
15, 242
6,410
11,370
22, 250
S u r r e n d e r e d to t h i s office a n d r e t i r e d .
Grand total.,
$233, 595
105, 850
548, 416
5, 094, 622
794, 721
635, 389
5, 425. 887
915, 092
2, 739, 099
4,100
.520, 490
14.418
295, 923 o
69. 864
139, 025
36, 745
4,000
69. 990
56, 300
24.820
65, 760
9, 250
22, 210
58, 575
40,410
2, 500
142, 770
103,
101,
F r o m J u n e 20, 1874, t o O c t o b e r 31, 1884 .
S u r r e n d e r e d to t h i s oflice sarae d a t e s . . .
Total.
I n t h e a b o v e t a b l e gold n o t e s a r e e x c l u d e d .
140
REPORT
ON T H E
FINANCES.
The amount of additioual circulation issued to national banks for
the year ending November 1,1885, was $11,142,650, including $4,297,400
issued to banks organized duriug the year.
During the year ending Noveniber 1,1885, lawful mouey to the amount
of $26,219,810 was deposited with the Treasurer to retire circulation, of
AA-hich amouut $8,457,295 was deposited by banks in liquidation, $7,772,165 by banks reducing circulation, under the act of June.20, 1874, and
$9,990,350 by banks retiring old circulation, under theactof July 12,1882.
The amouut previouslv deposited under the acts of June 20, 1874, and
July 12, 1882, was $171,368,662; by banks in liquidation, $53,339,686;
makiug a total of $250,928,158. Deducting from the total the amount
of circulatingnotes redeemed and destroyed withoutreissue, $211,769,448,
there remained in the hands of the Treasurer ou November 1, 1884,
$39,158,710 of lawful money for the redemptiou and. retirement of bank
circulation.
The portion of lawful money on deposit by insolvent banks, by banks
in voluntary liquidation, and by banks reducing or retiring their circulation on the first of each of the last live months was as follows:
July 1.
Insolvent banks
Liquidating banks
Eeducing under act of June 20,1874
Retiring under act of July 12,1882
Totals
August 1. September 1. October 1. November 1.
$745,789
$698, 584
13, 569, 286 13, 796, 666
19, 784, 295 18, 699, 950
5, 003, 783 5, 889,173
$715, 203
$683, 343
13, 774, 242 13, 565, 143
18, 029, 110 17, 443, 820
6, 685, 023 8,181, 837
$584, 960
12 778 010
16, 095, 546
9, 700,196
39,103,153
39, 203, 578 39, 874,143
*39 158 710
39, 084, 373
•
*Does not include $384,269 on deposit to retire notes of gold banks.
DENOMINATIONS OF P A P E R CIROULATION OF T H E U N I T E D STATES, T H E
I M P E R I A L BANK OF a E R M A N Y , THB BANK OF F R A N C E , AND T H E BANK
OF ENGLAND.
In accordance with the law, no national-bank notes of a less denomination thau five dollars have been issued since January 1,1879, when the
amount outstanding was $7,718,747. Since thatdate the amount of ones
and twos issued by the banks has beeu reduced $7,283,033, leaving the
amount outstanding on Noveraber 1, 1885, $435,714, and during the
sameperiod the legal-tender notes of these denominations have been
increased $5,645,960. The total decrease of the amount of ones and
twos outstanding in hational-bank and legal-tendernotes is $1,637,073.
The following table exhibits by deuominationstheamount of uationalbank and legal-tender uotes outstandiug ou October 31,1885, and the
aggregate amounts of both kinds of notes at the same periods in 1883
and 1884:
141
COMPTROLLER OF THE CURRENCY.
.
1884.
1883
Aggregate.
Aggregate.
$22, 703. 459
$23,139,173 $27, 258, 839
23. 235,136
23, 472, 420 27, 067, 206
84, 068, 279
166, 024, 949 163, 363, 205
71. 003, 390
175, 214, 680 180,491.886
56, 941, 267
137, 028. 787 135, 277, 089
22, 896, 595
43, 535,145 44, 617, 045
29, 645, 390 •
61, 221, 790 66,170, 690
15,152, 000
15. 7.^.0, 500 16, 063, 500
21, 910, 500
22, 041, 500 19, 659, 500
1^5,000
95, 000
95, 000
60, 000
30,00030, 000
$30, 785, 265
27,510,196
164, 517, 620
189, 275, 406
142, 382, 469
46, 278, 145
65, 991, 590
15,895,500
15, 429, 500
255, 000
120, 000
1885.
Denominations.
Nationalb a n k notes.
Twos
J^ives
Tens
.
.... '
Twenties
Fifties
One linndreds
Five hundreds
O n e thouScindiS
Five thousands
. ...
T e n thon.sands
A d d for u n r e d e e m e d f r a g m e n t s of
natioual-bHiuk n o t e s
D e d u c t for l e g a l - t e n d e r note,s des t r o y e d i n C h i c a g o fire
Total
;li4D5, 714
237. 284
81, 956, 670
104,211.290
75, 087, 520
20, 638, 550
31, 576, 400
59:J, 500
131, 000
Legal-tender
notes.'
-f 21. 890
-f20, 749
+ 19, 761
- 1 , 000, 000
-1,000,000
-1,000,000
— 1 , 000, 000
346, 681, 016
661, 575, 834 679,154, 709
-1-21,890
*314, 894, 818
Aggregate.
697, 460, 45§
* Exclusive of $568,081 due to banks for mutilated notes destro.yed and to be replaced by new notes
and of $384,269 notes of gold banks.
The amount of one and two dollar national-bank notes outstanding
is a little more than one-fifth of 1 per cent, of the whole circulation of
the banks ; the fives constitute 26 per cent., the tens 33 per cent., the
twenties 23.8 per cent., and the fifties and larger notes about 17 per
cent, of the entire circulation.
Of the entire amount of national-bank aud legal-tender notes out-'
standing, about 7 per cent, consists of one and two dollar notes; nearly
32.2 per cent, of ones, twos, and fives, 58.6 per cent, is iu notes of a less
denomination than $20, and about 78.6 per cent, is io notes of a lower
denomination than $50. Of the entire issue, about 21.5 per cent, is iu
denominationsof fifties, one hundreds,five hundreds,andone thousands.
There are outstauding nineteen legal-tender uotes, of the denomination of $5,000, and three notes of the denomination of $10,000.
The following table* exhibits by denominations the circulation of the
Imperial Bank of Germany on December 31,1884, iu thalers and marks,
which have been converted into our currencv.
Thalers.
Marks.'
A m o u n t in
N n m b e r of D e n o m i n a - V a l u e of d o l l a r s (thaeach n o t e i n
tions.
ler = 75
notes.
dollars.
cents).
76
2, 000
1. 643^
8,302
8, 675^
Ttialers.
500
100
50
25
10
$375
75
37
18
7
00
00
50
75
50
$28,
150,
61,
155,
65,
500
000
631
662
066
460, 859
20, 697
N u m b e r of
notes.
^266,959^
f 128,771
5, 209, 448
5, 605,
V a l u e of
A m o u n t in
Denominaeach n o t e i n dollar.", ( m a r k
tions.
= 2 5 cents).
dollars.
Marks.
1,000
500
100
$250
125
25
178J^
$66, 739, 875
16, 096, 375
130, 236, 200
213, 072, 450
• 1 •
The circulation of the Imperial Bank of Germany on January 1,
1885, was $213,534,250, showing an iucrease of $5,751,656 over that of
* London Bankers' Magazine, Octoher, 1885, page 946.
142
R E P O R T ON T H E FINANCES.
the preceding year, although there was on an average $1,085,000 less .
in circulation than the ayerage of the previous year. Ou Jauuary 1,
1880, the circulation was $198,201,144, and during the past five years
the increase has averaged about $10,000,000.
The following table* gives the circulation of theBank of France and
its branches, with the number of notes and the denominations in francs
and in dollars on January 1,1885:
N u m b e r of n o t e s .
Denominations
(francs).
5
5,000
1,186, 638 ^1,000
589,781
500
2,619
200
12, 446, 499
100
4,931,340
50
20, 859
25
150, 046
20
167,1.63
5
1, 200 F o r m s o u t of d a t e .
19, 496,150
Valueof each note
in d o l l a r s .
A m o u n t in francs.
$1, 000
200
100
40
20
10
5
4
1
25, 000
1,186, 638, 000
294, 890 500
523, 800
1, 244, 649, 900
246, 567, 000
521,475
3, 000. 925
835, 815
420,175
$5,000
237, 327. 600
58, 978. IOO
104,760
248, 929, 980
49,313,400
104, 295
600,185
167,163
84, 035
2, 978, 072, 590
595, 614, 51g
A m o u n t in dollars
(francs = 20 c e u t s ) .
•
The amount of circulation of the Bankof Frauce on January 1, 1884,
was 3,161,804,536 francs, or say $632,360,907, showing a decrease of
183,731,946 francs, or $36,746,389, between that time and Jauuary 1,
1885, the date of the foregoing table; and since Jauuary 30, 1879, an
increase of 687,101,760 fraucs, or $137,420,352.
It will be seen that the Imperial Bank of Germany has in circulation no notes of a less denomination than seven dollars and a half (10
thalers), and issues none of less than $25 (100 marks), and that the Bauk
of France issnes less than a million of dollars iu value of notes of a.
less denomination thau $10. The Bank of England issues no notes of
less than £5, or $25, and the Irish and Scotch banks none of less than
£l,or$5.
DISTRIBUTION OF COIN AND P A P E R CURRENCY.
In previous reports tables have been given showing the amouut of
coin and currency iu the country and its distribution, the amount in
the Treasury, in the banks, and among the people on January 1, 1879,
the date of the resumption of specie payments, aud on No^^ember 1 of
each of the last four years preceding the date of this report. These
tables are again presented, ^he arnounts on November 1, 1881, being
omitted, while those on November 1, 1885, are added. The amounts of
gold and silver iu the country available for circuiatiou are based upon
the estimates of the Director of the Mint.for January 1, 1879. The
amounts of gold for the succeeding dates have been obtained by adding^
the gold production of the countr,y5 less the amouuts used iu the arts,
from estimates of the same officer, adding the excess of gold importations during the year, or deducting the excess of gold exportations for
the same period, according to the reports of the Bureau of Statistics.
The amounts of silver are obtained by adding for each year the amount
of silver dollars and fractional silvier coined, less amounts recoijied.
For the year 1885 the silver bullion purchased by the Goverument for,
coinage and on hand on November 1 is included.
^ London Bankers^ Magazine, August, 18S5, page 699,
CQMPTROLLER OF THE CURRENCY.
143
For the year euding November 1,1885, the production of gold by the
mines of the United States is estimated to have been about $30^800,000
During the period from November 1, .1884, to October 1, 1885, the
amouut of foreign and domestic gold coin and bullion imported in excess of the amount exported has been $12,315,915, making an increase
iu the stock of gold in the couutry of $43,115,915. From this araount
must be deducted the amouut estimated by the Director of the Mint to
havebeen used in the arts duriug the same period, $12,000,000, leaving
$31,115,915 as the increase in the stock of gold coin and bullion in the
country.
The total excess of imports of gold over exports of the same from the
date of resumption to October 1, 1885, has been $178,028,043, and the
total estimated gold product of the mines of the United States for the
same period has been about $222,525,000. The total amouut of standard
silver dollars coined during the year ending November 1,1885, has been
$28,528,602; of subsidiary silver coin, $195,977; aud there was of subsidiary coin presented to the raint for recoinage $641,727, thereby
reducing the amount of such coin $445,750. The total amount of
standard silver dollars coined since the passage of the act of February
28, 1878, authorizing that/ coinage, up to November 1, 1885, has been
$213,259,431. The following table, based upon the estiraates and figures given above, shows the amount of coin and curreucy in the country
ou January 1, 1879, and on November 1 of the years named:
k •
Gold coin and bullion
Silver coin
Legal-tender notes
National-bank notes
Totals
November
1,1882.
N o v e m ber
1,1883.
November
1,1884.
$581,970,2.54
242,701,932
346.681.016
352,013,787
$585, 611, 872
275, 735, 439
346,681,016
333, 559, 813
*$580, 727, 787
307 658 827
346,681,016
t315. 847,168
1,0.55,356,619 1, 465, 509, 449 1, 523, 360, 989 1, 541, 588,140
1,556,914,798
January
1,1879.
$278,310,126 ' $547, 356, 262
208, 744, 424
106,573,803
346,681,016
346,681,016
362, 727, 747
323, 791, 674
November
1,1885.
*In obtaining the amount of gold November 1, 1885, the estimated amouut on November 1, 1884,
has been reduced by $30,000,000, which amount the Director of the Mini has recently estimated was
used inthe arts between Jaly 1, 1873, and June 30, 1880, aud was not deducted in the original estimate
for July 1, 1879.
t T h e sum <vf $39, 542, 979 .in lawful money has been deposited b y t h e national banks to retire circulation of a like amount which has not yet been presented for redemption.
There has been no change in the aggregate of legal-tender notes, which
still remains as fixed by the act of May 31, 1878. Nationaibank
notes have decreased $17,712,645 during the year. The amounts of gold
and silver have increased $31,115,915 and $31,923,388, respectively,
and the total increase during the year in gold, silver, aud currencv was
$45,326,658. The reduction of former estimates of gold by $30,000,000,
as explained in foot-note, has apparently reduced the aggregate increase
of gold to $1,115,915, and the aggregate increase of both gold and silver
to $33,039,303. The table below gives the portion ofthe g61d, silver, and
currency held by the United States Treasury aud by the national and
State banks. The amounts in the United States Treasury are for the
corresponding dates with -those in the precediug table. The amounts
in the national banks are for the corresponding dates nearest thereto
on which returns were made to the Ooraptroller, viz : January 1,1879, October 3,1862, October 2, 1883, Septeraber 30, 1884, and October 1,1885.
The amounts in the State banks, trust companies, and savings bauks
144
REPORT ON T H E FINANCES.
liave been corapiled in this oifice from official reports up to the dates
nearest to those given in the table.
J a n u a r y 1,
1879.
Novemberl,
1882.
Novemberl,
1883.
Novemberl,
1884.
$148, 435, 473
$157,353,760
$134, 670, 790
$142, 338, 580
94,127, 324
97, 570, 057
117,185, 407
161 657,121
17,892,500
18, 255, 300
25, 928, 757
31, 255, 789
158, 680, 355
260, 455, 297
273,179,117
277, 784, 954
335, 251, 499
17, 249, 740
9,121. 417
6, 048,194
6,460,557
92, 414, 977
4, 012, 503
26, 749, 482
8, 234, 739
116,
4,
26,
10,
036, 450
936. 365
712, 424
247, 926
142, 926, 725
4, 646, 497
29, 346, 757
8, 092, 557
38, 879. 908
131,411,701
157, 933.165
185. 012, 536
N o v e m b e r 1,
1885.
GOLD.
I n the Treasury, less certificates...
. . . . $112,703,342
I n national banks, iucluding
35, 039, 201
certicates
In State banks, including cerlb, 937, 812
tificates
Total gold
SILVER.
I n the Treasury, standard silver dollars
I n the Tieasury, bullion
In the Treasury, fractional coin
I n national banks
Total silver
•
163, 817, 3{12
3, 840, 536
22,965,536
9,120, 802
199, 744, 216
CURRENCY.
I n t h e T r e a s u r y , l e s s certificates
'.
In national banks, includiug .
certificates
'.
I n . S t a t e b a n k s , i n c l u d i n g cer-.
tificates
. •.
I n savings bauks
44, 425, 655
26, 224, 248
30, 996, 217
26, 258, 827
27,550,341
126,491,720
92, 544, 767
103, 316, 809
l U , 507,113
111, 600, 884
25, 944, 485
14, 513, 779
27, 086. 482
14, 724, 978
28, 259, 062
12, 998, 594
32, 659, 605
14, 079, 452
39, 552, 017
13, 423, 064
Total currency .
211, 375, 639
160, 580, 475
175, 570, 682
187, 504, 997
192,126.306
Grand totals
408, 935, 902
552, 447, 473
606, 682, 964
650, 302, 487
"727,122,021
If the aggregates of gold, silver, and currency for the several dates
in the above table be deducted from the amounts of the same items at
corresponding dates in. the table which precedes it, the remainders will
be approximately the amounts iu the hands of the people at corresponding dates.
Gold
Silver
Gurrency
Total
-.
J a n u a r y 1,
1879.'
N o v e m b e r 1,
1881.
Novemberl,
1882.
Novemberl,
1883.
$119,629,771
67, 693, 895
459, 097, 051
$256, 016, 829
78, 377. 937
567, 445, .959
$286, 900, 965
77, 332, 723
548, 828, 288
$308,791,1.37- $307, 826, 918
$251,476,288
84, 768, 767
90, 722, 903
107, 914, 611
523,124,121
492, 735, 832 • 470, 401, 878
646, 420, 717
901, 840, 725
913, 061. 976
916. 684, 025
Novemberl,
1884.
891, 285, 653
N o v e m b e r 1,
1885.
*829, 792, 777
* Included necessarily in these several amounts estimated in the hands ofthe people are large sums
held by private bankers and such State banks and Trust companies as do not make regular reports.
The gold in the Treasury, including bulliou in the process of coinage,
has increased during the year $7,667,799, and in the banks has increased
$44,471,713. Thepaper currency in theTreasury has increased $1,291,514,
and iu the banks has decreased $2,906,229. The decrease of gold outside of the Treasury and the banks has been $26,350,629, and in silver
coin there has been an increase of $14,240,831. The decrease of pa,per
currency, exclusive of silver certificates, has beeu $22,334,589. In the
foregoing tables the silver certificates issued by the Treasury have not
been included,^ but the standard silver dollars held for their redemption,
form a portion of the silver coin in the Treasury. The silver certificates
COMPTROLLER OF THE CURRENCY.
145
in the hands of the people and the bauks at the followiug dates were as
follows:
.January 1,1879
Noveraber 1, 1880
November 1, 1881
November 1,1882
November 1,1883
November 1.1884...
November 1,1885
•.
'.
$413,360
19,780,240
58,838,770
65,620,450
85,334,381
100,741,56293,146,772
It will be seen that the araount of these certificates in circulation bas
decreased $7,594,790 during the year.
The gold certificates issued under section 12 of the act of July 12,
1882, outstandiug in the hands of the people and banks on November
1, 1882, Noveraber 1, 1883, Noveraber 1, 1884, and Noveraber 1, 1885,
not iucluding the araount in the Treasury, were $6,962,280, $48,869,940,
$85,301,190, and $106,465,420, respectively.
SPECIE IN BA.NKS AND IN THE TREASURY OF T H E UNITED STATES,
AND ESTIMATED AMOUNT IN THE COUNTRY—SPECIE IN THE BANK
OF ENQLAND AND IN THE BANK OF FRANCE.
The following table exhibits the amount of specie held by the national banks at the dates of their reports for the last twelve years, the
coiu aud coiu certificates held by the New York Oity banks being stated
separately:
Held b y natioual b a n k s in N e w Tork. City.
Dates.
Coin.
Sept.
Dec.
Feb.
May
.June
Oct.
Dec.
Mar.
May
June
Oct.
Dec.
Mar.
May
Juue
Oct.
Dec.
Jan.
Apr.
June
Oct.
Dec.
Mar.
May
June
Oct.
Dec.
Jan.
Apr.
June
Oct.
Dec.
Peb.
Apr.
June
12. 1873.- $1, 063,210 55
26, 1873-- 1, 376,170 50
27, 1874.- 1,167, 820 09
1, 1874.. 1. 530,282 10'
26. 1874.. i; 842,525 00
2, 1874.. 1, 291,780 56
31, 1874.. 1,443, 215 42
1, 1875.. 1, 084,555 54
930, 105 76
1, 1875..
30, 1875.. 1, 023,015 86
753, 904 90
1, 1875..
869, 436 72
17, 1875..
10, 1876.. 3,261, 131 36.
832, 313 70
12, 1876..
30, 1876.. 1, 214,522 92
1,120, 814 34
2, 1876..
22. 1876.. 1, 434,701 83
1, 609,284 94
1877..
20,
14, 1877.. 1, 930,725 59
1,
423,258 17
1877..
22,
1, 1877.. 1, .538,486 47
28, 1877.. 1, 955,746 20
1,5, 1878.. 2, 428,797 44
2, 688.092 06
1, 1878,.
705 22
29, 1878.. 1, 905,792 43
1.779,
1. 1878..
299 01
6, 1878-. 4, 009,552 49
1, 1879.. 5,421,
5,312. 966 90
4, 1879.
6, 058.472 34
14, 1879.
7; 218,967 69
2, 1879.
20, 096,249 64
12, 1879.
21, 1880.. 12,252, 541 4 4
12. .595,720 49
23, 1880
16, 682,226 40
11, 1880
2673 F- - 1 0
D . S. gold CleariDg-house|
certificates.
certificates.
Total.
522, 600
325, 760
518, 640
454, 660
671,660
114,480
410, 940
622,160
753, 220
642,180
201, 720
.'=32, 810
086, 920
183, 760
872. 780
446, 760
602, 900
629, 660
889,180
324. 320
409, 920
119, 080
003, 220
397, 640
954,500
514, 810
277,180
739. 544
220, 940
291. 270
130, 900
366.140
464, 650 $21, 569, 000
914,250 35, 855, 000
810, 200 25, 458, 000
33,337 000
514, 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, 665,195 86
4, 95.5,624 90
13,402, 246 72
22, 348,051 36
16, 016. 073 70
18, 087, 302 92
J 4, .576,574 34
S3, 037, 601 83
35, 29S,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, 800, 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
i>5, 572,191 44
44, 967,970 49
57, 829,426 40
00
00
00
00
Held by
other national
banks.
Aggregate.
$5, 282,658 90
7,205, 107 08
8, 679,403 49
7, 585,027 16
6, 812,022 27
6, 834,678 67
6, 582,605 62
4, 960,390 63
3, 937,035 88
5, 294,386 44
3,091, 704 83
3, 668,659 18
6, 729,294 49
5, 698,520 66
7,131, 167 00
0, 785,079 69
9, 962,046 06
14,410, 322 61
11,240, 132 19
9, 588,417 89
9, 710,413 84
11,832, 924 50
17, 290,040 58
17, 938,024 00
1.5, 391,264 55
17, 394, 004 16
18, 068,771 35
23. 338,664 83
23. 614.656 51
23, 983,545 10
22, 823,873 54
28, 081,651 95
33, 869,860 31
41,461, 761 62
41, 677 078 86
469 45
26, 907, 037 58
33, 365, 863 58
32, 569, 969 26
22, 326, 207 27
21,240, 945 23
22, 436, 761 04
16, 667,106 17
10, 620,361 64
18. 959,582 30
8, 050,329 73
17, 070. 905 90
29, 077, 345 85
21,714, 594 36
25,218. 469 92
21,361, 654 03
32, 999, 647 89
40, 709, 267 55
27, 070,037 78
21.335, 996 06
22, 658,820 31
32, 907,750 70
54, 722,058 02
46. 023,756 06
29, 251,469 77
30, 688,606 59
34, 352, 250 36
41,499, 757 32
41,148, 563 41
42, 333,287 44
42,173, 731 23
79, 013,041 59
89, 442, 051 75
86,420, 732 2 1
99 506, 505 26
146
EEPOET ON THE FINANCES.
;
H e l d b y n a t i o n a l b a n k s in N e w Y o r k C i t y .
Dates.
U. S. gold C l e a r i n g - h o u s e
certificates.
certificates.
Coin.*
Oct.
Dec.
Mar.
May
June
Oct.
Dec.
Mar.
May
July
Oct.
Dec.
Mar.
May
June
Oct.
Dec.
Mar.
Apr.
June
Sept.
Dec.
Mar.
May
July
Oct.
1,1880.. $16,104,855
31,1880.. 19,773,8.59
11,1881.. 15, 924, 683
6 , 1 8 8 1 . . 26, 242, 108
30,1881.. 20, 822. 790
1,1881.. 15.317,108
31,1881.. 16, 352, 630
11.1882.. 17, 093, 447
19,1882.. 15,541,9.56
i ; i 8 8 2 . . 14. 278, 290
3,1882.. 14,391,783
10,1882.. 10,811,726
13,1883.. 10, 060, 551
1,1883.. 9,891,636
22,1883.. 8,219,744
' 2,1883.. 9, 388. 073
31,1883.. 10.793,481
7,1884.. 12.948,092
24,1884.. 8. 9i'9, 064
20,1884.. 7, 466, 696
30.1884.. 7,296,178
20.1884.. 11,314,080
10,1885.. 11, 8U2. 276
6,1885.. 11,479.763
1,1885.. 14,417.675
1,1885.- 11, 290, 427
28
01
90
60
87
04
49
39
93
77
74
69
05
15
22
82
17
34
27
82
39
57
48
87
25
74
Total.
Held by
other national
banks.
Aggregate.
$7, 489, 700 $36,189,000 00 $59, 783, 555 38 $49,562,954 11 $109,346,509 4 ^
6, 709, 900 28, 246, 000 00 54,729,759 01 ,52,443,141 91 107, 172, 900 92
4, 825, 300 30, 809, 000 00 51,558,983 90 53, .597, 211 36 10.5.156. 195 26
4, 625. 900 34,176, 000 00 65, 044, 008 60 57,584, .5.53 48 122. 628. 562 084,513,400 41, 858, 000 00 67,194,190 87 61, 444, 736 63 128. 638, 927 50
4, 486. 600 31.721,000 00 51, 524, 768 04 62, 809, 968 08 114, 334,736 124, 037, 600 33, 852, 000 00 .54, 242, 230 49 59,438,409 11 113,680,639 60'
4, 075, 800 29, 907. 000 00 51. 076, 247 39 58, 907, 863 65 109, 984, 111 044, 034, 800 31,783,000 00 51, 359, 256 93 61,0.56.549 80 112, 415, 806 73
4, 005,100 32, 854, 000 00 51,137, 390 77 00, 556, 871 77 111,694.262 54
3, 908,100 26, 224. 000 00 44, 523, 883 74 58, 333, 894 ,53 102, 857, 778 27
17, 720,100 22, 020, 000 00 50, 551, 826 69 55.87.5,332 71 106. 427.159 40'
10,813,320 21, 818. 000 00 42,691,87! 05 55, 270, 495 29 97, 962, 366 3416,094,210 21,334.000 00 47,319,846 15 56,287,420 17 103, 607, 266 32
26, 477, 760 22,139,000 00 56, 836, 504 '22 58.517,890 40 115,354.394 62
20.541,100 20, 345, 000 00 50,274,173 82 57, .543, 809 71 107,817,983 5320, 525. 270 21, 693, 000 00 53,011,751 17 61, 274, 406 87 114.276,1.58 04
21, .582, 060 25,912,000 00 60, 442, 152 34 • 62,637,974 99 123,080,127 33
20, 093. 380 20, 527, 000 00 49, 549, 444 27 65,195, 262 82 114,744,707 0920, 397, 590 15,690,000 00 43, 534, 286 82 66,127, 395 29 109,661,682 11
40.765.140 15, 052, 000 00 63, 113,318 39 65,496,156 34 128.609.474 73
44,193, 870 17,331,000 00 72, 838, 950 57 60, 908,128 96 139, 747, 079 .5361,114,080 17, .579, 000 00 90, 495, 356 48 76,620,517 19 167,115, 873 67
67,646,060 17,374,000 00 96, 500, 023 87 80, 933, 095 43 177,433,119 30
65, 400, 390 16,709,000 00 96, 527, 065 25 81,085,426 77 177, 612. 492 02:
62, 249, 740 17, 914, 000 00 91, 454,167 74 83, 418, 409 80 174, 872, 577 54
The amount of silver coin and silver certificates held by the national
banks on the dates given in the following table, were as follows:
Date.
O c t o b e r l , 1.877....
October 1,1F78....
October 2,1879....
Octoberl, 1880..-.
O c t o b e r 1,1881
O c t o b e r 3.1882
O c t o b e r 2,1883
S e p t e m b e r 30.1884
O c t o b e r l , 1885
Silver coin.
$3, 700, 703
5, 392, 628
. 4, 986, 493
5, 330, 357
. 5,450,387
6, 466, 215
7, 594, 896
8, 092. 557
*9,120, 802
Silver
Treasury
certificatiss.
$1,165,120
1, 662. 180
• 1, 807, 600
2, 653, 030
3,331,510
2, 274, 650
Total.
$6, 49.5, 47T
7,112,567
8. 273, 815
10, 247, 926.
11, 424, 067
11, 395, 452-.
. * T h i s is c o m p o s e d of $6,322,832 s t a n d a r d d o l l a r s a n d $2,797,969.66 f r a c t i o n a l silver.
The latest official reports of the State banks in NewEngland, New
York, New Jersey, Pennsylvania, Maiyland, Virginia, South Carolina,.
Georgia, Lonisiana, Texas, Ohio, Indiana, Michigan, Wisconsin, Iowa,.
Minnesota, Missouri, Colorado, and thcTerritory of Montana show that
these bauks held specie amounting to $20,132,864, of which the banks
in New York City held $12,819,217.
'
The official returus from the State banks of California do not give
separately the amount of coin held b^ thera; but it is estimated that the
total cash reported, araounting to $11,122,925, consisted almost entirely
of coin. The amount of coin held by State banks in the States before
mentioned, including California, was, therelore, $31,255,789.
The Director of the .Mint, in his reiiort for 1882, estimated the amount
of coin in the country ou June 30, 1882, at $700,455,545, of which
$500,862,185 was gold and $199,573,360 was silver.
COMPTROLLER OF THE CURRENCY.
147
His estimate for the fiscal year ending June 30, 1885, is as follows:
U n i t e d States coin.
Y e a r ' s coinao^o
N e t imports
''.
Totals
L e s s d e p o s i t s for r e c o i n a g e
U s e d in t h e a r t s
T o t a l loss
•
C i r c u l a t i o n J u l y 1, 1885
N e t gaiu d u r i n g t h e y e a r
.
c
Gold.
.
:
.
Silver.
Totals.
$521,632,442 $250,617,357
24,861,12328, 848, 959
1, 006, 281
535,449
$772, 249, 799
53, 710, 082
1, 541, 730
547, 499, 846
280,001,765
827, 501, 611
• 325, 210
5, 000, 000
877,564
300, 000
1, 202, 774
5, 300, 000
5, 325, 210
1,177, .564
6, 502,774
542,174, 636
278, 824, 201
820, 998, 837
20, 542,194
28, 206, 844
48, 749, 038
From July 1,1885, to Noveraber 1,1885, there has been coined $8,753,147
of gold and $9,377,159 of silver, raaking the total stock of coin iu the
'country at the hitter date $839,129,143, less such araouuts as.may have,
been depositedfor recoinage during this period, of which $550,927,783
was gold and $288,201,360,was silver. The amount of bullion in mint
and in the New York assay office on October 1, 1885, is stated to have
been $71,471,323 of gold and $4,568,057 of silver, makiug in all
$76,039,380, which, added to the ainount of coin stated above, gives
$915,168,523, of which amount $622,399,106 was gold and $292,769,417
was silver.
The following table shows the amount of gold and silver, including
the amount held to protect gold aud silver certificates, and the percentage of each in the Treasury of the United States on September
30 of each year from 1876 to 1885, and on November 1, 1885:
Silver.
P e r c e n t of—
G old coin
and bullion.
Period.
Standard
dollars.
S e p t . 3 0 1876
S e p t . 3 0 1877..
S e p t . 30,1878..
S e p t . 30,1879..
Sept. 3(1,1880..
Sept. 30,1881..
S e p t . 3 0 1882..
S e p t . 30.1883..
Sept. 30,1H84..
S e p t . 30,1885..
N o v . l,l)r;85..
O t h e r coin
a n d bullion.
$6, 029, 367
7, 425, 4.54
15, 777, 937
$12,155, 205
31, 806, 774 .
21,173,023
47, 784, 744
30. 878, 286
60, 092, 667
28, 945, 297
92, 228, 649
30, 769, 705
114, .587, 372
31,858,072
142, 058. 787
• 34. 408, 566
16.5.483,721
27, .558, 016
163, 817. 342
26, 806, 072
T o t a l coin
a n d bullion.
Total silver.
$6, 029, 367
7, 42.5, 454
27, 933,142
52, 979, 797
78, 663, 030
96. 037, 964
122, 998, 354
146, 445, 444
176. 467. 353
193, 041. 737
190,62^,414
Silver.
$55,423, 059
107. 039, 529
136, 036, 302
169, 827. 571
135, 641, 450
174, 361, 343
1.52, 739,106
206.130.543
217.904,043
251,251,114
251, 359, 349 .
$61, 452, 426
114,464.983
163.969,444
222, 807, 368
214, 3U4, 480
269, 399, 307
275, 737, 460
S52. 575, 987
394, 371, 396
444, 292, 851
441,982,763
9.8
6.5
17.0
23.8
36.7
35.3
44.6
41.5
44.7
43.5
43.4
Gold.
90.2
93.5
83.0
76.2
6.3.3
64.7
55.4
58.5
55.3
56.5
56.6
148
R E P O R T ON T H E
FINANCES.
The bullion in the Bauk of England for each year from 1870 to 1885
is shown in the following table, the pound sterling being estiraated at
live dollars:
1870..-.1871
1872
1873..
1874
1875
1876
1877
110.3,900,000
117,950,000
:.... 112, 900, 000
113,.^00,000
Ill,450,000
119,600,000
143, 500, 000
126,850,000
1878
1879*...
1880 t
18811
1882t .-•
18831
18841
188511
$119,200,000
150,942,980
141,637,000
115,221, 870
108,689,912
121,779, 545
99,161,045
107,830,670
Below is a similar table, giving the araount of gold and silver, and
the percentage of each, in the Bank of France, on Deceniber 31 of each
year ^ from 1870 to 1882, on November 1,1883, on October 30,1884, and
on October 16,1885:
P e r c e n t , ofYears
Silver coin
a n d bullion.
Gold c o i n
and bullion.
Total.
Silver.
D e c e m b e r 31,1870
D e c e m b e r 31,1871
D e c e m b e r 31,1872
D e c e r a b e r 31,1873
D e c e m b e r 31,1874
D e c e m b e r 31,1875
D e c e r a b e r 31,1876
D e c e i n b e r 31,1877
D e c e m b e r 31,1878
D e c e m b e r 31,1879
D e c e m b e r 31,1880
D e c e r a b e r 31,1881
D e c e m b e r 31,1882
N o v e m b e r 1,1883.
O c t o b e r 30,1884 . .
O c t o b e r 16,1885 . .
$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
244 360, 000
231, 180,000
216, 553, 000
203, 085, 000
205, 837, 862
211, 500, 000
$85, 740, 000
110, 680, 000
131,740,000
122, 260, 000
204, 220, 000
234, 860, 000
3ti6, 080, 000
235, 420, 000
196, 720, 000
148, 320, 000
110, 480, 000
129.160,000
190. 981, 300
192,112,000
210, 927, 912
211, 00.5, 000
$99, 440, 000
126, 920, 000
158,260,000
153, 520, 000
266, 860, 000
335, 860, 000
433. 800, 000
408, 500, UOO
408, 340, 000
393, 810. 000
354, 840. 000
360, 340, 000
407, 594, 000
39.5, .597, 000
416,765,774
422, 505, 000
13.8
12.8
16.8
20.4
23.5
,30.1
29.4
42.4
51.8
62.3
68.9
64.2
53. 1
51.3
49.4
50.1
NUMBER, CAPITAL, AND DEPOSITS OF STATE AND SAVINGS
AND PRIVATE BANKERS.
Gold
86.2
87.2
83.2
79.6
76.5
69.9
70.6
57.6
48.2
37.7
31.1
35.8
46.9
48.7
50.6
49.9
BANKS
Section 333 of the Revised Statutes of the United States requires the
Comptroller to preseut annually to Congress a statement of the conditiou of the banks .and savings banks organized under State laws. Eeturns of capital and deposits have hitherto beeu made by these institutions, and by xirivate bankers, semi-annually to this Department for
purposes of taxation. From these returns the following table has beeu
compiled, exhibiting iu concise form, by geographical divisions, the
.total average capital and deposits of all the State and savings bauks
and private baukers of the country for the six months ending November 30, 1882, being the last semi-annual period for which State and
* LoDdon Economist, November 8, 1879.
t London Bankers' Majjazine, October, 1880, 1881, and 1882.
X London Economist, November 1, 1884.
II London Economist, October 17, 1885.
i The Bnlletin de Statistiqne, as qnoled in the Bankers' Magazine,. Nevt^ York, vol.
xiii, page 740; except the. items for 1879-'80 and '81, which were obtained from the
London Bankers' Magazine for Angust, 1880, page 661, September, 1881, page 716,
and Septeaiber, 1882, page 739, and the last three items from L'Economiste Frangais,
November 3, 1883, and November 1, 1884.
149
COMPTROLLER OF THE CURRENCy.
savings banks and iirivate bankers were required to make returns for
taxation purposes.
Statebanks and trust
companies.
Savings
S?tvings b a n k s w i t h b a u k s w i t h capital.
out capital.
Private bankers.
G e o g r a p h i c a l divisions.
No.
N e w England States..
Middle States
Southern Stales
W e s t e r n States and
Territories
Capital, Deposits.
MilVs.
8.30
40.60
25.34
40
210
248
C a p i t a l . D e p o s - N o . C a p i t a l . D e p o s - No. D e p o s its.
its
its.
No.
MilVs.
31.64
244.02
•45. 94
94
967
289
MilVs.
6.22
62.42
6.33
MilVs.
6.57
112. 69
20. 68
2
8
7
MUVs.
0.10
0.63
0.56
MilVs.
0.89 420
5.34 171
1.50
2
MilVs.
436. 25
486. 98
1.80
563
48. 90
168. 40 2,062
30.31
149. 02
25
2.73
35.74
32
35. 23
TJnited S t a t e s . . 1,061
123. 14
490. 00 3,412
105. 28
288. 96
42
4.02
43.47 .625
960. 26
The capital of the 2,308 natioual banks in operation on December 30,
1882, being the date of their report nearest to that of the table given
above, as will be seen by a table in the Aiipendix, was $484,883,492,
not iucluding surplus, which fund at that date amounted to more
than $135,000,000, while the average capital of all the State banks,
private bankers, and savings banks for the six months ending November 30, 1882, was but $232,435,330. The latter amount is less than twofifths of the combined capital and surplus of the national bauks at
practically the same time. The table below exhibits the capital and
net deposits of the nationalbanks on December 30, 1882, together with
the aggregate .average capital and deposits of all classes of banks other.
than national for the six months ending November 30, 1882 :
G e o g r a p h i c a l divisions.
State banks,
savings
banks, private bankers, (fcc.
Total.
Nationalbanks.
1
No.
N e w E n g l a n d States
556
1,356
Middle S t a t e s
546
Southern States.
W e s t e r n States and
2.682
Territories
Capital.
No.
Deposits.
No.
Capital.
Deposits.
Millions. Millions.
475. 35
14.62
849. 03
103. 66
69.90
32.23
560
691
214
Millions.
166.23
173.19
34.80
Millions.
193.15 1,116
556. 55 2,047
68.84
760
. U n i t e d S t a t e s . . . 5,140
81. 93
232. 44
Capital.
Deposits.
Millions. Millions.
180. 85
- 668.50
276. 85
1,405. 58
67.03
138. 74
843
110. 66
301. 28 3, 525
192. 59
689. 70
1, 782. 70 2,308
,484. 88
1,119. 82 7,448
717. 32
2, 902. 52
388. 42
The total number of banks and bankers ih the country at the date
nained was 7,448, with a total bankiug capital of $717,318,822, and total
deposits of $2,902,522,245.
In the Appendix will be found similar tables for various periods from
1875 to 1882. Ou a subsequent pag-e in this report,, under the head of
" State banks, savings banks, and trust corapanies," will be found tables
showiug the resources and liabilities of these corporations for the present
year, and in the Appendix similar results for previous years.
A table arranged by States aud principal cities, giving the uumber,
capital, aud deposits, and the tax thereon, of all banking institutions
other than national, and of the private bankers of the country, for the
six months ending November 30, 1882, and for previous years, will also
be found in the Appendix.
The following table exhibits, for corresponding dates nearest to May
31, in each of the last seven years, and to November 30,1882, the aggre
150
REPORT
ON
THE
FINANCES.
gate amounts of the capital and deposits of each of the classes of banks
given iu the foregoing table:
National banks.
State banks, private
b a n k e r s , &c.
Savings banka
with capital.
Savings
bank.s without capital.
Total.
Years.
No.
1876...
1877...
1878...
1879...
1880...
1881...
1882...
1882*..
2,091
2,078
2. 056
2,048
2,076
2,115
2, 239
2,308
Capital.
Deposits.
MilVs. MilVs.
500.4
713.5
481.0
76.S. 2
470. 4
677.2
455. 3
713.4
455.9
900.8
460.2 1, 039. 9
477. 2 1,131.7
484. 9 1,119. 8
No.
3,803
3,709
3. 799
3, 639
3,798
4,016
4,403
4,473
Capi- DeposCapi- DeposNo. Depostal.
its. No. tal.
its.
its.
MilVs. 3mvs.
214. 0 480.0
218.6 470. 5
202. 2 41,3.3
197.0 397.0
190.1 501. 5
206.5 627.5
231. 0 747.6
228. 4 779.0
26
26
23
29
29
36
38
42
MilVs. MilVs.
5. 0
37.2 691
4.9
38.2 676
3.2
26. 2 068
4.2
36.1 644
4.0
34.6 629
4.2
37.6 629
3.9
41.3 622
4.0
43.5 625
3IilVs.
844.6
843.2
803.3
747.1
783. 0
862. 3
929. 8
960. 2
No.
Capital.
6,611
6, 579
6. 450
6,360
6. 532
6,796
7, 302
7,448
MilVs.
719.4
704.5
675. 8
656. 5
650. 0
670.9
712.1
717.3
Deposits.
MilVs.
2, 075. 3
2,120.1
1,920.0
1, 893. 5
2,219.9
2, 667. 3
2, 850. 4
2, 902. 5
• * I n the last table of the series the returns are given for the six nionths ending May 31,1882, and also
for the six months ending November 30, of the same year.
It will noticed that the first two tables of this chapter are for the
six mouths ending November 30, while all similar tables in previous
reports have been for the six months ending May 31. The law repealing the tax on capital and deposits of State banks and private baukers
went into effect ou Noveraber 30, 1882, iu accordance with the opinion
of the Attorney-General, and for this reason the Oomptroller has given
the returns to that date, w^hich was the last data to be obtained from
this source.
AMOUNT
OF
UNITED
STATES BONDS H E L D BY
UNDER STATE L A W S .
BANKS
ORGANIZED
Through the courtesy of State officers the Gomptroller has obtained
official reports made to them under State laws by State banks in twentysis States, by trust corapanies in^ five States, and by savings banks in
fifteen States, at different dates during the years 1884 aud 1885, and
from these returus the following table has beeu compiled:
H e l d b y 975 S t a t e b a n k s in twenty-six States
Held by 40 t r u s t companies in five States
Held by 646 savings b a n k s in fifteen States
,|2,994,806
2.5,376,400
191,980,698
Total
220,3:-)!, 904
The interest beariug funded debt of the United States on November
1, including $64,023,512 Pacific sixes, and excluding $14,000,000 Navy
pension fund, was $1,260,778,162. The total araount of bonds held by
the natioual banks, $308,364,550, and by the State savings banks and
trust corapanies, $220,351,904, is about 42 per ceut. of the interest-beariug debt. The amount of United States bonds held by State banks,
trust companies, and savings banks, is given by geographical divisions
for the years 188J, 1882, 1883, 1884, and 1885, as follows:
Geographical divisions.
Eastern States
Middle States
SouthernStates
W e s t e i n States
Pacific S t a t e s
..
...
. . .
Total
1.
1881.
^1882. ,
1883.
1884.
$40, 468, 340
176, 373,-889
1, 073, 460
5,735,518
14, 874. 332
$42, 067, 248
197,135.239
268. 350
3,369.414
20, 020,175
$37, 399, 819
182. 847, 588
646, 500
3,105, 024
17, 743, 978
$30, 806, 938
188, 640, 523
96, 7.50
2, 390, 780
238, 525, 539
263, 460, 426
241, 742, 909
221,934,991
(*)
1885.
$30,121, 432
186, 642, 288
136, 971
3, 451, 213
(*)
220 351 904
* The United States bonds held in the Pacific States during the last two years are not included in
the above table, as the returns siuce 1883 do not give United States bonds separately from other bonds
held.
151
COMPTROLLER OF THE CURRENCY,
In previous reports the Oomptroller has giveu the amount of United
States bonds held by banks organized under State laws and by private
bankers,as returned to the Gommissioner of Internal Eevenue for purposes of taxation. A table was compiled, for purposes of comparison,
from these returus for the six nionths ending November 30, 1882, and
may be found in the report of this office for the year 1884, page 32.
STATE BANKS, TRUST COMPANIES, AND SAVINGS BANKS.
The act of Congress of Eebruary 19, 1873, section 333 of the United
States Eevised Statutes, requires the Comptroller to obtain from authentic sources, and 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 l h e
appendices to his reports the resources and liabilities of these corporations, so far as it has been possible to obtain them. Through the coiirtesy of State officers, returns of State banks, savings banks, and trust
and loan companies have, during the past year, be<^n received from
twenty-five States. Many of the States and Territories, including West
Virginia, North Garolina, Alabania, Arkans.as, Tennessee, Illinois, Oregon, and Dakota, do not require periodical returns of the condition of
the different classes of banks organized uuder their laws.
From these returns the following abstract has been compiled, showing the resources aud liabilities of State bauks and trust coinpanies for
the last five years, the nuniber reporting iu 1881 being 683; in 1882,704;
in 1883, 788; in 1884, 852; and in 1885, 1,015:
1881.
1882.
1883.
188^.
1885.
683 b a n k s .
704 b a n k s .
788 banlcs.
852 b a n k s .
1,015 bank.s.
$352, 725, 986
1, 407, 695
27, 680, 025
42, 330, 957
54i 662, 829
21, 396, 772
11,941,741
1, 136,427
16,900,762
17, 925, 628
27, 391, 317
$404, 574, 420
1, 373,116
25, 673, 984
45, 658, 783
57,973,718
19. 915, 682
13, 685, 205
1,193,345
18,546,073
17, 902, 760
27, 322, 912
$462, 380, 585
1, 493, 636
22, 725, 596
52, 405, 724
68, 270, 664
20,160, .547
14,190,044
1,131,.586
35, 206, 862
18.255,300
28, 259, 069
$489,067,519 $489, 423,169
1, 630, 474
1, 485, 917
25, 708, 789
28,371,206
59, 331, 877
62, 395, 059
65, ,354,146
82,521,390
21,211,182
24, 632, 603
10,513,813
14, 814,765
1,235,079
1,432 935
28,308,216
26, 067, 594
25, 92P, 757
31,25,5,789
32, 659, 605
39, 5,52, 017
575,500,139
633, 819, 998
724,479,613
760, 949. 457 801,9.52,444
Capitnl stock
Cir< Illation
S u r p l u s fund
Undivided piofits
Dividends unpaid
Deposits
D u e to banks
O t h e r liabilities
112,111,325
274, 941
27, 857, 976
12, 237, 320
576.413
373, 032, 632
19,105, 664
30, 303, 868
113,361,931
286, 391
31, .504, 352
14, 758.438
,577,419
426, 677, 092
18, 409, 351
28, 245, 024
125, 233, 036
187,978
34, 575, 461
18,076,610
465,011
500, 374, 217
20,918,936
24, 648, 364
133, 958, 951 151,686,840
98,129
177. 554
41, 67.5, 486 41,365,5.59
22, 337. 961 20, 082, 736
513,177
499, 017
514,111.591 .532, 725, 289
27. 886, 996 30,148, 346
20, 301, 901 25, 332, 368
Totals
575, 500,139
633, 819, 998
724, 479, 613
760, 949, 457 801, 952, 444
RESOURCES.
Loans and discounts
Overdrafts
United States bonds
Other stocks, bonds, &c
Due from banks
Real estate
Other assets.
Expenses
,
Cash items
Specie
Legal tenders, bank notes, &c..
Totals
LIABILITIES.
The foregoing table was prepared from all the New England States
except Maine, fro-m four Middle States, not including Delaware, and
from all the Western States, excepting Illinois aud Nebraska. The only
Southern States from which reports have been received.were Virginia,
152.
REPORT ON T H E
FINANCES.
South Carolina,'Georgia, Elorida, Louisiana, Kentucky, and Missouri,
The Duly Pacific States were California and Colorado. There are no
State banks iu Maine, but 1 in New Hampshire, 7 in Vermont, and none
in Massachusetts. There are, however, 6 trust and loan companies in
the latter State, 1 in Ehode Island, and 6 in Connecticut.
SAVINGS BANKS.
Thefollowing table exhibits theaggregate resources and liabilities of
the 629 savings banks in 1881 and 1882, 630 iu 1883, 636 in 1884, and
646 in 1885:
1881.
629 banks.
629 banks.
1883.
1884.
1885.
630 banks.
636 banks.
646 banks.
KESOURCES.
Loans on real estate
,
$307, 096,158
Loans on personal and collateral
95,817,641
security
United States bonds
210, 845, 514
o
State, municipal, and other bonds
1,59, 819, 942
and stocks
27, 069, 048
Kailroad bonds and stocks
33, 249, 2('3
Bank stock
41, 987, 674
Keal estate '.
37,4u8,163
Other assets
135, 572
Expenses
40,
603, 641
Due from banks
Cash
, 13,758,106
Totals
$307, 089, 227 $328,107, 858 $358, 636, 040 $389, 953, 928
128, 483. 698
237, 786, 442
155,874. ,522
219, 017, 313
141, 457, 111
196, 226, 202
133,716,902
191, 980, 698
206, 291. 274
32, 994; 578
35, 365, 717
39, 882, 429
11,047,346
132, 204
38, 977, 135
14, 932, 015
190,629,915
41, 695,701
36, .587,817
37,224,601
53, 235, 771
144,223
43,184,629
12, 998, 594
222,218,006
50, 994, 579
37, 929, 754
34, 467, 276
69,166,584
156, 944
52,3.58,971
14,079,452
228, 993, 250
• 59, 585, 48J>
38. 460, 603
32,174,810
68, 445, 304
166,636
46,125.014
13, 423, 064
967, 790, 662 1, 052, 982, 0651,118,790,944 1,177, 740, 919 1, 203, 025, 698
LIABILITIES.
Deposits
Surplus fuud
Undivided profits
Other liabilities
Totals....
891, 961,142
60, 289, 905
10, 325, 800
5,213,815
966, 797, 081 1, 024, 856, 7871, 073, 294, 9551, 095,172,147
8% 395, 717
88, 647, 315
69, 454, 512
72, 784,1,55
16, 904, 753
13. Iu6, 3 5 9
11,136, 219
15, 738, 223
,5,145, 494
6, 099, 877
5, 594, 253
5, 411, 779
967, 790, 662 11, 052, 982, 0651, 118, 790, 9441,177, 740, 919 1, 203, 025, 698
The foregoing table includes the returns from six New England
States; from four Middle States, not inclnding Delaware; from the
States of Ohio, Indiaua, Minnesota, California, and the Disrict of
Colurabia
The aggregate of loaus iu the New England States is $297,220,022 and
of deposits $492,373,407. In the Middle States the aggregate of loaus
is $172,779,215 and of deposits $525,151,161. Some of the largest
savings banks iu the city of Philadelphia organized under old charters
are not required to make reports to any State officer. Eeturns directly
received from four of these banks, having deposits amouuting to
$35,362,660, are included iu the returns from the State of Pennsylvania*
The savings-banks deposits, giveu in the foregoing table for 1885, based
upon reports made to the State authorities, are $1,095,172,147, and the
deposits of the State banks and trust companies are $532,725,289.
These returns do not include bauk deposits. The deposits of the
national banks on October 1, 1885, exclusive of those due to banks,
were $1,102,354,658.
No just coraparison of the deposits of national banks with those of
savings banks. State bauks and trust corapanies can be made, owing to
the fact that the reports of many of the latter classes of banks were
made to the State authorities at various dates in 1884 and 1885.
COMPTROLLER QF THE CURRENCY.
-^
153
The total population of New England, according to the census of 1880,
was 4,010,529, and the nuraber of oiien deposit accouuts ofthe savings
blanks in t h e y e a r 1885 is 1,460,185, which is equal to about 36.4 accounts to each one huudred of the entire population. The average
araountof each account is $337.21, or au average of $122.77 per capita.
The deposirs of the savings banks in the State of New York were
$437,107,501, and the population was 5,082,871, showing an average ot
about $S6 per capita.
Tables showingthe aggregate resources and liabilities of State banks,
trust corapanies, and savings banks in each State from which returns
have been received from the State authorities appear in the Appendix,
A table is also there given showing by States the number of savings
banks, depositors, and the average amouut dueto each in 1884 and 1885.
Since November 30, 1882, the Comptroller has been entirely dependent
for this information upon returns from the officers of the different States,
and where the law requires such returns to be made, they are as a
rule Iiromptly and courteously forwarded to this office at his request.
PKIVATE BANKERS.
The first official information relating to the private bankers o f t h e
country published by this office w^as contained in a table in the Comptroller's report for 1880, and the last information obtained in reference to
them was for the semi-annual period ending November 30,1882. A table
will be found in the Appendix giving information for this and previous
years.
APPENDIX.*
Tables will be found in the Appendix exhibiting the reserve of the
national banks, as shown by their reports, from October 1, 1878, to
October 1, 1885; the reserve by States and principal cities for October 1, 1885, and in the States and Territories, in New York City, and
in other reserve cities, separately, at three dates in each year from 1881
to 1885.
Special attention is called to the synopsis of judicial decisions contained in the Appendix, to the numerous aud carefully prepared tables
in both Eeport and Apiiendix, and to the index of subjects and list
of tables to be found on page 247. At the end of the full volume, of
nearly 1,200 pages, is an alphabetical list of the cities and villages in
whicli the national bauks are situated.
The Comptroller, in concluding this report, desires to gratefully acknowledge the industry and efficiency of the officers and clerks associated with him in the discharge of official duties, many of whom, in
addition to attending to their regular duties, have been compelled,
owing to the growth of the national banking system and the extension
of the corporate existence of national associations, to perform a large
amount of extra work, without regard to office hours.
HENEY W. CANNON,
Comptroller of the Gurrency,
To
THE H O N O R A B L E
T H E SPEAKER, OF T H E H O U S E OF E E P R E S E N T A T I V E S .
* The appendix, vvhich is omitted for want of space, will he found in the hound
volumes of the Comptroller's report.
IIEPORT OF THE DIRECTOR OF THE MINT.
15S
REPORT
OF
THE DIRECTOR OF THE MINT.
TREASURY DEPARTMENT,
B U R E A U OF T H E M I N T , Washington.^ B. G,^ .Octoher 9, 1885.
Hon. D A N I E L MANNING-,'
^ '
Secretary of the Treasury:
SIR:'Although entering upon my duties as Director of the Mint at
the beginning ofthe present fiscal year, I am able with the efficient aid
of the experienced officers of this Bureau, to present to you as required by Section 345 of the Eevised Statutes, a report of the operations
of all the mints and assay offices of the United States for the fiscal year
ending June 30, 1885. This I now have the honor to do.
D E P O S I T S AND PURCHASES OF BULLION AT MINTS AND ASSAY OFFICES.
The value of the gold deposited at the mints and assay offices during
the fiscalyear ended June 30,1885, amounted to $52,894,075.09, of which
$31,584,436.64 consisted of domestic bullion; $325,210.97 of U. S. coin ;
$1,869,363.26 of jewelers' bars, old plate, &c., $11,221,846.45 of foreign
bullion, and $7,893,217.77 of foreign coin.
In addition to the above amount the value of the gold in the flne and
unparted bars prepared at the mints and assay offices aud re-deposited
during the year amounted to $3,854,677.51. Thus the total value of the
gold deposited duriug the year was $56,748,752.60. The total amount
deposited during the previous fiscal year, exclusive of redeposits, was
$46,326,678.66. Thus, the deposits of gold, less re-deposits, exceeded
by $6,567,396.43 the same for the fiscal year 1884.
The value of the silver deposited for bars and purchased for coinage, computed at its coining rate in standard silver dollars, was
$36,789,774.92, of which $32,250,044.94 was of domestic production;
$877,564.58 consisted of XJ. S. coin remelted; $435,692.19 of jewelers?
bars, old plate, &c.; $2,104,396.35 of foreign bullion, and $1,122,076.86
of foreign coin. In addition to this amount, the coining value of the
fine and unparted bars mauufactured at the mints^and assay offices
and redeposited during the year amounted to $1,292,447.95. Hence the
157
158
REPORT
ON T H E FINANCES.
total value ofthe silver received at the mints and assay offices during
the year was $38,082,222.87.
The total value of silver, less re-deposits, purchased and deposited
during the previous year was $36,520,290.36. This was about the same
as for the fiscal year just closed, the difference being only $269,484.56.
The total coining value of the gold and silver deposited and purchased
at the mints, exclusive of redeposits was $89,683,850.01, aud, including
redeposits, $94,830,975.47 agaiust $87,955,153.92 in the previous year.
The decline in the production of gold on the Pacific Goast, is shown
by, the contiuued falling oft'in the deposits at the Mint at San Francisco.
The following table exhibiting the deposits of gold bullion at that mint
for a series of years together with their yearly diminution, shows the
decrease in production to have been in the last four years $8,072,438.07.
Fiscal years.
] 881
.
-
1882
1883
1884
.
1885
Total decline
.
.
Deposits.
; . . . $28, 846, 898 04
27, 724, 391 09
Decline yearly.
$1,122, 506 95
26,499, 222 38
1, 225,168 71
23, 417, 948 16
3, 081, 274 22
20,774 459 97
2, 643, 488 19
8, 072, 438 07
IMPORTS AND EXPORTS OF a O L D AND SILVER COIN AND BULLION.
The value of the gold and silver coin and bullion imported into, and
exported frora, the United States is obtained by the Collectors of Gustoms from manifests, or bills of lading, aud reported to the Bureau of
Statistics uuder proper classification showing the actual movement of
coin and bullion. The actual external commerce in coin and bullion is
thus shown so far as a matter of entry in the custom houses.
The total manifested imports of gold bullion to the United States at
all the ports was $8,849,237, all of which, with the exception of about
$1,000,000, was imported at the port of New York. The deposits and
purchasesof gold bullion classified as foreign at the mints and assay
offices was $11,221,846.45. It thus appears that over $2,000,000 worth
of gold bul lion has reached this country which was not reported at the
custom-houses.
^
The imports of silver bullion amounted to $4,530,384. The amount
reported as deposited at the miuts was $2,104,396.35. The imports of
gold coin amounted to $17,842,459, of which $3,352,090 consisted of our
own coin, and $14,490,369 of foreign coin. The imports of silver coin
were $12,020,243, of which $673,926 were our own coin.
The exports of gold bullion amounted to only $395,750, of which
$307,772 was U. S. bars. Of silver bullion the very large sum of $20,422,924 w^as exported, all of which, except about $1,500,000, consisted
of' bullion other than bars bearing the United States stamp. Of the
DIRECTOR
OF
THE
MINT.
159
product of silver of this country about $19,000,000 worth found itway abroad by export. Of foreign silver bullion there was exported
$58,407.
The exports of American gold cpin amounted to $2,345,809, and of
foreign gold coin to $5,736,333, a total of $8,082,142. The exports of
American silver coin amounted to $1,211,627 ($1,073,150 of which consisted of trade dollars); and $12,060,612 of foreign silver coin. Nearly
$10,000,000 of the foreign silver coin exported was from tbe port of San
Fraucisco.
Silver is believed to pass the Mexican frontier without being entered a t
the custom houses, as well as gold from the Dominion of Ganada, including British Golumbia, to an extent from both sources which may be be- ^
lieved to go far toward explaining the excess of deposits of foreign coin
and bullion at the mints and assay offices over the aggregate amount
returned by the custom houses. This conjecture is borne out by the
fact that the Dominion of Ganada is without mints and assay,offices or
other facilities, so far as I am aware, for the conversion of bulliou into
coin. Inquiries have, however, been set on foot, which,it is hoped, will
lead to some accurate information on this subject. Eeports are now forwarded monthly to this Bureau from the collectors of custoras at the
southjcrn ports, sbowing the imports of bullion and coin from Mexico
and South American countries.
'
COINAGE AT T H E MINTS.
The coinage of gold executed at the mintjt^ of the United States during the year was $24,861,123.50; ofsilver, $28,848,959.65, and of minor
coins, $527,556.80: a total of $54,237,639.95.
Notwithstanding the increase in the amount of gold deposited at the
mints and assay offices during the year, the coinage was some $3,000,000 less than iu the previous 3^ear. This was occasioned by a continued falling oH'in the deposits at the Miut at San Francisco, amouuting for
tbe year to over $2,500,000, and by.the fact that the Mint at Philadelphia,
at which the coinage of gold received at the eastern institutions is executed, was engaged principally on silver and minor coins.
The nuniber of pieces and standard value of the coinage executed
were as follows:
Description.
Gold
Silvey
Minor Coins .
Total..
Pieces.
1, 748,158
.31, 699, 096
24, 610, 760
58,058,014
Value.
$24,861,123 50
28, 848, 959 65
527, 556 80
54, 237, 639 95
, Of the gold coinage, $20,048^500 were in Double Eagles; $2,246,890 in
Eagles; $2,545,900 in Half-Eagles; $5,670 in $3 gold pieces; $6,982.50
in Q,uarter-Eagles, and 7,181 in dollars.
160
REPORT ON T H E
FINANCES.
Of the silver coinage, $28,528,552 consisted of standard silver dollars,
$2,557.50 of half dollars, $2,178.75 of quarter dollars, aud $315,671.40
of dimes. The subsidiary silver coinage, with the exception of some
$8,000, was executed at the Mint at Philadelphia. Of the minor coinage were struck 7,033,820 of five-cent nickel pieces, 4,820 of three-cent
nickel pieces, and 17,572,120 of bronze cents. Silver half-dimes as
well as silver three-cent pieces, the coiuage of which was not provided
for by the coinage act of 1873, have not since been coined.
MANUFACTURE OF OOLD AND SILVER BARS.
In addition to the coinage executed, gold bars of the value of
$32,027,463.02 and silver bars of the value of $9,549,313.37, a total of
$41,576,776.39 were manufactured at the mints and assay offices.
The production of bars exceeded by $10,000^000, the value of those
produced in the previous year, the increase in gold being principally at
New York iu fine and sterling bars for export, and in silver at San
Fxancisco.
EXCHANGE OF GOLD BARS FOR GOLD COIN.
In the Appendix will be found a statement showing by months the
value of the gold bars exchanged for gold coin at the Mint at Philadelphia and at the Assay Office at New York. The total value of bars exchanged was $2,065,021.78.
This is a very large decline from tlie previous year, Avhen bars of the
value of $25,800,799.86 were exchanged, mostly at the Assay Office at
New York. The reason of thedecline was the falling off in the demand
for gold bars for export.
REFINING (by acids).
The total nuniber of ounces of bullion sent to the acid-refineries of the
mints and of the Assay Office at New York during the year was
10,332,127, from which the precious metals were separated aud refined,
yielding a net value of gold, $25,738,657, and of silver $11,311,392—or
a total of $37,050,049, against $38,685,075 iu the preceding year.
M i n t or A s s a y
Oftice.
Gross
ounces.
Gold.
Standard
ounces.
Value.
Silver.
Standard
ounces.
Value.
Totalvalue.
Philadelpbia. -
288, 747
153, 390
$2, 853, 766
453, 919
$528,196
$3, 381, 962
San Francisco
3, 311, 227
430, 590
8, 010, 976
3, 298, 523
3, 838, 279
11, 849, 255
885, 224
67,189
1, 250, 027
869, 702
1, 012, 016
2, 262, 043
2,354
576
10,716
1,583
1,842
12, 558
5, 844, 575
731, 708
13,613,172
5, 097, 006
.5,931,059
19, 544, 231
10, 332,127
, 383, 453
25,738, 657
9, 720, 733
11,311,392
37, 050, 049
Carson
!N"e\v O r l e a n s . .
IsTe-w T o r k
Total ...
COINAGE AND MEDAL DIES MANUFACTURED.
The coinage dies used in all of the coinage mints as well as the dies
for all medals and pattern pieces struck at the miut are prepared iu the
Engraving Department of the Mint at Philadelphia.
DIRECTOR OF T H E
161
MINT.
The total number of coinage dies mauufactured during the year was
920, and of medal dies, including reproductions, 20.
The number of medals struck at the Mint at Philadelphia during the
year was 2,807, of which 175 were of gold, 845 of silver and 1^787 of
bronze.
During the same period 2,777 medals were sold of the value of
$8,065.56, and 3,057 proof-sets of the value of $3,801.72. No patternpieces were struck for sale during the year.
No coinage has been executed for foreign governments.
The expeuses of the Engraving Department of the Mint at Philadelphia for the fiscal year were a,s follows:
Salary of Engraver
,
Wages of Assistants and workmen
Contingent ancl incidental expenses
$3, 000. 00
10,265. 75
688.95
Total
$13,954.70
Down to the beginning of the present fiscal year the cost of engraving and of dies for the several mints has been paid out of >J:he appropriations of the Miut at Philadelphia.
I have deemed it advisable to charge the cost of dies furnished by
this mint to the other coiuage mints since the beginniug of the present >
fiscal year (1885-6) to the institutions ordering them, this cost being
properly an item of expenditure chargeable to the coining departments
of the other institutions, which are without engraving departments of
their own.
SILVER PURCHASES.
On the 1st of July, 1834, the amount of silver bullion on hand at the
mints available for the coinage of silver dollars was 4,077,186.16 standard ounces, costing $4,093,604.29. There were delivered during the year
upon purchases 24,212,412.90 standard ounces, costing $23,747,460.25,
at the several mints, as shown iu the following table:
Mints.
Philadelphia..
San Francisco
Carson City...
IN^ew Orleans ..
Total
Standard ounces.
Cost.
12, 698, 533. 42
1, 877, 521. 39
921,252.84
8, 715,105. 25
$12, 463, 773 50
1,838,282 17
896, 232 63
8, 549,171 95
24, 212, 412. 90
23, 747, 460 25
The silver parted from gold deposits and received in payment of
charges and bar-fractions at the coinage mints during the year is included in the amount purchased for the dollar coiuage.
^
The silver parted from gold deposits at the Assay Office at New York
during the year and purchased uuder Section 3520 E. S. was 122,693.30
standard ounces at a cost of $122,555.72. This is not included in the
statement of purchases for the coinage of the standard dollar.
2673 F — 1 1
162
REPQRT ON THE FINANCES.
In addition, there wasa'eceived in payment of charges for silver deposits at that office during the year 74,726.85 standard ounces, costing
$74,726.85: making a total of 197,420.15 ounces, costing $197,082.57.
This is not iucluded in the statement of purchases for the coinage of
the standard dollar.
The average price paid for silver purchased duriug the year was
$1.08977 + per ounce hne, equal to $0.98079-f per ounce standard.
The rate of issue of silver dollars being $1.16^^^ per ounce standard,
the seignorage to the Governraent was over 18 percent.
The average London price during the year fbr silver .925 fine (British standard) was 49.843 pence, equivalent at the par of exchange to
$1.09261 + per fine ounce, or $0.993403 per ounce .900 hue. The average price at New York during the year was $1.09117 per onnce fine.
There were consumed during the year in tiie coinage of 28,526,715
standard dollars 24,515,145.70 standard ounces, costing $24,171,436.16;
and there were wasted by the operative officers in their operations and
sold in sweeps 40,572.12 standard ouuces, costing $40,009.44.
It will be seen that the amount of silver purchased and delivered at
the miuts during the year fell short by $252,539.75 of tw^o raillion dollars' worth per month. The shortage arose frora the fact that of bullion contracted for in June, 498,325.89 tine ouuces, or 553,695'.43 standard ounces, costing $534,597.05, were not delivered until July. Had the
entire araount contracted for in June been delivered within that month,
the average monthly purchases and deliveries would have been
2,063,842.36 standaixl ounces, at a cost of $2,023,504.77.
SUBSIDIARY SILVER COINAGE,
There was a balance of silver bullion available for the coinage of subsidiary silver ou hand July 1, 1884, at the Mint at Philadelphia, of
40,048.33 standard ounces, costing $44,493.23.
There were transferred to the Mint at Philadelphia, in silver bullion,
frora the Assay Otfice at New York during the year 63,562.83 standard
ounces, costing $73,964.02; and frora the Treasury of the Uuited States,
uncurrent silver coins containingl83,905.83 standard ounces, of a value
of $228,682.60 in subsidiary silver.
There were transferred from the Treasury to the Mint at San Francisco during the year uncurrent silver coins containing 8,733.47 ounces,
the coining vIlue of which iu subsidiary silver was $10,865.91.
Thus the total amountof bulliou available for this purpose during the
year was 296,250.46 ounces at a value of $358,005.76. Of this amount
there were consumed in coinage 259,106.31 standard ounces, costing
$312,047.08: leaving a balance on hand of 37,144.15 standard ounces,
costing $45,958.68.
In the uncurrent silver coins transferred were 1,850 silver dollars,
which were recoined into 1,837 pieces of like denomination.
DIRECTOR OF THE MINT.
. 165
The bullion transferred frora the Assay Office at New York was a part
of that which had accumulated some years ago from silver parted i:rom
gold, and received in payment of charges at the rate of $1.16^^^ P^''
standard ounce. At this rate it was transferred.
SEIGNORAGE ON SILVER COINAGE.
Arising from seignorage on silver coinage, there were in the coinage
mints at the close of the fiscal year moneys amounting to $1,177,444.70,
kuown as the Silver Profit Fund, which had not been deposited in the
Treasury.
The seignorage on the coinage of silver dollars during the hscal year
was $4,355,278.84, aud on subsidiary silver coined at Pliladelphia
$10,197.61--a total for the year of $4,365,476.45. Of this amount, the
sum of $67,554.71 was paid for expenses incurred in the distribution of
the coin, ($63,064.25 being paid the express companies, and $4,354.56
for bags, bagging, &c., aud $135.90 for telegraphing).
The sum of $20,879.38 trom the same fund was used to reimburse the
loss arising from the silver wastage of the operative departments, and
the loss on the sale ofsilver in sweeps duriog the year, corresponding
to the deticieiicy between their assay value and the amount realized
frora their sale.
The sum of $5,329,120.99 wascoveredinto the Treasury of theUnited
States, leaving a balance at the coinage raints on June 30, 1885, of
$725,366.07.
The distribution of this balance at the close of the fiscal year among
the coinage niints was as follow^:
Philadelphia
San Francisco
Carsou City
New Orleans
Total
.
'....:
, .|-<i30, 823
25, 587
31, 045
: . . . . ; 437,910
17
22
56
12
725,366 07
The above statenient as approved by this Bureau was verified by
actual count by representatives from the Department. Of the above
balance, the portion at Philadelphia aud at New Orleans has since been
covered iuto the Treasury. The araount at Oarson and San Francisco
has beeu retained in oi'der to raeet the expense of distributing the stock
of silver dollars now stored at those mints.
As shown by preceding reports of the Director of the Mint as well as
by the accounts of the coinage mints on file in the Office of the Eegister
of the Treasury, the seignorage on silver on hand at the coiuage mints
on 1st July, 1878—the beginning of the fiscal year following the passage of the ^'Act authorizing the coinage of the standard silver dollar,''
amounted to $424,725.47. The seignorage since that date up to June 30
1885, on the coinage ofsilver has amounted to $25,338,389.97. Adding
164
REPORT ON THE
FINANCES.
the sum of $9,237.54, refunded by Adams Express Company for overcharges, and $4,560.30, surplus bullion and adjustment of silver values
carried to the credit of the " Silver Profit Fund," makes a total of silver
profits to be accounted for of $25,776,913.28.
Of this ainount $483,778.23 has been paid, as provided by law, for
expenses connected with the distribution of these coins exclusively, and
$170,950.15 used to reiraburse wastages aud losses on the sale of sweeps
incurred iu connection with the coinage of the silver dollar. The uet
profits for the seven years, including the balance iu the raints on 1st
July, 1878, thus aggregate $25,122,184.90.
Of this amount $24,396,818.83 was covered into the Treasury of the
United States prior to the close of the last fiscal year, aud the balauce,
$725,366.07, was in the coinage mints at the latter date. Of this latter
amount $668,733.29, being the balance, as stated above, at the mints at
Philadelphia and at New Orleans, has since beeu deposited in the
Treasury.
DISTRIBUTION OF SILVER DOLLARS.
The accompanying stateraent exhibits in detail the distribution under Section 3527 E. S., ofthe silver dollars ou hand at the raints on the
first of July, 1884, and those coined during the fiscalyear.
It will be seeu that duriug the 12 raonths euded June 30, 1885, there
were transferred to the Treasury and paid out at the mints 20,373,625
silver dollars.
AMOUNT OF SILVER DOLLARS REPORTED BY THE COINAGE MINTS
ON HAND JUNE 30, 1884, COINED DURING THE YEAR, AND ON HAND
AT THE CLOSE OF THE FISCAL YEAR ENDED JUNE 30, 1885.
Philadelphia.
Period.
On hand June 30,1884
Coinage fiscal year 1885
Total
,
San Francisco.
Carson.
New
Orleans.
Total.
$7, 453, 512$32, 645, 500 j $2, 721, 284 $11, 280, 638 $54,100, 934
14,717,552
2,900,000
776,000 10,135,000 *28, 528. 552
22,171, 064 35, 545, 500
3, 497, 284 i 21, 415, €
82, 629, 486
32, 029, 467
3,170, 308 I 16, 221, S
62, 255, 861
Iu mints June 30,1885
10,834,087
Tlausferred and distributed'
11, 336, 977 3, 516, 033 I
326, 976 I 5,193, 639
20, 373, 625
* Includes 1837 recoined.
CIRCULATION OF SILVER DOLLARS.
From the accompanying statement it appears that the number of
silver 'dollars in circuiatiou increased from $39,794,913 July 1, 1884,
to $45,275,710 October 1, 1885, while the amo'unt in the Treasury increased during the same period from $135,560,916 to $165,483,721,.
DIEECTOE
OF T H E
165
MINT.
COMPARATIVE STATEMENT OP T H E COINAGE, MOVEMENT, AND
CIRCULATION OF STANDARD SILVER DOLLARS AT T H E END OF
EACH SIX MONTHS, FROM JULY 1, 1884, TO JULY 1, 1885, AND FOR
T H E T H R E E MONTHS ENDING OCTOBER 1, 1885.
In the Treasury.
i
Period,
j
J u l y 1, 1884
1
J a n u a r y 1,1885
1
1
Total
coinage.
i
j
H e l d for
p a y m e n t of
certificates
'
outstand1
i^g.
I n circulation.
j
1
H e l d in e x c e s s
of certificates
outstanding.
Total.
$39,133,905
$135, 560, 916
$39,794,913
|
31, 636, 954
140, 502, 865,
43,059,129
1
$175, 355, 829 i $96, 427, Oil
189, 561, 994 |
114, 865, 911
J u l y l , 1885
*203,884,381 i
101,530,946
63, 882,166
165, 413,112
38,471,269
|
O c t o b e r 1,1885
*210, 759, 431 1
93,656,716
71, 827, 005
165, 483, 721
45,275,710
1
^ Includes 1837 recoined.
A P P R O P R I A T I O N S , EARNINGS, AND E X P E N D I T U R E S .
The amount specially appropriated for the support of the mints and
assay offices of the United States for the service of the year 1885 was
$1,194,610.00, of which $1,104,659.07 was expended. In addition, there
was expended from the general appropriation for the coinage of the
standard silver dollar* $157,860.22, as follows, namely : At the mints,
$156,942.22, and at theDepartment for daily quotations by telegraph of
the price of silver at Londou, the sum of $918.
The total expenditure for the entire mint service was $1,262,519.29.
The following table exhibits the appropriations aud amouut expended
at each institntion.
r
APPROPRIATIONS, 1885.
Institution.
Salaries.
Wages.
Coinage of
the standard silver
act
[Contingent. dollar,
of Fehrua r y 28,
1878 (in- !
definite).
Total.
COINAGE MINTS,
Philadelphia
San Francisco
Carson
l^^ew Orleans
$41, 550 00$293, 000 00 $100, 000 00
41, 900 00 242, 000 00 70, 000 00
$434, 550 00
353, 900 00
29, 550 00
54,DOO 00
25, 000 00
108, 550 00
31, 950 00
74, 000 00
35, 000 00
140, 950 00
6, 000 00
30, 950 00
ASSAY O F F I C E S .
Denver
New York
Helena
Bois6
Charlotte
Saint Louis
Total
" 10, 950 00 14, 000 00
39, 250 00
25, 000 00
7,950 00
12, 500 00
10,000 00
9, 500 00
74, 250 00
29, 950 00
3, 000 00
5, 460 00
8,460 00
2,750 00
2, 000 00
4, 750 00
3, 500 00
4, 800 00
8, 300 00
212, 350 00 714, 500 00 267, 760 00
1,194, 610 00
*In he act autliorizing the coinage of the standard silver doUar, approved February 28,1878.
166
REPORT ON T H E
FINANCES.
EXPENDITURES, 1885.
Institution.
I C o i n a g e of
I tahr de ss ti al vnedrI
C o n t i n g e n t . ' dollar, a c t
of F e b r u a r y 2 8,
1 8 7 8 (indefinite).
Wages.
Salaries.
Total.
COINAGE MINTS,
Philadelphia
$40, 673 91 $287,930 81
$94, 820 75 $112, 846 46
27, 500 05 '
744 00
$536,271 93
San F r a n c i s c o
41, 900 00
216, 979 75
Carson
29, 268 49
54, 000 00
N e w Orleans
31, 946 57
73, 997 30
Denver
10,715- 02
12, 438 75
5, 091 58
28, 245 35
New York
39, 250 00
23, 365 00
9,074 26
71, 689 26
Helena
7, 950 00
12,413 75
9, 276 06
29, 639 81
Boi86
2,758 28
5, 460 00
8, 218 28
Charlotte
2, 750 00
1, 288 45
4, 038 45
Saint Louis
3,500 00
3, 000 01
Total
210, 712 27
22, 377 51 ,
659 90
34,932 77 I 42,691 86
I
287,123 80
106, 305 90
183, 568 50
ASSAY OFFICES.
681,125 36
6, 500 01
212, 821 44 156, 942 22
1,261,601^9
The annual statemeut showiug the earnings from all sources, and the
expenditures and losses during the year, will be found in the appendix.
The total araount earned was $5,147,218.16. Of the earnings, $4,355,278.84 consisted of seignorage on silver dollars; $10,197.61 on subsidiary
sih-er and $452,351.40 on rainor coins.
The total of expenses and losses of all kinds was $1,585,256.77.
The appropriations for the current fiscal year araount to $1,169,350,
distributed araong the various institutions as follov^s :
Institution.^.
Salaries.
Wages.
Contingent
expeuses.
Total.
$41, 550 00
$293, 000 00
$100, 000 00
$434, 550 00
41, 900 00
235, 000 00
50, 000 00
326, 900 00
31, 950 00
74, 000 00
35, 000 00
140,950 00
29, 550 00
60, 000 00
25, 000 00
114, 550 00
M i n t a t D e n ver
10, 950 00
14, 000 00
6,000 00
30, 950 00
A s.^ay Ofil ce a t N e w Y o r k
39, 250 00
25, 000 00
10, 000 00
74, 250 00
A s s a y Oftice a t Helenfi .
7, 950 00
12, 000 00
8, 000 00
27, 950 00
A s s a y Oftice a t Bois6 C i t y
3, 000 00
*5, 000 00
8, 000 00
A s s a y Oftice a t C h a i l o t t e
2, 750 00
*2,000 00
4, 750 00
A s s a y Oflice a t S a i n t L o u i s
3, 500 00
*3, 000 00
6, 500 00
244, 000 00
1,169, 350 00
Mint at Philadelphia
M i n t a t San F r a n c i s c o
M i n t at N e w Orleans
Total
....
212, 350 00
713, 000 00
* I n c l u d i u g labor.
DIRECTOR
EARNINGS
AND E X P E N S E S
OF T H E
167
MINT.
OF R E F I N E R I E S
OF T H E COINA'^E MINTS
AND ASSAY OFFICE AT NEW
YORK.
The charges collected from depositors for parting, refining and toughening bullion at the coinage mints and the Assay Office at New York
during the fiscal year amounted to $236,505.59.
The amouut expended in these operations from the above charges, as
provided by law, amounted to $211,915.82, being a net surplus for the
year of refinery earnings over expenditures of $24,589.77.
The following statement exhibits the amount collected and expended
at each of the several institutions for this purpose:
Institutions.
Mint at Philadelphia
Miut at San Francisco —
Mint at Carson
Mint at New Orleans
Assay Oflice at New York
Total
Charges collected.
Expenditures.
$12,188 02
94, 909 23
19, 047 75
694 89
109, 665 70
$8, 250 97
100,104 48
19,537 09
236, 505 59
211,915 82
84, 023 28
The surplus in the Treasury at the close of the fiscal year, 1885, of
. charges collected for these operations over expenditures duriug the
period of nine years from 1st July, 1876, to June 30th, 1885, was
$170,817.55,. The actual excess, however, of the charges collected
during this period over expeuditures was on June 30,1885, $207,074.60—
the difference between this sum and the amount to the credit pf the
appropriation having only subsequently^ been covered into theTreasury.
COST OF COINAGE AT T H E MINTS.
In the Appendix will be found tables showing the coiuage executed at
each of the mints during the fiscal .years 1884 and 1885, with the total
cost for labor and materials, giving the average cost per piece. In arriving at the cost per piece of the coinage of the Mint at Philadelphia,
there have beeu deducted from the uumber ot pieces coined 40,571,962
bronze cents struck in 1884 at au estimated cost of $20,000, and 17,571,670
struck in 1885 at a cost of some $15,000 (which is about the estiraate of
the Superintendent of the Mint at Philadelphia) for the reason that the
planchets for this coinage are purchased. The cost of coinage therefore
is principally the cose of striking.
From these tables, it appears that the cost of coining each piece
above the denomination of one cent at the Mint at Philadelphiai* was, for
the year 1884, 1.30 cents, ahd for 1885,1.89 cents. At the Mint at San
Erancisco the cost for 1884 was 4.37 eents and for 1885, 5.80 cents ; at
the Mint at New Orleans, for 1884, 1.55 cents, .and fbr 1885,1.49 cents;
and at the Mint at Oarson, for 1884, 7.28 cents, and for 1885, 9.13 cents.
168
REPORT ON THE FINANCES.
I t is proper to state, however, that the coinage executed at the Mint at
Philadelphia included over 15,000,000 five and three-cent nickel pieces'
in 1884, and over 7,000,000 in 1885, the cost of coiniug which is considerably less than that of executing gold and silver pieces.
R E V I E W OF THE OPERATIONS OF THE MINTS AND ASSAY OFFICES.
MINT AT PHILADELPHIA.
The deposits and purchases of gold aud silver at the Mint at Philadelphia amounted during the year to $18,101,424.04, being an increase of
$1,300,000 over the previous year.
The coinage executed consisted of 42;864,328 pieces of the face value
of $18,509,280.25. The number of pieces fell off considerably from the
previous year owing to the reduced demand for minor coins. The
gold coinage was nearly the same and the silver dollar coinage about
1,500,000 more.
The Coiuer of the Mint at Philadelphia was changed February 1st, hy
resignation of Mr. O. C. Bosbyshell, and by the promotion of Mr. William S. Steel, Assistaut Coiuer, to succeed him.
The araount of gold operated upon by the Coiner from 1st July, 1884,
to 31st January, 1885, was 8,880.322 ouuces of gold, with a wastage of
.002 of a standard ounce.
The silver operated upon during the same period was 16,330,992.87
ounces, with a wastage of 2,148.83.
From February 1st to June 30th the amount of bullion operated on by
the Coiner was 442,244.200 standard ounces of gold, with a wastage of
2.729 ouuces; and 11,761,553.85 standard ouncesof silver bullion, with
a wastage of 940.43 ounces.
The Melter and Eefiner had received during the year 646,626.931
standard ounces of gold bullion, with a wastage of 7.885 ounces; .and
28,936,069.91 standard ouuces uf silver bulliou, with an apparent wastage of 3,541.93 ounces. It appears, however, that on January 3,1885^
silver bars numbered 7087, 7093, and 7113, containing 1,980.12 ouucea
of silver, not having been melted, were missed by the Melter and Eefiner, and the loss communicated by letter, ou the uext working day,
to fhe Superintendent. The wastage thus far actually allowed him was
only 1,561.81 ounces. The value of these bars can finally be charged as
*'wastage''^ only iu the event o f a legal decision relieving the mint
officers of personal accountability in the matter. The value of these
bars will meanwhile be carried as bullion on hand in a suspense accouut.
On February l l t h , 1885, the Superiutendent of the Assay Office at
New York reported to the Mint at Philadelphia that an Omaha silver bar
sold by a New York firm to the mint had been offered for sale in that city
under suspicious circumstances. An examination was instituted at the
mint, which showed that the bar had been stolen. The bar was subsequently restored to the mint through the action of the U. S. District
DIRECTOR OF T H E MINT.
169
Attorney at Philadelphia, and the alleged receiver ofthe stolen bullion
placed under arrest.
On the 1st of July, 1885, A. Loudon Snowden, Esq., Superintendent,
was succeeded, by appointment of the President, by Hon. Daniel M.
Fox.
The plan of bookkeeping in the general department of this mint,
apart from its coin and bullion accounts, has for many years failed to
fully exhibit the details of the general business of the miut, dependence
having been placed upon recourse to original vouchers by way of record,
instead of maintaining properly classified book-accounts.
Vouchers for machinery, material, supplies and labor have been on
record simply by footings, even when covering disbursements of a
widely miscellaneous character. Accounts with the operative departments have not been kept by the general department, nor on the part of
operative officers with specific divisions of work.
M I N T AT SAN F R A N C I S C O .
The deposits and purchases of gold and silver at the Mint at San Francisco during the year araounted to $25,399,707.10: about $5,000,000 less
than the previous year. The coinage executed consisted of 4,224,497
pieces, of the face value of $23,766,299.70.
Fine silver bars were manufactured, of the coining value of $2,436,397.38. The nuniber of melts of gold ingots at this, institution amounted
to 677, of which only one was condemned, and of silver 2,619, of whicb
none was condemned. The nuinber of ounces of gold melted for ingots
was 2,082,646.410, aud of silver 4,393,686.80. The silver melted for fine
bars amounted to 2,093,779.00 standard ounces ; aud the bullion which
passed through the acid refinery amounted to, gold, 430,590.969 standard ounces, and silver 3,298,523.87.
The Melter and Eefiner operated on 2,082,611.335 standard ouuces ot
gold bullion, and returned a surplus of i;500.667 ounces of the value of
$27,919.39. The same officer operated on 6,605,722.44 standard ounces
ofsilver bullion, and returned a surplus of 5,212.05 ouuces of the cost
value of $5,071.17, a total surplus of $32,990.56. The Coiner operated
during the year on 2,083,492.890 ounces of gold bullion, with a wastage
of 70.337 ounces, and on 4,703,610.55 ounces of silver, with a wastage of
192 ounces. The araount of coin produced from ingots operated on during the year was 54.43 per cent, in gold and 53.32 per cent, in silver.
The Computer of Bullion of this Bureau who superintended the annual settlement and count of the Mint at San Francisco was requested
to examine the sources from which the Melter and Eefiner of that mint
obtained the large excess of bullion returned by him in settlement. His
report on the subject is as follows:
J U L Y 31,
Dr.
1885.
J A M E S P. KIMBALL,
.Director of the Mint:
SIR : I have macle a careful investigation as to the sources from which the Melter and
Refiner of the Mint at San Francisco obtained the surplus hullion returned hy him ia
170
REPORT ON T H E
FINANCES.
settlement at the close of fche fiscal year, 1885, and have the honor to report on the
subject as follows:
This surx>lus arose in part from very careful and economical working of the precious
metals, aod in part from allowances and deductions made for his benefit on base deposits. The booksof the Melter and Refiner's Department show that h made during
the year 677 melts of gold and 2,619 melts of silver, ^ total of 3,296 melts, of which
only one was condemned.
The work books of the gold ingot room, in which a record is kept of the loss or gain
in each day's work iu ingot-making, show a gain for the year of 110.70 ouuces gold, resulting from perfect melts and from making the ingqts a trifle below standard, but
within the limit of variance, relying upon the pickling of ingots in a weak solution of
sulphuric acid, a n d t h e subsequent operation of annealing in the Coiner's Department
to bring the coins up to standard. This gain of 110.70 ounces of gold does nofc fully
represenfc the gain from this source, for the reason that a portion of the apparent
wastage in niaking these melts was afterwards recovered in sweeps.
Considerable gold was also obtained by the Melter and Refiner from small quanti
ties of gold contained in silver deposits uot sufficient to pay the parting charge and
consequently not allowed the depositor nor charged to the Mel'ter and Refiner. The
exact amount gained from this source coukl not be readily ascertained, for the reason
that the Assayer does not report less thau 1 M of gold contained.
A portion of this surplus also arose from deductions in weight allowed the Melter
and Refiner on base deposits, amounting for the year to 196 ounces gold, and3,983
ounces silver. In the San Francisco Mint deductions from the weight are made on
silver deposits and purchases for the benefit of the Melter and Refiner as follows;
Per cent.
On deposits containing from 50 to 299 M base
On deposits containing from 300 to 399 M base
On deposits containing over 400 M base
^
1
li
Deductions are also made for his benefit on base gold deposits, not according to any
regular schedule but from a personal inspection by fche Melter and Refiner of the deposit, after the Assayer has reported the base metal contained.
Doubtless the Melter and Refiner received some benefit from the system of reporting assays to only the half thousandth, but to what extent it would have been impossible to state except from a personal inspection o f t h e transcripts of the Assay
Department coveriug all of the deposits of the year. ,
.
Very respectfully,
,
E. 0 . LEECH,
Computer.
On the 1st of August of 1885, Col. B. F. Burton, Superintendent, was
suspended by the President and Judge Israel Lawton appointed to succeed him. About the same date, O. D. Munson, Assayer, was succeeded by J. W. Twiggs.
The Mint at San Francisco affords a commendable example iu its
system of accouuts. This indeed is the only mint, so far as I am
aware, that up to the beginning ofthe present fiscal year has rendered
periodically to the Bureau a detailed statement of general business or
that has afforded evidouce of a classification of this business through
open accounts with the several operative departments. Fromthe semiannual exhibits forwarded to the Bureau by this mint in tabular form,
I am enabled to give, what in the case of the other mints and assay
offices is equally desirable, namely, a classified statement of expendi
DIRECTOR OF T H E
171
MINT.
tures for thefiscalyear, showing ih full, the division of its general business, as follows :
TABULATED STATEMENT OF EXPENDITURES FOR SUPPLIES AT
T H E MINT OF T H E UNITED STATES AT SAN FRANCISCO, CAL,, FOR
THE FISCAL YEAR ENDED JUNE 30, 1885.
Articles.
Acids
Charcoal
Cberalcals
Coal
Coke
•....
Copper..
Crucibles
Dry goods
Gas
Gloves
.
Hardware
IroD and steel.
Ice
Labor
Cost.
38,101 25
1,510 51
1, 870 56
5, 667 37
1,693 27
49 35
1, 786 94
1,281 21
1, 642 13
1, 021 64
568 66
112 57
626 95
812 50
• Articles.
Cost.
Lumber
Metal work and castings
Mittens and sleevesOil and Belting
Printing
Repairs
Salt
Sundries
•Wood
Zinc
Total for General Department
Total for M. and R.'s department.
Discount for cash
,...
Add for payments made in Wasbington:
General Department:
Stationery
Freight
Melter and Refiner's Department:
Freight.^
$644 05
385 72
1, 201 02
756 51
190 50
•2,456 97
360 15
3,915 80
3, 202 75
6, 383 43
27,408 14
48, 839 67
62 57
$79,60
101 81
335 31
516 72
Total .
Mint expenses.
Refinery e.x:penses
Refinery earnings for the period
,..
,
Coinage:
Gokl
Silver
27,408 14
48, 839 67
94, 909 23
20,857,500
2,908,798
Total
23,766.298
MINT AT CAKSON.
The value of the gold and silver deposited and purchased at the Mint
at Carson during the year Pi<mounted to $2,664,803.72, about the sarae as
in the previous year. The coinage executed consisted of 831,189 pieces,
of tbe face value of 1,827,060, all gold with the exception of 776,000 silver dollars. Unparted bars were raanufactured containing gokl ofthe
value of $326,154.98, and silver of the value of $19,033.42 ; also fine silver bars of tbe value of $81,774.56. The value of the total output of
bars was $426,962.96.
The Melterand Refiner operated on 142,208.480 standard ounces of gold
172
REPORT ON THE FINANCES.
bullion, and returned a surplus of 36.998 ounces, and on 1,919,424.69
ounces of silver bullion with a wastage of 62.53 ounces.
Under special instructions from the Department, no coinage was executed at the Mint at Carson after 1st April.
The gold bullion operated on by the Coiner up to April 1st amounted
to 117,440.70 standard ounces, with a wastage of 9.610 ounces. The
silver bullion amounted to 1,536,760.40 ounces, with a w^astage of 290.41
ounces.
Mr. James Crawford, the Superintendent of the Mint at Carson, who
had tilled the ofifice since September 9tli, 1874, died on the morning of
March 8th, 1885. Mr. Crawford had proved an efficient and worthy
officer, and was much beloved by the officers aud employes of the mint.
Mr. William Garrard, having been appointed Superintendent, entered
the office on April 1st. Levi Dague, the Coiner, was, at the same time,
suspended by the President, and Joseph E. Ryan appointed in his
place. Mr. Ryan was suspended in August owing to the suspension of
coinage at this miut.
M I N T AT NEAV O B L E A N S .
The value of the deposits and purchases of bullion at the Mint at
Kew Orieaus duriug the year was $10,243,397.18.
The coinage executed consisted exclusively of silver dollars, of which
10,135,000 were coined : an excess of 1,230,000 over the number of the
previous year.
The Melter aud Eefiner operated on 11,609.352 ounces of gold bullion,
with a wastage of 9.516 standard ouuces; and on 18,683,325.79 ouuces ot
silver bullion, with a wastage of 6,050.95 ounces. The Coiner operated
on 17,425,292 standard ouuces of silver bullion, with a wastage of
2,767^32 ounces.
The Superiutendent and Operative Officers of the Mint at New Orleans were changed by Presidential appointments shortly after the close
ofthe fiscal year 1885. Gabriel Mont^gut was appointed Superintendent, vice Dr. A. W. Smyth, suspended; and Allen Thomas, Coiner, vice
F. K. Jones, suspended. F. F. Claussen, the Melter & Refiner, was
appointed Assayer, vice William C. Wilsou, suspended; and Leonard
Magruder, the Assistant Melter & Eefiner, was appointed Melter &
Eefiner, vice F. F . Claussen appointed Assayer.
ASSAY O F F I C E AT N E W
YORK.
The deposits of gold aud silver bullion at the NTew York Assay OflSce
during the year amounted to $35,248,421.34, an increase of $9,000,000
over the aggregate of the previous year.
Gold bars of the value of $28,236,936.29 were manufactured, and silver bars of the value of $6,858,356.73: a total of $35,095,293.0^. In the
manufacture of these bars, the Melter & Refiner operated on 1,532,472.459
standard ounces of gold, a3»d returned au actual surplus of 1,319.729
DIRECTOR OF THE MINT.
173
standard ounces. The same Officer operated on 5,973,490.61 standard
ounces of silver, and returned a surplus of 590.45 ounces.
M I N T AT D E N V E R A N D O T H E R ASSAY O F F I C E S .
The deposits of gold and silver at the Mint at Denver, which is equipped
only as an assay office, and at the other smaller assay offices during the
year, amounted to $3,173,222.07, nearly $700,000 in excess of the deposits of the previous year. The bars manufactured at these institutions consisted of unparted bars, most of which were sent to the niints
for separation aud coinage, aud contained gold and silver of the value
of $3,173,438.60. The charges collected for assaying and stamping
amounted to $3,992.03. Ou bulliou shipped to the mint, including the
gain on charges collected for the miut, there was a net profit for the
year of $4,376.42.
SUMMARY.
The value equivalent to the gold and silver wastage in the operative
departments of the coinage mints and of the Assay Office at New York
duriug the year was $15,624.57. The loss arising from the sale of sweeps
amounted to $18,423.68. Hence au aggregate loss of $34,048.25. The
surplus buUion recovered during the 3^ear from the Deposit Melting
Rooms of the various institutions from palpable grains and sweepings
amounted to $7,533.02. An excess of gold aud silver bullion over and
above the amouut with which they were charged was returned by the
Melter-and Refiners of the mints at Carsou and San Francisco and the
Assay Office at New York, amounting in all to $58,822.43. Thus the total
value of the surplus bullion recovered during thcryear was $66,355.45.
After reimbursing all wastages and loss on sales of sweeps, there was
an actual surplus iu the operations on gold and silver of $32,307.20.
In the Appeudix Will be found a table showing the value of the precious metals wasted in the technical processes of the operative departments, and value corresponding to the loss arising frora the sale of
sweeps. The mode of reimbursing such losses will appear from the
8ame exhibit. Hereafter these losses will, as far as practicable, be reimbursed*from surplusage of bullion, as provided iu the following Bureau circular of September 24,1885, approved by you.
The following regulations governing the reimhursement of wastage and loss on sale
•of sweeps will take the place of tlie provisions on pages 15 and 16 of the printed Instructions and Regulationsof 1831, from the 1st of July, 1885 :
The grains and sweepings recovered from the deposit melting-room, and any surplus bullion returned by the operative officers in settlement, will be credited to
^* Proiit and Loss Account," against any loss arising from sale of sweeps and bona fide
wastages incurred duiring the year "in the operations on bullion.
If a surplus remains after paying these losses, it will be deposited in the Treasury
•atthe close of the fiscal year. If the value of the surplus bullion is not sufficientto
meet these losses, the deficiency will be made good as follows:
1. Melter aud Refiner's gold wastage and the loss oa sale of gold in Melter and Reflner^s sweeps, from the appropriations fbr *'Parting and Refining Bullion " and for
174
REPORT ON THE
FINANCES.
''Contingent Expenses," in proportion to che number of ounces refined as compared
with the number of ounces melted for ingots.
2. Melter and .Refiner's sih-er wascage aud loss on silver in Melter and Refiner's
sweeps, frqm the appropriation for " P a r t i n g and Re6uing .Bullion " and from the '^ SUver Profit Fund," in proportion to the nuraber of ounces rsfine.d as. compared with tbe
uumber of ounces melted for ingots.
3. Coiner's gold wastage and loss on sale of gold in Coiner's sweeps, from the appropriation for '' Contingent Expenses."
4. Coiner's silver wastage and loss on silver in Coiner's sweeps, from the "Silver
Profit Fund."
In order to prevent a deficiency in the bnllion fund,.the losses wiil. be reimbursed
in the accounts ofthe same quarter in which they are incurred.
EXAMINATION OF MINTS AND ASSAY OFFICES.
Before ray eutry on duty as Director of the Mint, representatives of
this Bureau had beeu directed to proceed to the coinage mints and to
the Assay Office at New York for the purpose of superintending the
annual settlements between the operative officers and the superintendents. They were also required to weigh and count the cbin aud bullion
in tliose institutions, for the purpose of ascertaining whether the same
agreed with the amounts called for by the books of the Department.
The reports of these representatives, on file in this Burean, show that
the bullion and coin on hand at the coinage raints and at the Assay Office
at New York on 30th June, 1885, agreed with the amounts of record^
with one exception, naraely, the Mint at Philadelphia. From this mint
were missing silver bars containing 1,980.12 onnces of .silver, valued at
$1,936.62, the supposed theft of whichin the winter of 1884-'85, is now
under investigation. Though promptly reported to the general department by the operative officer to wdiose custody such bars are technically
coraraitted, neither the theft of these bars, nor the specific deficit equivalent to their value, was duly reported to this Bureau until so reported
by the present Superintendent. The specific deficit created by the loss
of these bars is at present borne on the books in a " Suspense account,^
there seeming uo justification for charging it as wastage, as, fromthe
circumstance that it was not duly reported, seeras to have beeu proposedo
During the fiscal year, this Bureau was led to believe that Mr. Norraan II. Carap, the Assayer in charge of the Assay Office at Bois^ City,
Idaho, had not on hand the cash with which he was charged. A representative of the Bureau was dispatched to that institution aud his
cash counted. From.the investigation it appeared that there w^as a deficiency amounting to $12,523.60. Mr. Carap was reraoved from office
and proceedings agaiust hira were begun by the United States District
Attorney. Mr. Spruille Braden was appointed by the President to succeed hira.
Charges of misraanageraent of the Assay Olfice at Helena having
beeu preferred against R. B. Harrison, Assayer in charge, during the
year, a representative of this Bureau was sent to investigate them.
The charges were not sustained. The cash in Mr. Harrison^s possession
DIRECTOR
OF T H E MINT.
175
was counted and found to agree with the amount called for by the books
of the Department,
ANNUAL TRIAL OF COINS.
The follovring-naraed conimissioners were appointed by the President,
under the provisions of Section 3547 of the Revised Statutes, to conduct
the annual trial of the coins periodically.reserved for this purpose at
the coinage mints, viz: Hon. Jonathan Chace, House of Representatives; Hon. Edward S. Lacey, House of Eepresentatives; George Davidson, Esq., Coast and Geodetic Survey, Prof. N. S. Shaler, Harvard University ; Dr. Eossiter W: Eaymond, New York City; Dr. W. P. Lawver,
Assayer at the Bureau of the Mint; Joel J. Baily, Esq., Philadelphia;
Prof. B. T. Fristoe, Colurabian University, Washingtou, D. C.; Johu
W.Twiggs, Esq., Assayer, SanFrancisco; George B. Hanna, Esq., Assistant United States Assayer, Charlotte, N. C ; Prof. H. Carriugtou
Bolton,. Trinity College, Hartford, Conn.; Prof. Albert B. Prescott,
University of Michigan, Ann Arbor; Prof. Thomas Egleston, Columoia College, New York. The sarae section also provided that the judge
of the Uuited States district court for the eastern districtof Pennsylvania, Hon Wilham Butler; the Oomptroller of the Currency, Hon, H.
W. Cannon; and the Assayer of the Assay Office at New York, Herbert G, Torrey, Esq., should be ex officio members of the Comraission.
The Coraraission met at Philadelphia on the l l t h of February. Tests
were made of the weight and fineness of the coins reserved from deliveries by the Coiuer's department to the generator Superintendent's department in each month of the year. The Commission's Committee on
Counting reported as follows :
The packages were opened and the contents examined and compared with the record
of the schedules which were transmitted to the Director of the Mint. The coins contained in the several packages were counted by ourselves or in our presence, aud found
to agree in number and amount wifh the record ofthe schedules, after correcting several
unimportant clerical errors. For the use of the Weighing and Assaying Committees,
respectively, such of the reserved coins of both gold aud silver as were desired by said
committees were taken from the same parcels, and said selections were so made as to
include coins from at least two deliveries of different dates in each month of the year
1884, in all cases where there were two or more deliveries in any month.
The coins chosen by the Weighing and Assaying Committees, respectively, were
taken in every case indiscriminately from t h e broken packages of reserved coins.
All o f t h e reserved coins not delivered to either the Weighiug or Assaying Commitees
were retnrned to the superintendent of the Philadelphia mint, and the coins delivered
to the Weighing Committee have been recounted and verified and delivered to the
same officer; aud the bullion resulting from the assays and meltiug made by the
Assay Committee has also been exarained and delivered to the superintendent by t h a t
committee.
The Comraittee on Weighingreported:
'All t h e coins weighed are within the limits of exactness required by law, except in
one case, where a silver dollar from the Carson City mint, of delivery April 29, was
found to be one one-hundredth (rhu) of one grain below the legal limit of tolerance
for weight.
176
R E P O R T ON T H E
FINANCES.
The Committee on Assaying reported t h a t :
'
In accordance with the law and regulations governing this Commission, we have
taken samples from the gold and silver coius reserved for assay at the mints of the
United States, to AV i t : Philadelphia, San Francisco, Carson City, and NewOrleans,
the samples representing deliveries in the year 1884 from the coiners to the superintendents, aud have assayed the same in mass, and also the individual coins, t h a t the
greatest excess in the assay value of the gold coinage above the standard at the different mints (while the limit of tolerance is one-thousandth) is, at—
Philadelphia, .3 of .001.
San Francisco, .1 of .001.
New Orleans, no coin,
Carson, .1 of .001.
The greatest deficiency below the standard (the limit of tolerance being onethousandth) is, at—
Philadelphia, .5 of .001.
San Francisco, .5 of .001.
New Orleans, no coin.
Carson, .2 of .001.
For silver, the maximum assays above the standard Cthe limit of tolerance beiug
three one-thousandths) is, at—
Philadelphia, 1.1 of .001.
San Francisco, 1.6 of .001.
New Orleans, .9 of .001.
Carson, .002.
The greatest deficiancy below the standard (the tolerance being three one-thou
eandtbs) is, at—
Philadelphia, 1.1 of .001.
San Francisco, 1.1 of .001.
New Orleans, 1.4 of .001.
Carson, 1.1 of .001.
The Assay Committee has also tested the inquartation silver, the copper, and the
lead used in assaying gold bullion, and found thern free from gold. The weights employed were also tested and found to be correct.
The acid used for the humid assay of silver was carefully tested, and found to contain neither silver nor chlorine in perceptible quantity. The committee therefore
deems the assays exhibited in the foregoing schedules to have been trustworthy.
Whereupon the Comraission reported:
That the Assay Commission, having examined and tested the reserved coins o f t h e
several mints for the year 1884, and it appearing that the coins are within the tolerance prescribed by law, with the single exception of a silver dollar-piece from the
Carson mint, the weight of which is one and fifty-one one-hundredths (liVo) grains
below the standard weight, the trial is considered and reported as^satisfactory, except
as to tlie said coin.
That, in compliance with section 3547, Revised Statutes, the following certificate
be prepared and signed by the Commission for transmission to the President, to w i t :
To the P R E S I D E N T :
The Board of Assay Commission, as appointed to test and examine the weight and
fineness o f t h e coins o f t h e United States issued during the year 1884, reserved forthe
annual assay pursuant to iaw, certify t h a t a t the weighing of such coins, made by
them at the'Philadelphia Mint on the l l t h and 12th days of February, 1885, one of
such silver coins, to wit—a silver dollar from the Carson. Mint, delivered by the coiner
to the superintendent of that Mint on April 29, 1884—was found to weigh but 410.99
grains, being one and fifty-one one-hundredths (li^V) grains below the standard, and
a greater deviation from the regular standard than allowed by law; therefore, in pur
DIRECTOR OF T H E MINT.
,
17T
suance of section 3547 of the Revised Statutes of the United States, we respectfullj
report the same.
WILLIAM BUTLER.
W . P.
H E N R Y W . CANNON.
J O E L J.
H.
E . T. FRISTOE.
G. T O R R E Y .
BAILY.
JONATHAN CHACE.
JOHN W .
G E O R G E DAVIDSON.
GEORGE B . HANNA.
E.
S. L A C E Y .
TWIGGS.
H . CARRINGTON B O L T O N .
N. S. SHALER.
R. W. RAYMOND.
Present:
LAWVER.
A L B E R T B . PRESCOTT.
T H O S . EGLESTON.
«
HORATIO C . BURCHARD,
Director of the Mint.
The following important qualification of the regular report of tho
Assay Commission, addressed to the President, was omitted in t h e
printed report of this Commission:
PHILADELPHIA, February 13, 1885.
To the P R E S I D E N T :
The undersigned members of the Board of Assay Commissioners of the coinage o f
1884, and experts in weighing, while signing the record and report of the Comraissioners, esteem it their duty t o accompany their act in so signing be the statementto the President t h a t the excess of tolerance as respects the silver dollar coined a t
Carson April 29 is so insignificant (only one-hundredth of a grain) as to be entirely
immaterial in fact or in law, as to require no action whatever on his p a r t ; t h a t ther
excess of deviation is so small t h a t the means of weighing necessarily used by thecoiner at Carson City would not detect it.
,
H. CARRINGTON BOLTON.
E . T. FRISTOE.
A L B E R T B . PRESCOTT.
W . P. L A W V E R .
GEORGE DAVIDSON.
N . S. SHALER.
H. G. T O R R E Y .
R . W . RAYMOND.
T H O S . EGLESTON.
J O H N W . TWIGGS.
The proceedings of the Assay Commission show that the average fineness of 449 gold coins from the mints at Philadelphia, San FranciscOj.
and Carson melted in mass, was 899.97 and 50 single pieces, 899.94.
The assays made monthly in the Assay Laboratory of this Bureau
gave an average for 112 pieces of 899.91.
The Commission ascertained that the average fineness of silver dollars of all mints melted in mass, was 900.11, and of 71 single piecej^
taken from each monthly coinage at each mint, 900.17.
The monthly tests made at the Assay Laboratory of silver dollars
gave an average fineness of 900.31, showing that the coins were close to>
the standard fixed by law.
ESTIMATE OF THE YALUE OF FOREIGN COIN.
The values of the moneys of account of foreign countries were estimated by the Director of the Mint and proclaimed by the Secretary of
the Treasury, on 1st January, 1885.
In estimating values of the silver coins of countries of the single
silver standard, they were computed at the market price of the silver
bullion contained in such coin. In arriving at the market value of silver bullion, the daily price of silver for the last three months of t h e
calendar year was averaged, giving the rate at $1.099465 per fine ounce^
2673 F - 12
178
REPORT ON T H E
FINANCES.
The price for the corresponding period of the caleudar year 1883, used
iu estimating the value of silver coin January 1, 1884, was $1.11413,
showing a reduction of about I J cents. This occasioned a chauge in
the estiraated value of the following coius:
Value
Jauuary
1,1884."
Florin of Austria
Boliviano of Bolivia . . . . .
Peso of Ecuador
Rupee of India
Ten of Jaj)an
Dollar of Mexico
Sol of Peru
Rouble of liussia
Mahbub of Tripoli
Peso of U. S. of Columbia
39.8
80.6
80.6
38.3
86.9
87. 5
80.6
64.5
72:7
80.6
38.3
79.5
79.5
.37.8
85.8
86.4
89.5
63.6
7L7
79.5
PRODUCTION. OF GOLD AND SILVER IN THE UNITED STATES.
The estiraated amount of gold and silver produced from the mines of
the United States during the calendar year 1884 was stated in the special report ofthe Director of the Mint* to have been: gold, $30,800,000 5
silver, $48,800,000, a total of $79,600,000.
The silver in this estimate was reckoned at its coining rate in silver
dollars. In the same report the prodnction was distributed among the
States and Territories producing bullion, as follows:
state or Territory.
Alaska
Arizona
California
Colorado
Dakota
Georgia
:..
Idaho
Montana
Nevada
New Mexico
North Carolina
Oregon
Soutb Carolina
Utah
Virginia
Wasbington
Wyoming
Alabama, Tennessee, &c
Total
Gold.
$200, 000
930, 000
13, 600, 000
4, 250, 000
3, 300, 000
137, 000
1, 250, 000
2,170, 000
3,500,000
300, 000
157, 000
660, 000
57, 000
120, 000
2,000
85, 000
6,000
76, 000
Silver.
500, 000
000, 000
000, 000
150, 000
720, 000
000, 000
600, 000
000, 000
3,500
20, 000
500
800, 000
Total.
$200, 000
5, 430, 000
16, 600, 000
20, 250, 000
3, 450, 000
137,000
3, 970, 000
9,170, 000
9,100, 000
3, 300, 000
160, 500
680, 000
57,500
6, 920, 000
2,000
1,000
89, 000
5,000
6,000
81, 000
30, 800, 000 48, 800, 000
79, 600. 000
* Report of the Director of the Mint upon tbe Production of tbe Precious Metals in tbe United
States during tbe calendar year 1884, Wasbington, 1885.
DIRECTOR OF T H E MINT;
'
179
COIN CIRCULATION OF THE UNITED STATES.
In estimating the amount of gold coiu in circulation in the United
^States, I have been obliged from lack of opportunity since entering on .
my duties as Director, to accept, with a slight change, the figures published in the annual report of the Director for 1884, as the circuiatiou on
1st July of that year. The results there published were obtained by
taking the estimate of Dr. Henry R. Linderman, former Director of the
Mint, of the amount in the country on July 1st, 1873, and adding the ,
net coinage together with the net import of U. ,S. gold coin each year;
and deducting the net export of U. S. gold coin, together with the
amount used in the arts since the fiscal year 1880.
The estimate of Dr. Henry R. Linderman was made at a time most favorable for ascertaining the amount of gold and silver coin in the country. On 1st July, 1873, gold was at a premium of 15J per cent. Nearly
sll of the coin in the country, with the exception of the Pacific Coast,
was either in the Treasury or in the banks, and not in active circulation^.
Of Dr. Linderman's estimate of the gold coin in the country at that
date, namely $135,000,000, over $98,000,000 was shown by the ofiicial
reports of the Treasur-er of the United States and the Comptroller of
the Currency to have been in the Treasury and iNTational Banks. $20,000,000 was the amount in circulation in the states and territories of
the Pacific coast as deduced from a very careful estimate at the time
by Mr. Louis A. Garnett, whose estimate was from twenty to twentyfive millions, with an allowance of only some $10,000,000 in banks other'
than National, and in the hands of the people of the entire couutry except the Pacific coast states.
The estimate of Dr. Linderman may therefore .be considered near a
correct one, and if varying materially from the truth, to have been below
rather than above the actual amouut of coin in the country.
It appears that from July 1st, 1873, up to June 30,1880, no deduction
.was made for the aniount consumed in the arts and manufactures, for the
reason, as stated by the Director ih his report of 1881, that it was believed that thearaount thus consumed would be ofi'set by United States
coin brought by immigrants on their persons, over and above the sum
taken out in like manner by travelers.
i t seems to me, however^ open to doubt whether any considerable
'amount of United States gold coin is, as a rule, brought hither by immigrants. Mr. H. J. Jackson, Secretary of the Commission of Immigration of the State of New York, stated that in 1878, 79,801 immigrants brought and exchanged at Castle Garden $520,000 in foreign
coin.* It ,is believed, indeed, that most of the gold coin brought to
* The number of immigrants arriving in the United States duriug the year endiiig
J u n e 30j 1884, was 518,592. Estimating t h a t eacti brought on his person the amount
stated by Mr. Jackson for the year 1878^$6.50T—would make the amount equal t o
$3,370,848. This, however, is not an element which enters intp the estimate of the coin
circulation of the United States because, as already stated, almost all foreign coin, /
its way to the mints and public assay offices for re-melting or is again exported.^
Digitized forfinds
FRASER
180
'
,
REPORT ON THE FINANCES.
these shores by immigrants on their persons is foreign coin, which i^
exchanged for United States money on arrival. . Hence the conclusion
tbat the amount of United States gold coin used in the arts cannot be
offset by the amount brought by Immigrants on their persons.
Without attempting a revision of the estimate of circulation given
by tbe Director for 1st July, 1884, I have thought it proper to deduct
from the amount of gold coin stated by him to have been in the country
on that date ($551,632,442) the sum of $30,000,000 as a moderate estihaate of the amount of gold coin so consumed in the seven years betweeen
1873 and 1881. The reports to the Director of the Mint of persons and
firms engaged in the manufacture and repair of articles of ornamentatioB
and use show an actual consumption of gold coin for the year 1883 of
over $4,875,000, As the consumption is likely to have increased from
year to year during this period the gross estimate as above can hardly
be far from the actual consumption.
No deduction for consumption in the arts is made from the silver
coin in circulation during this period. Manufacturers use bars of silver
rather than coin of an enhanced value. But little United States silver
coin, therefore, is withdrawn more or less permanently from circulationo
Deducting $30,000,000, therefore, from the estimate of the Director
leaves as a revised estimate of the amount of gold coin incirculation
on 1st July, 1884, about $520,000,000.
With the brief time which I have been able to give to the considera'tion of this important question, it seems that the more correct metliod
of arriving at the coin in the country would be to take as a basis an
ascertained amount or a conventional estimate at a given date, and to
add eacb year the increase by coinage (less re-coinage) together with
the actual gain by import of our coin, and to deduct the^ actual loss by
export of our own coin plus the estimated amount used in the arts and
manufactures.
Instead of taking the aggregate returns of the mints and assay of&ces,
the production of the mines of the country, as estimated from time to
time by different official and other authorities, has sometimes been taken
as the leading element in the account of stock of gold coin. The othete
elements afe the net imports or exports of bullion and coin by difference, as the case may be, and the total estimated consumption of bullion
and coin in the arts.
In support of the former method it may be considered, first, that the
coinage of the country is an element of certainty. Second, that the
statistics ot the importation and exportation of bullion and coin are
ell classified at the custom houses. The imports of bullion are deved from the entries made by importers in pursuance of Section 9745j
vised Statutes, and Article 335 of the Customs Regulations for 1884,
Tte exports are derived from manifests filed with the Collector of Cus-
DIRECTOR OF THE MINT.
181
toms by shippers, as provided by Section 337, Eevised Statutes, and
Article 1242 of the Customs Regulations of 1884. Thus there seems no
reason to doubt the accuracy of the custoras figures, as far as they go.
The most carefnl estimate that from time to time can<be made in this
country toward an approximation of its gold production from deposits
of gold ores in the form of metalliferous lodes; from placers.and alluvions
as native metal and, alloys; and frora its association in miscellaneous
ores and base bullion, must be more or less hypothetical and to alarge
degree purely conjectural. Hence obvious objections to the employment
of estimates of this nature as elements for aggregates, to which is to be
added or from which is to be deducted, as the case may be, the net impOTt or export of coin and bullion, especially as the returns of imports of
foreign bullion seldom correspoud from year to year with^the deposits
at the mints and assay offices.
Thus, for instance, the total iraports of gold bullion to the United
States as reported by the custom houses during the year 1884 were
^8,849,237, allof which, with the exception of about $1,000,000, was imported at the port of New York.
The deposits of foreign gold bullion at tbe mints and assay offices
amounted to $11,221,846. Here is a difference of nearly $2,500,000 between the reported imports of bullion and the amount deposited at the
mints aud classified as foreign. The Assaj^ Office at New York alone reports as deposited there during the year foreign gold bullion amounting to $10,843,743, an excess of $2,000,000 'over the reported imports.
Whence it seems to follow either that there is brought iuto the country
bullion which is not entered at the custom houses, as there is much
reason to suppose, pr, on the other hand, that the classification at the
mints between foreign and domestic bullion, so largely entering into
tbe direct estimates of production, is erroneous. Either alternative as
a fact would reuder erroneous a statement, as sometiraes proposed,
based on the Bureau's direct estiuiate of production, in'connectiou with
the imports of bullion as reported by the Bureau of Statistics from returns ofthe custom houses.
Lhave therefore assumed my predecessor's estimate of the coin cir•culatiou of July 1st, 1884, less $30,000,000, as above, for consumption
in the arts for seven 3-ears previous to 1881. To this estiraate I have
added the coinage of 1885 and the gain of coin by import, and have
deducted the deposits of U. S. coin for recoinage, together with the
amount of coin estimated to have been nsed in the arts.
From such a revision of former estiraates it would appear t h a t t h e
amount of coin in tbe country ou 1st July, 1885, w^as some $820,000,000,
of which $542,000,000 consisted of gold coin, and $278,000,000 of silver
<5oin.
182
REPORT ON THE FINANCES.
ESTIMATE OF
CIRCULATION.
C i r c u l a t i o n J u l y 1 1884
Silver.
$551, 632, 442
$250, 617, 357
D e d u c t p r o b a b l e c o n s u m p t i o n in a r t s a n d m a n u - \
f a c t u r e s from J u l y 1, 1873 t o J u n e 30,1880
5
C o r r e c t e d c i r c u l a t i o n J u l y 1, 1884
Y e a r ' s coinage
250, 617, 357
24, 861,123
28, 848, 959
.
772, 249, 799'
53, 710, 082
1.54^.1^0
1,006,281
535. 449
547,499,846-
280,001,765
827, 501, 611
• 325,210
. 877,564
1, 202, 774
*5, 000, 000
*300, 000
5, 300, 000
L e s s d e p o s i t s for r e c o i n a g e
-
30,000,000
521, 632, 442
N e t iraports
U s e d i n tlie a r t s
$802, 249, 799
30, 000, 000
-
Total
Total.
Gold.
U n i t e d S t a t e s coin.
. .
5, 3i5, 210 1
T o t a l loss
1, 177, 564
6, 502, 774
542 174,636 1 278.824.201
C i r c u l a t i o n J u l y 1, 1885
820,998,837 •
* A b o u t a m o u n t r e p o r t e d to h a v e been u s e d b y m a n u f a c t u r e s ID 1883.
In the foregoing estimate no deduction has been made for trade dollars exported during the year ($1,073,150), for the reason that the entire amount of trade dollars supposed to be iu the counti^y ($6,000,000)
was in the last estimate of the Director deducted from his estimate of
the coin in the country.
'
'
'
.
The sum of the loss by abrasion of coin for protracted periods of time
is a subject which has thus far uot been a matter of systematic inquiry
by the Bureau. It should be considered, however, that gold coins worn
or abraded within the degree of tolerance allowed by law are redeemed
b y t h e Goverument as of full weight. The loss therefore from actual
diminution of weight, when not outside of the legal limit, falls on the
Goverument, • Though susceptible of record, no estiraate has been raade
of this loss.
S T A T E M E N T E X H I B I T I N G T H E S T A N D A R D W E I G H T , L E G A L L I M I T O F A.BRASI0N,
AND L E A S T C U R R E N T AVEIGHT O F U N I T E D STATES GOLD COIN A F T E R A C I R CUI.ATION O F T W E N T Y Y E A R S , U N D E R T H E
PROVISIONS
OF
THE
COINAGE
ACT O F 1 8 7 3 .
W E I G H T OF SINGLE PIECES.
Denomination.
Standard
weight,
in grains.
^ p e r cent.
a b r a s i o n , iu
grains.
L e a s t curr e n t weight,
in grains.
Double Eagle
516
513^
Eagle
258
256xVzT
Half Eagle
129
Three-Dollar..
77.4
Quarter Eagle
64.5
Dollar
25.8
OT¥U
25T¥^
Assuming the araount of coin in the country to have been as stated,
it
would appear that the ownership was as follows :
183-
DIEECTOR OF THE MINT.
STOCK AND OWNERSHIP OF GOLD AND SILVER COIN IN THE UNITED STATES
JULY 1, 1885.
r
r
Silver coin.
1
Ownership.
Gold coin.
Full legal- Subsidiary.
tender.
Total.
Total gold
aud silver.
li
Treasury •
*$53, 223,160 *$63, 882,166 $31,236, 899 $95,119, 065 $148, 342, 225
1165, 575, 867 |10, 081, 279 t l , 897, 554 11, 978, 833 177, 554, 700
^rational Banks
State Banks, Trust Companies, and Savings B a n k s . . . §25, 928, 757
1129, 920, 936 41,805,367 171, 726, 303 495,101, 912
Other Banks and private
hands
297, 446, 852
1
1
1
1
1
g
542,174, 636
203, 884, 381 74, 939, 820 278, 824, 201 820, 998, 837
ji
1
*Less outstanding certificates.
tincludes Treasury and clearing-house certificates. '
J Includes Treasury certificates. Silver coin is not divided between Full Legal Tender and Subsidiary..
The above division is estimated.
§ Reported to Comptroller ofthe Currency November 1, 1884.
' In the above table the amount of gold and silver certificates held outside the Treasury has been deducted from the amount of coiu in theTreasury and added to the stock of coin in active circulation. As thesecertificates represent coin in the Treasury, which coin can only be usedi
in thhiT redemption, they really form a part of the active coin circulation of the country.
In addition to the coin in the country, there was in the mints and assay oflices of the Uuited States on 1st July, 1885, gold and silver bullioB
available for coinage, as follows:
ll
'
' \i
'
GOLD AND SILVER BULLION IN MINTS AND ASSAY OFFICES JULY 1, 1885.
j
1
Description.
Ounces.
3, 593, 031. 342
4, 727, 076. 82
Gold...:....
Silver
Value.
1
1
$66,847,095 25
*4, 654, 586 93
j
1
71,501,682 8
1
*Cost.
Adding this to the aggregate of gold and silver coin as above estimated gives for the total stock of coin and bullion available for coinageon that date $892,500,519. Again, assuming that the amount stated isthe actual amount of coin and bullion in the couutry, it would appear
from the statement of assets and liabilities of the Treasury, and from^
the stateraent ofthe Ooraptroller of the Curreucy as to the condition of
the National Banks, to have been held Juue 30,1885, together with tbe
other circulating raediura used as money, as Ibllows :
184
EEPOET- ON THE FINANCES.
FORM AND LOCATION OF TOTAL CIRCULATION JULY 1, 1885.
Iiational
In Treasury. In Banks.
Gold bullion
Silver bullion
Gold coin
Silver dollars
Fractional silver coin
Gold certificates
Silver certificates
United States notes..
National Bank notes
Fractional currency
,
In other
banks and
general
circulation.
Total.
$66, 847, 095
.4, 654, 586
542,174, 636
203, 884, 381
74, 939, 820
139, 901, 646
140, 323,140
346, 738, 966
318, 576, 711
6, 964,175
$66, 847, 095
*4, 654, 586
179, 952, 890 t$90, 758, 947 $271, 462. 799
31, 471, 269
17, 000, 000
165,413,112
11, 897, 554
31, 236, 899
41, 805, 367
74, 816, 920
13, 593, 410
51,491,316
3,139, 070
38, 370, 700
98, 813, 370
79, 701, 352 221, 990, 236
§45, 047, 378
23, 465, 388 285,165, 613
9, 945, 710
489, 927
6, 470, 963
3,285
555, 065, 065
281, 269,158 1,008,670,933
1,845,005,156 v
* Cost value.
tincludes Gold Clearing House Certificates $24,199,000.
X The total "Silver Coin " only is reported. The division is estimated.
§ Includes $29,585,000 held as security for currency certificates.
GRaANIZATlON OF THE BUREAU OF THE MINT.
The Bureau of the Mint of the Treasury Department of the United
States is the general executive division of the mint establishment of
t h e United States, including the several U. S. assay ofhces.
Of the five mints now in existence four are equipped for coinage. At
"the beginning of the present fiscal year, as at present, three were in
^active operation. The business of the fourth, uamel}', the Mint at Oarson, JSTevada, has been practically reduced to that of an assay office.
The Mint at Denver has never beeu equipped for coinage, its business
being tbat of an assay office.
Immediately after assuming the duties of Director of the Mint on
July 2 of the present year, I endeavored to inform myself of the statutory requiremeuts ofthe Bureau with due regard to its method as exiiibited by its system of records and of accounts ; by the printed regulations then in force entitled ^'Instruction's and Eegulations in relation
to the transaction of business at the Mints and Assay Offices of the
United States," 1881; and by subsequent geueral circulars issued from
time to time by my predecessor.
I found the clerical force of the Bureau to include several experienced and trained experts in mint practice and accounts. Sorae of these
gentleraen, whom I shall presently honorably mention, have been faithful servitors of the Bureau for long periods, having entered it during
the administration of the Bureau by its first Director, the late Dr. Henry
E. Linderman, under the provisions of the Ooinage Act of Pebruary
12, 1873, thus continuing the benefit to its clerical system of a direct
inheritance from this skilful and methodical chief. ^ This system has
,
DIRECTOR OF THE MINT.
185
been extended, and in essential respects improved by my predecessor, aided by the able staff of the Bureau, including the Examiner
of Mints, Mr. E. E. Preston; the Oomputer of Bullion, Mr. E. O. Leech;
the Adjuster of Accounts^ Mr. F. P. Gross; the Assayer, Dr. W. P .
Lawver; and Olerk of Olass Three, Mr. H. E. Spackraan.
Previous to the passage of the Ooinage Act of 1873, the Mint at
Philadelphia was styled the U. S. Mint, and was under the personal supervision of the Director of the Mint. The others were
styled Branch Mints of the United States, including those at New
Orleans, La.; Oharlotte, E. 0.; and Dahlonega, Ga.; all of which were
established in 1835: together with the Mint at San Francisco, establisbed in 185.4, and that at Oarson Oity, Nev., in 1870. The several
assay offices were established as follows: at New York, 1854; at Denver, Oolo., in 1864; and at Bois6 Oity, Idaho, 1872.
The Assay Office at Heleiia, Mont., was established in 1874, and that
at Saint Louis in 1881, subsequent to the organization of the Bureau
of the Mint.
Ooinage was done at the Branch Mint at Oharlotte from 1836 until
closed by the War of the Eebellion. Its work has since been limited to
the business of an assay oifice, its equipnient for coinage having been
removed during the Avar.
The same is the case witli the Branch Mint at Dahlonega, where coinage was done from 1838 to ; 1861. In 1871 this property passed out of
the possession of the Government.
, By provisions pf the same act the Bureau of the Mint w^as established
as a division of the Treasury Department, and the Mint at Philadelphia
placed under the immediate Supervision of a superintendent, the same
as in the case of the other mints, which by enactment were specifically
styled the Mints at Philadelphia, New Orleans, San Francisco, Oarson,
and Denver, respectively.
The functions of the Bureau of the Mint are fully prescribed by the
Eevised Statutes and further indicated by special provisions of subsequent appropriation acts, such, for instance, as relate to the collection
of statistics of the production of the precious metals ot the United
States.
The present is the thirteenth aunual report uuder the provisions still
in force.
I have the honor to invite attention to the expediency of composing
and maintaining the official and clerical staff of the Bureau with special
reference to its peculiar requirements. These requirements are far raore
exacting thanjii many other divisions of the Department. Not only is
the labor exacted at the harids of the officers and clerks of the Bureau,
unremitting, but its proper execution demands the exercise of more
than ordinary arithmetical aiid even mathematical attainments, together
with more or less familiarity with matters connected with the technical
186
. REPORT ON THE FINANCES.
operations of the inints and assay offices., Such requirements are over
and above those ordinarily imposed upon the keeping of extended and
intricate records and book-accounts.
Among the more important trusts confided to the officers of the Bureau should be considered the requirements of counts, or of examinations and settlements, at.the several mints and assay offices, on behalf
of this Bureau, at the close of each fiscal year and on occasions of change
in their bonded fiduciary officers.
I am, therefore, led to recommend that assignments and appointments in the counting-rooms of this Bureau, under the provisions of
Section 345 of the Eevised Statutes, should be made with reference to
the expediency of permanent employment on the part of all, and that
promotions be available in the Bureau itself rather than sought outside
of it. Such an understanding of the special requirements of this Bureau, within the Department, aud also on the part of those who accept
service in it, will go far to prevent the depletion of its roll of skilled
officers and accountants by detail or transfer, as well as to insure a
continued availability ofa sufficient number of men properly qualified
for its various kinds of service in the way both of inside and outside
work.
STORAGE OF BULLION AND COIN IN MINTS AND ASSAY OFFICES.
The mints of the United States wete never designed to be repositories either of large stocks of bullion or of coin. This is.indicated by.
the small capacit}^ and number of their original vaults. The best of
these in the Mint at Philadelphia are very primitive in design and in
safety appliances. Indeed, all o f t h e institutions, as far as I am informed, with the exception of the Mint at San Francisco, are supplied
with vaults the security of which mainly depends upon the integrity
and efficiency of guards and patrols by night, and upon the presence of
officers and employes by day.
But, as a matter of fact, still further dependence is placed on the
legal preservation of public* order and the efficiency of local police,
Oonfideuce in such personal, as distinguished from structural, means of
security seems happily to have suffered no relax from serious disturbances of public order. Yet it may well be asked should even this long
ii?3munity from popular violence be accepted as a guaranty against the
possibility of any future occurrence of the kind in. large cities like New
York, Philadelphia, and New Orleans'? Or should indeed such immunity in the past serve as a justification on the part of the Government for not exhausting all practicable structural means for the safe
custody in the raints not only of their regular store, but also of coin, for
which the Treasury and Sub-treasuries at present offe,r but a scant
asylum ^
^ The deniand upon the mints for facilities for the storage and safe
custody of bullion and coin becomes more and more urgent as their
DIRECTOR OF T H E MINT.
187
available capacity becomes' taxed through the accumulation, especially
of coin, of which the Treasury aud Sub-treasuries of the United States
are unable to relieve these institutions, through similar exigencies on
their own part, or through considerations of expense attending every
movement of specie.
Eegarding the mints arid assay offices in their true character as
mauufacturiug establishments, and, on the other hand, the Subtreasuries as the proper repositories of the finished product of the mints,
there seems to be no reason, except that of absolute necessity, for continuing to charge the several mints 'with the custody of specie over
and above what is necessary for the prompt payment of depositors, as
provided by Sectiou 3545 of the Eevised Statutes. Again, as a matter
of fact the vault capacity of the several mints has beeu provided only
within limits apportioned, first, to the storage of stocks of bullion^
small in amount as corapared with such stocks as are now carried under
the special requirements for the coinage of the standard silver dollar^
and, second, to relatively small stocks of coin. Especially is this the
case since the actiou of the department in dividing the coinage of the
standard silver dollars betweeen the two eastern mints.
As the storage and safe Custody of coin for obvious reasons call for
the greatest possible degree of security, preference is given to the stock
of coin, and only secondary consideratioii to that bf silver bullion. This
is of so bulky a character as sometimes to be left unduly exposed. At the
Mint at Philadelphia thefts of fine bars have occurred, as above reported, on two separate occasions during the last fiscal year, through
want of'sufficient protection.
The lack of ample security at the mints under the necessity of makeshifts to provide even a tolerably safe storage, becomes a source of
great anxiety to the officers in charge, the requirements of whose original
trusts are seen to be greatly exceeded by the additional responsibility
as custodians of vast sums bf public moneys. When, too, it is reiiiembered that the vaults provisionally arranged to meet the present emergency for the storage of coin are far from what they should be as such
repositories, the accountabihty of the officers in the mints becomes one
which in strict justice should not be imposed. Some of the provisional
vaults, which I have personally examined, in the most active mint in
the country, are scarcely more than closets or ordinary cellars opening
into workshops, thoroughftires, aud dark recesses, and depending more
on neighboring traffic for security than on any structural security of
their own.*
* Since this report was put in press Superintendent Fox has reported that the only
vault in the raint with a combination lock was on the 21st of October filled to repletion
with coin consisting mainly of standard silver dollars, even to the fiUing up of itspassages.
Q
Relief, however, was then daily expected from the completion of the work of preparing for the reception of silver specie^two empty vaults connecting with the vacant
apartments originally designed for occupation b y t h e Snb-treasury at Philadelphia m
188
R E P O R T ON T H E
FINANCES.
The vaults of the Assay Office at New York, while not severely taxed
for the storage of silver bullion,- are also far from what they should be
under the requirements of its business to keep on hand very large
amounts of gold bullion, in the form of stamped ingots.
The following statement exhibits the stock of bullion and coin on
hand at the several mints and assay offices of the United States at
close of business, September 30, 1885, the coin being held subject to
transfer on the order of the Secretary of the Treasury:
STATEMENT OF B U L L I O N AND COIN I N T B E VAULTS OF T H E COINA G E M I N T S AND ASSAY OFFICE A T N E W YORK S E P T E M B E B 30, 1885.
Institutions.
PMladelphia
San Francisco
Carson
N e w Orleans
New York
G o l d B u l l i o n . S i l y e r B u l lion.
$26,074,281
1, 995,154
936,133
389, 939
42,075,814
Total
64 $1, 294, 076
79
126, 220
61
647, 893
28 ' 1, 341,179
07
1,158, 686
71, 471, 323 39
G o l d Coin.
Silver Coin.
64 $2, 081, 574 00 $15, 374, 610
19 2, 714, 700 00 29, 448, 460
92
15,120 00
25,127
70
21, 990 00
4, 042,165
79
3,431 98
1, 684
4, 568, 057 24
4, 836, 815 98
95
23
76
62
28
48, 892, 048 84
Total.
$44, 824, 543
34, 284, 535
1, 624, 275
5, 795, 274
43, 239, 617
23
21
29
60
12
129;'768, 245 45
STATEMENT OF GENERAL EXPENSES.
I have already taken occasion incidentally to refer to what I understand
to be a laxity in the observance, at some ofthe mints and assay offices of
the United States, of certain provisions of section 3504 of the Eevised
Statutes, so far at least as relate to some of the details of a monthly statement of the ordinary expenses of the mint or assay office on the part of
the superintendent, by way of ^'regular and faithful accounts of his
transactions w^ith the other officers of the mint and the depositors."
One notable e:^ception has already been cited—namely, the Mint at
San Francisco, the books of whose general department are kept upon
a. plan quite as thorough as the system of bullion and coin accounts
prescribed by this Bureau," and common to all the institutions under its
charge.
In order to meet what was considered to be an important requirement
toward a business-like conduct of the institutions reporting to this
Bureau, and to promote uniformity of method in accounts rendered, the
the new United States (Post-office) building of t h a t city. At the instance ofthe Department these vaults have been supplied with time-locks, and metalUc lattice work,
and consigned to use by the Saperintendent of the Miut afc Philadelphia for the stora g e of silver coins, in excess of what cah be kept at the mint, and the delivery of
which to the Treasury or Sub-treasury has not yet been called for.
The anomaly is t h u s presented that, after passiug out of its immediate custody,
beyond the walls of the mint, t h e output of the mint must, for some time to come,
remajn in the care of that institution. As no other api)^:opriation is available, the expense of police and watch will have to be defrayed out of the regular appropriations
of the Mint at Philadelphia, the cost of transportation only between the mint and
t h e vaults referred to being payable out of the Silver Profit Fund.
DIRECTOR OF THE MINT.
189
following circular dated August 20, 1885, was addressed to the super-'
intendents of the several mints and the Assay Office at New York, witB
such modifications as should apply.^ to the special business of each^
mutatis mutandis:
*'In case you have not a similar system of accounts, jou. are requested to open separate accounts wifch each of fche departments of your Mint, beginning with the present
jB.scal year. This division of accounfcs is intended to show, in detail, the actaal debits
and credits in each department, and to be closed at the end of the year.
" Unless you wish to subdivide your accounts still further, the division will be as
follows: General Department, Melter and Refiner's Department, Assayer's Department, Coiner's Department, Engraver's Department, and Mechanical Deparfcmenfc.
' ' T h e work of the Mechanical Department sboald be charged up to the several departments in which performed. '
'' Hereafter the cost of dies furnished by the Philadelphia Mint w i l l b e charged to
the several Mints receiving them, and credited to the Philadelphia Mint, at actual
cost, upon vouchers approved at this Bareau."
CONTRACTS FOR MACHINERY AND SUPPLIES.
My attention has also been called to a similar lack of uniform observance, on the part of atleast one of the princixial institutions under
the charge of this Bureau, of that requirement of the Eevised Statutes
(viz. Sections 3709-10) calling for advertisement for proposals for supplies of different kinds. (Instructions and Eegulations in relation to
the transaction of business at the Mints and Assay Offices of the United
States, 1881, p. 19, section^ 1, 2, 5.)
I have deemed it my duty to address to you a letter of even date reporting specific transactions of the nature above referred to with a
single firm and its successors, together with other transactions involving the employment of mechanics and workmen on the pay-roll of the
same firm, in place of regular workmen in the mechanical department
of the mint, and to a considerable extent at higher rates of wages.
E X P E N D I T U R E S AT THE SEVERAL MINTS AND ASSAY OFFICES.
A reduction of force was made in the Miut at Philadelphia on
the 30th of April last, which resulted in a saving of about $23,000 per
annum. I t has siuce become necessary to fill by appointraent some of
the vacancies created by this reduction. Especially was this the case
in the Ooiner's department,! the working force of which was found by
the Superintendent to be inadequate to the work to be performed. This
additional force was rendered necessary by the fact that it was deemed
by the Department expedient to cause the monthly coinage of standard
dollars, required by law, to be executed at this mint and that at New
Oiieans.
A considerable increasein the adjusting force was made by temporary
appointments.
A t New Orleans no reduction of force or expenditures has as yet been
made. Nearly one-third of the entire coinage of standard silver dol
190
"
REPORT ON THE FINANCES.
lars has been executed at this mint during the past three months. A
few additional adjusters have been eraployed in consequence.
The result ofthe division of thet.coinage of standard dollars betweeh
the raints at Philadelphia ahd New Oiieans has been to largely reduce
expenditur.es at the other coinage mints.
Ooinage has been entirely suspended at the Miut at Oarson and all
clerks aud operatives in the Assayer's, Melter aud Eefiner's and Ooiner's
departraents, have beeu discharged. In the Oeneral departraent only
one deposi t-m el ter, oue messenger and seven watchmen are no.w borne
upon the pay-roll of workmen.
Of the officers and salaried clerks the newly-appointed Ooiner has
been suspended, (without prejudice.). The Assistant Ooiner aud Abstract Olerk have been removed, and the office of Eegister of Deposits
is vacaiit owing to failure upou the part of the appointee to qualify.
Siuce the suspeusion of coinage in February last, all the coin, except
some $18,000, in standard dollars, has been transferred, and the removal of tlie bullion on hand is now in progress. But little business has
been done at this mint during the past three months, the aggregate of
the deposits amounting to only 500 ouuces in gold and some 700 ounces
in silver.
The saving effected at the Mint at San Francisco duriug the current
fiscal year, amounts to an annual decrease of $35,000. This is the
secoud considerable reduction of force made at this mint during the
past six months. The first reduction, made on the 31st of May, chiefly
on account of workraen, araounted to sorae $150 per day, or an aggregate ,of about $47,000 per annum. Otlier changes frora deaths and
resignations will probably swell the aggregate of reduction at this
mint to over $85,000. The coinage of the Mint at San Francisco is at
present confined to gold alone. This accounts for the heavy reduction
in its working force without detriment to the service.
In the Assay Office at New York, the Mint at Denver and the other
"smaller institutions, the rate of expenditures continues about the same
as during the previous fiscal year.
The saviugs effected at the Sau Francisco and Oarson mints will go
far to offset the deficiences that are likely to occur at the Philadelphia
and New Orieaus mints by reason of the allotment of the entire coinage
of standard silver dollars to these twp institutions.
It is deemed proper in this connectiou to mention the fact that the
current year's business of the mints aud assay offices has been nearly
equalto that of thelast, during which it was found necessary to supplement the regular appropriations for the service by advances amounting
to about $160,000, made from the indefinite appropriation contained in
the coinage act of February 28, 1878. Should it become necessar^^
during the latter portion of this fiscal year to draw upon the same appropriation to meet the unusual expenses incurred at Philadelphia and
DIRECTOR
OF T H E
191,
MINT.
New Orleajiis, it is to be expected that the amouut so required will be
less thau the reductions above indicated.
MONETARY STATISTICS OF F O R E I G N
COUNTRIES.
Very full and valuable information has been received, through the
Department of State, from the representatives of this governraent
abroad, in relation to the monetary affairs of the countries to which
they are accredited. This information, together with the interrogatories
prepared by the Director of the Mint and forwarded through the Department of State, will be found in full in the Appendix.* A brief summary of the more iraportant contents of these papers is herewith presented.
GREAT BRITAIN AND IRELAND.
Minister Lowell, under^date of April 1,1885, transmits a cominunication from Mr, Fremantle, the Deputy Master of the mint of Oreat
Britain, containing replies to the inquiries contained in the circular of
the Secretary of the Treasury.
Description;
Valne.
Valae in TJ. S.
money.
Gold coinage
Silver coinage
£2,324,015
658, 548
$11, 309, 819
3, 204, 824
Imports, gold
Exports, gold
10, 870, 000
11, 725, 000
52, 898, 855
57, 059, 712
855, 000
4,160, 857
9,535,000
9, 720, 000
46, 402, 077
47, 302, 380
185, 000
900, 303
Net loss, gold..
Imports, silver
Exports, silver
Net loss, silver
The amount of gold coin in circulation and in banks at the end of
1884 was estimated to have been £123,309,000 ($600,083,248), and of
silver £19,877,000 ($96,731^420). The amount of bank-notes outstanding at the same date was £40,924,713 ($199,160,115).
Mr. Fremantle states thajt throughout Oreat Britain gold and silver
coin and bank-notes are taken in business transactions at par.
FRANCE.
Hon. Levi P . Morton, under date of March 9, 1885, furnishes a statement from the French minister of finance containing the information
desired by this Governnient.
The ouly coinage executed at the French mints during the year 1884
was 120,000 silver piasters for the colony of Oochin Ohina.
* The matter here referred to is omitted for w a n t of space, but it may be found in
t h e separate volumes of t h e Director's report.
192
REPORT ON THE FINANCES.
/
The imports and exports were as follows:
Coin.
Imports, gold
Exports gold
Loss
Gaiji
Imports silver
Exports, silver
Gain
Bulliou.
Francs.
69, 069, 306
71, 515, 596
$13,330,376
13, 802, 510
2, 446, 290
472,134
Francs.
58, 354, 997
10, 276, 962
$11, 262, 514
1, 983, 453
48, 078, 035
9, 279, 061
79, 522, 523
35, 071, 912
15. 347, 848
6, 768, 879
21, 709,127
11, 243, 202
4,189, 861
2,169,937 ,
44,450, 611
8, 578, 967
10, 465, 925
2,019,924 -
The Minister states that the production of silver from argentiferous
lead during the year 1883 was about 6.356 kilograms.
The cash in the Bank of France, which includes all funds belonging
to the Treasuiy, was on Dec. 31, 1884, as follows:
Description.
Gold
Silver
Francs.
.
Total
U. S. money.
1,001,418,960
3,028,389,477
193, 273, 859
198, 479,169
2, 029, 808, 437
391,753,028
The notes of the Bank of France outstanding for the same date were
2,977,591,695 francs ($574,675,197). The Minister states that gold and
silver coins of Q.ve francs are taken at par by the government and in
ordinary transactions, but that silver coins of sraaller denominations
are legal tender only to the extent of fifty francs. The paper issue of
the Bank of France is legal tender and redeemable at sigbt.
BELGIUM.
Hon. Nicholas Fish, Minister to Belgium, forwards under date of 23d
March, 1885, a paper from Prince deOaraman, Belgian Minister of Foreign Affairs, relative to the coinage and circulation of that Kingdom,
and one nnder date of July 6, 1885, in relation to the imports and exports. No coinage w-as executed. The importation of gold coin was
1461 kilograms, ($970,980); exportation 733, ($487,151). Importation of
gold jewelry and plate, 1,393,814 francs, ($269,006) 5 exportation, 40,380
francs, ($7,793). Unmanufactured silver imported 167,499 kilograms,
($6,961,258); exported 5,845 kilograms, ($242,918). Silver coin imported 119 kilograms, ($4,945); exported 42,549 kilograms, ($604,656).
Silver jewelry and plate imported 1,073,115 francs, ($207,111); exported
69,422 francs, ($13,398).
There are no gold or silver mines in Belgium. The gold coin in the"
National Bank at the^ close of t h e y e a r 1884 was 57,823,630 francs;
($11,159,960); silver coin 26,737,000 francs, ($5,160,241).
DIRECTOR OF T H E
ik
MINT.
These amouuts include the amount in the Treasury, as the Natioual
Bank fulfils the functions of a national treasury. The paper circulation consists of notes of the National Bank, which amount to 464,360
francs, ($89,621). The Minister states that gold and silver coins and the
notes of the National Bauk are interchangeable at par.
SWITZERLAND.
Hon. M. J.. Oramer, Minister to Switzerland reports, under- date of
February 21, 1885, the information called for by the Secretary of the
Treasury. The import of gold bullion he states to have been for the
year 1884, 3,800 pounds and the export 200, a net gain of 3,600 pounds.
The import of silver bullion he states to liave been 69,800 pouuds and
the export 18,700, a net gain of 51,100 pounds.
The circulation and money in banks and in the Treasury at the close
of the year 1884 is stated to have been as follows: In the Treasury, gold,
854,685 francs ($164,954); silver, 626,005 fraucs ($120,818j; in banks, gold,
46,883,120 francs ($9,048,442); in silver, 25,846,110 francs ($4,988,299).
The bank notes in circulation amounted to 129,328,000 francs
($24,960,304): The Minister states that the gold and silver coin of the
states in the Latin Union are received at par as well as the bank notes
issued by the banks authorized by law to emit notes throughout Switzerland.
GREECE.
Mr. De Witt P. E<eile3', Oonsul at Athens states under,date of June
25,1885, that no mint exists in Greece.
ITALY.
The following replies have been received to the inquiries made by the
Secretary of the Treasury in regard to the monetary affairs of Italy.
1884.
Liras.
lU.S. money.
Coiuage, gold
10, 994, 580
2,121,953
Iraports, gold coin
16,107, 600
4, 321, 200
3,108, 766
Imports, gold bullion
Total
11, 609, 500
Exports, gold coin
158,600
Exports, gold bullion.. >
Total.....
Gain
Imports, silver coin
Imports, silver bars
Total
833, 991
3, 942, 757
:....
Exporta, silver coin
Exports, silver bars .
•..
Total
N e t loss to tbe governraent
2673 F- -13
2,240,633^
30, 609
11, 768,100
2,271,242
~8:660. 700
~1,"67T, 515
4, 558, 200
V 879, 732
1, 098,400
211, 991
5, 656, 600
1, 091, 723
13, 720, 800
2, 648,114
, 5, 521, 325
1, 065, 615
19. 242,125
3, 713, 729
13, 585, 525
2, 622, 006
194
REPORT ON THE FINANCES.
Mr. Dwight T. Keed, Oharg6 d'Affairs to Spain, forwards under date
of April 13, 1885, the answers from the Minister of Finance of Spain
to the interrogatories ofthe Secretary ofthe Treasury.
The coinage during the year 1884 was, gold 25,818,675 pesetas
($4,983,004), and silver 34,916,949 pesetas ($6,788,971).
The import of gold coin was 1,053,233 pesetas ($203,273); gold bullion, 19,132,500 ($3,692,572): a total 6120,185,733 pesetas ($3,895,846).
The export of gold coin was 243,109 pesetas ($46,920); gold bullion,
1,874,880, ($361,851): a total of 2,117,989, ($408,771), and net gain in
gold of 18,067,744 pesetas ($3,487,074).
The imports of silver were, coin, 13,392,493 ($2,584,751); bulliou,
1,593,020 ($307,452): a total of 14,985,513 pesetas ($2,892,204).
The exports w^ere, coin, 519,057 ($100,178); bullion, 1,755,722 ($338,854): a total of 2,274,779 pesetas ($439,032), being a net gain in silver
of 12,710 734 ($2,453,171).
The value of the silver, including silveriead, produced by the mines
during the year w^as 767,594 pesetas ($148,145). In regard to the circulation, the Minister states that the gold in the Treasury was 1,302,663
pesetas ($251,413), and in the Bank of Spain 40,487,900 pesetas
($7,814,164). Silver i n t h e Treasury 6,747,743 pesetas ($1,302,314);
in the Bauk of Spain-24,546,832 ($4,737,538). The amount of gold
and silver in active circuiatiou is not known.
Oold and silver coin and notes of the Bank of Spain are taken at par.
PORTUGAL.
Hon. Lewis Eichmond, Oonsul-Geueral at Lisbon, under date of April
10, 1885, forwards a report of the Director of the Mint relative to the
coinage of Portugal. The amount of gold coined during the year 1884
by the Portugal Mint was 173,000 milreis ($186,840).
'
GERMANY.
Minister Kasson. forwards under date of Ai^iil 27, 1885, a communicaticm from the Minister of Foreign Aff'airs of the German Empire, giving the information called for by the Oircular of the Secretary of the
Treasury, except in regard to the iraports and exports, which stateraent
is forwarded under date of May 11, 1885, by Mr. Ohapraan Ooleman,
Secretary of Legation.
The coinage of the German Mints during the calendar year 1884 was,
gold, 57,661,740 marks ($13,723,494) ; silver, 483,336 marks ($114,319).
The import of gold coin was, 4,407^ kilograms ($2,928,892), and of
gold bullion 2,649 kilograms ($1,760,525), niaking a total of 7,056 kilograms ($4,689,417).
The export of gold coin was, 8,340 kilograms ($5,542,764), and of
gold bullion 3,434 kilograras ($2,282,236), raaking a total of 11,774 kilograms ($7,825,000), a net loss by export of 4,718 kilograras ($3,135,582).
liThe.imports of silver coin were 5,648 kilograms ($234,730), and of
D I R E C T O R OF T H E
195
MINT,
silver bullion 33,088 kilograms ($1,375,137), makiug. a, total of, 38,736 .
kilograms ($1,609^868).
' / .
^/.
The exports of silver coiu were 3,673 kijograms ($152,649), and of silver bullion 104,491 kilograras ($4,342,646), niaking a total of 108,164 ;
kilograms ($4,495,295): a net loss by export bf 69,428 kilograms
($2,885,427).
..
•
The product of the mines was, gold, 555 kilograms ($368,853); silver,
248,115 kilograms, ($10,311,659). The Imperial gold coinage at the
close of the calendar year, 1884, amounted to 1,992,016,605 marks .
($474,099,951) of which 120,000,000 marks'($28,560,000) w^ere held as ;
a war fund, and 1,129,135 marks ($268,734) had been withdrawn. Bal- i;
ance, supposed to be in active circulation. Imperial silver coinage to :
the same date amounted to 450,tf80,476 raarks ($107,119; 153) of which '
8,000,000 marks ($1,904,000) had been witbdrawn. Balance, sup posed to
be in active circulation. The amount of gold and,silver in the ImperM^ _
and Oerman note-banks at the close of 1884 amounted to 602,069,000 :
marks ($143,292,422). Government-notes in circulation 141,186,250 i
marks ($33,602,327); bank notes 1,061,578,000 marks ($252,655,564). ^
In busincvss transactions paper and metallic moiiey are received in-, i
discriminately at par.
AUSTRIA-HUNGARY.
Hon. John M. Francis, Minister to Austria,transraits five papers relative to the monetary affairs of that Empire. Under date of March l6th ;
he forwards the information called for by the circular of the Secretary
of the Treasury, and under date of April 8th similar information in;;
regarcl to Hungary.
.,
The coinage at the Mint at .yienna during the ..calendar year 1884 •
was as follows:
Iflorins..
Gold
Silver Trade Coins.
Legal Silver coins .
Fractional Pieces..
TJnited States
,1V money. •
2, 582, 936 $1,244,975 15
1, 222, 485 05. 7
3,110, 649
4,-477,- 717 lV7.59,^742-78.1.'.'
1, 038, 004 ' 407,-935-57; 2 '
Total Coinage .
11,209,306
4, •635,138 ^55
The coinage of the Mint at Kretonitz for thei'saime year w^^
follows-
>l»*WU.'HL.JU.MW.».JJO
Florins.
Gold
Legal Silver Coins
Total
:
',.-
-
United States
, mpney. _.
2, 51^; 707
. a-72i;tT;2^-
•$li214^ 016:77'
•-;• ' 676,637^:92/
. 4-24:0;.43.2',
.. lV89,0,r654:.61>.
196
REPORT ON THE FINANCES.
—
rA
Value in
Kilograms. Unitecl States
money.
|
E
|
PnODVOTION OF AUSTRIA AKD HUjYaARY.
Deceraber 31,1884.
AUSTRIA.
• Gold
M Silver
14
35, 000
$9, 304
1, 454, 600
HUNGARY.
I
Gold
Silver
1, 644, 716
14, 424, 239
109, 307, 825
59,947,137 1
The amount iu the Treasury was:
December 31,1884.
1
1
1
Florins.
2,443,755
9, 997, 293
Gold
Silver
Dnited States
mouey.
$1,177,890 •
3, 928, 936
The amount in the Austro-Hungarian Bank was :
December 31,1884.
Gold..
Silver.
Florins.
78, 822,133
120, 568,175
Dnited States
money.
$37, 992, 568
49, 741, 293
The active circulation of gold is not kuown; of silver, supposed to be
between thirty and forty million florins..
PAP.Elt GIRGULATION ON DECEMBER 31, 1884.
Florins. D. S. money.
354, 228, 072 $139, 211,.632
375,725,030
147,659,937
Goverument issue
Banknotes
These notes are at par with silver. Gold is used for trade purposes
and only on special agreement. At the close of the year 1884 it was at
a premium of 22 per cent, over paper and silver.
DENMARK.
Hon. Wickham Hoffman forsvards, uuder date of March 19, 1885, a
communication from the Danish Minister of Foreign Affairs, giving the
statistics requested by the Secretary of the Treasury in relation to the
monetary affairs of the Danish Kingdom.
1:^0 coiuage was executed in Denmark during the year 1884.
The imports of gold amounted to about 5,000,000 crowns ($1,340,000),
DIRECTOE OF THE MINT,
197
and the exports to about 3,000,000 ($804,000): a net gain of 2,000,000
crowns ($536,000). The imports and exj^orts of silver were insignificant.
The gold in bank amounted to about 26,000,000 crowns ($6,968,000),
and in active circulation to 3,000,000 crowns ($804,000).
The silver in bank amounted to 4,000,000 crowns ($1,072,000), and in
circulation to about 14,000,000 crowns ($3,752,000). The notes of the
National Bank outstanding amounted to 73,000,000 crowns ($19,564,000).
The minister states that gold and silver coin as well as the notes of
the ISTational Bank are taken at par.
SWEDEN AND NORWAY.
Information has been received from the Secretary of Foreign Affairs
of the Swedish and Norwegian Governnient, in reply to the circular of
the Secretary of the Treasury. No coinage of gold or silver was executed at the Norwegian Mint during the year. At the Swedish Mint
gold was coined of the value of 3,815,000 crowns ($1,022,420), and silver
qf the value of 537,767 crowns ($144,121).
The value of the imports of gold and silver iuto Norway during the
year was 344,600 crowns ($92,352). The exports amounted to 803,000
crowns ($215,204). Into Sweden the imports were, gold coin, 2,463,105
crowns ($660,112); gold bars, 1,051 kilograms ($698,494); silver coin,
446,157 crowns ($119,570), and silver bullion, 439 kilograms ($291,759).
The exports were, of gold coin, 23,500 crowns ($62,980); ofsilver, none.
The production ofthe mines of Swedeu was, gold, 19 kilograms; silver, 1,816 kilograms. The production of Norway was, 6,387 kilograms of
silver. The araount of bullion and coin in the Bank of Norway at the end
of the year 1884 was, gold, 23,256,080 crowns; silver, 147,000 crowns, and
in the state treasury, silver 470,380 crowns. The araount of silver in
active circulation in Norway was supposed to be 4,416,551 crowns ; the
amountof gold was less than the silver. The outstanding bank notes
of the Bank of Norway amounted to 38,983,500 crowns.
' In Sweden at the close of 1884 the amount of gold in the banks and
the treasury was, 21,860,479 crowns, and of silver, 3,298,277 crowns.
The amount of gold iu active circulation outside of banks was supposed
to be about 5,500,000 crowns of gold and 13,000,000 crowns of silver.
The notes of the Bank of Sweden, outstanding at the end of 1884^
amounted to 90,381,574 crowns. In both of these countries silver is
subsidiary and legal tender to the extent of 10 crowns.
NETHERLANDS.
Hon. William L. Dayton, Minister Resident to The Hague, reports
under date of April 27, the response of the Minister of Foreign Affairs
of that kingdom to the questious propounded by the Secretary of the
Treasury.
The coinage during the year 1884 was 455,000 silver florins ($182,910).
The import of gold coin was 3,210,664 florins ($1,290,686), and the ex -
198
> REPOET'OF THE FINANCES.
port 393,406'fl6Hhs
a net gain'in gold coin of 2,817,264 florins
\$l,l32,5i0). The'^impor^^
gold bullion was 10,672,162 florins
($4,"29'0',269) au'Cthe export 1,648,500 ($662,697): a net gain to the country of 9,023,662^($^b27j512).'
. In siiyer, the!imports of coin were 1,161,528 florins ($466,934) and the
^^iports iL^052325 florinst$453,034): a net gain of 109,203 florins ($43,900)
"and'the iraports of silver bullion 548,308 florins ($220,419); no exports:
' a ' g a i n of'548;36S"florins (%220,419).
The gold coin iu the Bank of Netherlands including the amount in
the Treasury, was on the 27th of Deceraber, 1884, 19,719,340 florins
($7,927,174). The araount in circulation was estimated to be very
"small, ^iit'tli^
the silver coin iu tbe Bauk, including the
'teeas%,fem6tint^d;' to'93,656,76 florins ($37,650,018). The Minister
'states tiiat the ahibuh^
silver pieces in circulation cannot be readily
'estimatitid. ; At the close of the year 1884, the value of the paper mouey
'issued by thegoverhhieht.incirculation,was9,666,320florius ($3,885,860)
and that issued b y t h e banks 193,508,095 florins ($77,790,254). Coin
and plainer iho'hey ha'v6 the same value in circulation.
• The-'^iildbtiiha^^
' ahd ^the-silver coihage 1,605,
c6in.= "
• >' '
*
' '
•'• i .•; •
Irapoi:ts::
••;' .,
Gold hars
^Goldcoin .'.''..
Silver b ^ r s . . .
'
Silver c o i n . - :
Exports :
.. . ,
Gold c o i n - . . .
r. Silver bar^..:
'Silyer c o i n . . . . . .
duringthe year was 24,119,038 roubles
roubles, a large portion being fractional
Iniports a n d exports.
'..^.
".
Roubles.
497,227.
2,031,71]
2,418,643
910,359
2,496,248
. 64,884
1,361,428
The product of the mines of Eussia in 1884 was gold, 2009 poods,
silver 570'poods. About 1st January 1885, the gold in theTreasury
was 7,408,842 roubles. Silver in the treasuries amounted to 8,076,601
roubles, in the Bank belonging to the Government 2,914,733 roubles.
Theamountof paper money outstandiug was 1,073,710,258 roubles.
A very interesting paper has been forwarded from Cairo, Egypt, under
date of May 19, 1885, by Mr. N. D. Coinanos, Acting Consul General of
this couutry, in relation to the public debts of Egypt, and to the appointnient of representatives frora Eussia and German}^ as Comraissioners of
the Pll blic Debt in addition to those now occupying that position, repEngland, France, Austria-Hungary and Italy.
Digitized for resenting
FRASER
D I E E C T O E OF T H E
199
MINT.
Minister Bingham under date of June 19, 1885, forwards a pajier from
the Japanese .Minister of Foreign Aff'airs, containing information in reply to the circular of the Secretary of the Treasury relative to thecoinage production and use ofthe precious metals in the Japanese Erapire.
The gold coined during the year 1884 was 569,415 yens and silver
3,59_9,912 yens.
Tlie gold coin imported during the year was 1,156 yens aud exported
1,252,109 yens, a net loss in gold coin of 1,250,953 yens. The gold bullion imported was 19,322 ouuces, exported 8,439 ounces. In silver coin
the imports amounted to 2,166,494 yens, and the exports, to 2,925,721
yens.
The imports of silver bullion were 2,800,188'ounces, and the exports
of the sarae 545,869 ounces.
The amount of gold produced from the government mines from the
1st of July, 1883, to the 30th of June, 1884, was gold, 4,703 ounces,
silver 436,051 ounces; and from private mines during the calendar year
1883, gold 4,824 ounces, silver 318,285: a total of gold, 9,527 ounces,
silver 754,336 ounces. The estimated amouut of gold coin in circulation
and in the Treasury and banks at tlie close of the year 1884 was—
Yens.
Gold coin in Treasury ..
Gold coin in banks
Gold coin in circulation.
Dnited tates
money.
9, 608, 405
650,145
81,340,419
Total
91,658,969
Silver coin in Treasury..
Silver coiu in banks
Silver coiu in circulation
21,401,523
Total
, $18,362,506,734
7,571,119
6,496,020,102
23, 524, 426
20,183, 957, 508
52, 497, 068
45, 042, 484, 344
The paper money outstauding at the close of the same year was goverument notes 93,380,233 yens, bank notes 30,914,148 yens.
The Minister of Foreign Affairs states that in ordinary busiuess transactions goverument and bank-notes are taken at par with each other,
but iu transactions requiring the relative valuation of paper and metallic
money, the former is received at the market value. The relative yalue
during the year 1884, of gold to paper was 1 yen and 19 sen in paper to
a yen of gold, and of silver 1 yen, 9 sen in paper to 1 yen in silver.
SANDWICH ISLANDS.
Hon. E. M. Daggett, Minister to the Sandwich Islands, forwards five
interesting papers relative t o t h e monetary affairs of those Islands.
Under date of January 14th, 1885, he sends a communication in regard to
200
EEPOET ON THE FINANCES.
the decrease in the trade of the Islands and to the effect of the Hawaiian
silver which was put into circulation in the bnsiness and trade of that
country. Under date of February 14tb, he forwards two comniunications, one containing replies to the circular of the Secretary of the
Treasury, as well as one of the date ot February 25th and one of February 28th, in relation to the rederaption of certificates by the gov-ernraent, and to the trouble which has arisen from the introduction of the
silver coinage into that country.
The coinage for the year 188^4 (executed at the United States Mint at
San Francisco) amounted to $700,000. The imports of gold araounted
tQ $480,000 and the exports to $91,000, a gain of $389,000. The iraports
of silver coin araounted to $700,360 iucluding the coinage executed at
the San Fraucisco Miut. The exports amounted to $580,687.
There are ho gold or silver mines in the Islands.
The estimated amouut of gold in active circulation was $250,000: in
the Treasury $325,000, in the banks $175,000. Silver in circulation
$640,000 ; in the Treasury $368,306; in the banks $5,000. The government paper mouey outstauding at the close of the year was $706,500.
United States gold coin is the standard of value. United States silver
and Hawaiian silver coin are a legal tender to the extent of $10.' Haw^aiian silver is taken at par with gold in retail transactions, but^at a
discount of from 5 to 10 per cent, in foreign exchange.
Mr. Daggett also incloses a copy of a law passed by the Hawaiian
government relative to gold and silver coin.
MEXICO.
Minister Morgan forwards uuder date of March 2nd, 1885, a reply
from Seiior Mariscal, Minister of Foreign Affairs of the Mexican Eepublic, relative to the monetary affairs of that country. The information furnished is for the fiscal' year ending June 30th, 1884. The coinage of gold was $328,698, and of silver $25,377,378. The imports of
gold and silver are practically^ nothing. The exports during the year
amounted to gold $919,516, silver $31,333,233, about $25,000,000 of the
latter being the Mexican coinage for the year.
The production of the mines is estimated to have been thearaount
exported and deposited for cpinage, which was of gold, $1,183,137, and
of silver $31,548,478. I t is probable that the production Avas somewhat larger than this amouut, as uo estimate is made of the amount
nsed in the arts, or of bullion held by private individuals.
The coin in bank (including $47,141 in the Treasury) at the close of
December, 1884, amounted to $4,616,766; and the paper money outstanding of the National Monte de Piedad and of the Mexican National
Bank amounted to $5,432,069.
The minister states that in ordinary business transactions gold is received at a premium, of from 12 to 15 per cent., and silver and bank
notes payable at the National Bank of Mexico are received at par.
DIEECTOE OF THE MINT
201
VENEZUELA.
Hon. Jehu Baker, Minister-resident and Consul General at Caracas,.
Yenezuela forwards under date of 31st December, 1884, a statement in ,
regard lo the monetary matters of Venezuela.
Mr. Baker states the,production of the mines during 1883 to have
been, gold 16,216,914 bolivars ($3,129,864), which was exported. He
states the paper currency of the ''Banco-ComraerciaP' of Caracas to
havebeen 2,000,000 bolivars ($386,000)—not a legal tender.
The entire circulation of paper and metallic money is about $12,000,000 or about $5.50 per capita.
BRAZIL.
Minister Osborn forwards under date of May 25,1885, an extract from
the ^'Eelataria da Fazenda" in relation to the Mint of Brazil, from
which it appears that there was coined in 1881-'82, 46,719 milreis
($25,508) in gold, and 18,305 milreis ($9,994) in silver.
PERU.
Hon. Seth Ledyard Phelps, Minister to Peru, forwards under date of
March 31, 1885, information obtained in regard to the finances of that
Eepublic.
The coinage of silver during 1884 was 1,762,200 sols ($1,400,949.)
The production of the mines was gold, 150,000 sols ($119,250); silver,
2,400,000 sols ($1,908,000.) The gold coin in the banks was 30,000 sols
($23,850)—none in circulation and none in the Treasury. The silver in
circulation was 1,000,000 sols ($795,000), in banks 500,000 sols
($397,500) aud in the Treasury 3,479 sols ($2,765). The amount of
paper currency outstanding was 106,000,000 sols ($84,270,000).
The siiver sol, he states to be the unit of value interchangeable
with paper at from 15 to 16 sols paper to one silvar. He states that
United States $20-gold pieces are exchangeable for silver at the rate or
25 to 26.60, and English sovereigns at from 6 to 6.60.
Hon. Eichard Gibbs, Minister Eesident and Consul general at La Paz,
Bolivia, forwards under date of February 19th, 1885, a comraunication
as to the financial affairs of that Eepublic. Mr. Gibbs states that the
obligations of the nation have increased while the income has decreased.
The circulation of the banks has increased 784,000 bolivianos ($623,280)
duriug the year, while the specie has fallen 376,000 bolivianos ($298,920),
-the amouut of specie in bank at the close of December, 1884, being
402,219 bolivianos ($319,764.) The loans of the banks had increased
1,235,000 bolivianos ($981,825) while the deposits had decreased about
40,00^ bolivianos ($31,800.)
The Minister also states that the emission of nickel money by the
government in five and ten cent pieces has been recalled, very much
to the discomfort of the people.
.
202
EEPOET ON THE
FINANCES;
URUGUAY.
A communication has been received from Mr. W. WiUiaras, United
States consul at Montevideo, in reply to the inquiries propounded by the
Secretary of the Treasury in his circular letter. Mr. Williaras states the
imports of gold coin into Uruguay during the calendar year 1884, to have
been $7,003,198, and the exports $8,139,378: a net loss to the country
of $1,136,180. He states the gold coiu in the bauks at theeud of theyear
to have been $5,572,231, and in circulation $6,000,000: a total in the
country of $11,572,231. The silver coiu in circulation was $2,000,000.
No acconnt was kept of the araouut iu bank or Treasury. The paper
currency and coin of government issue outstanding was $1,505,960, and
the bank issue $4,089,450.
Mr. Williams also states that gold and silver coin and bank-notes are
received at par in business transactions ; that government notes are
not a legaltender; and that silver is a legal tender to the extent of ten
dollars.
He also states that the discount on government notes is about fifty
per cent.
KOREA.
Mr. George C. Foulk, ensign iu the United States Navy and charg6
d'affaires ad interim at the Kingdom of Korea, reports under date of
April 30th, 1885, the information called for by the circular of the Secretary of the Treasury. He states that mining is carried on secretly by
the Government and that the production is not ascertainable. The ex-,
ports of gold dust amounted to about $500,000 duriug the year. He
states that gold and silver coin are not used by Koreans except in trade
with foreigners. Foreign expenditures are divided betweeu gold dust,
nuggets, silver bars, and ox-hides. The priucipal mouey iu domestic
trade consists of copper pucs.
WOELD'S PEODUCTION OF GOLD AND S I L V E E .
From inforraation contained iu the communications received from
the representatives ofthe United States in foreign couutries and from
other reliable sources, I have revised the estimate of the production
of gold and silver in the various countries of the world for the caleudar
years 1882 and 1883, published iu the last aunual report of the Director
of the Mint. I have prepared also an estimate of the production for
the calendar year 1884, which, together with the revised estimates mentioued, will be found in the Appendix.
The estimated production of gold in the world during the year 1884
was in round numbers $95,000,000; and iu silver, calculated in most cases
at its coining value, $115,000,000. This is an iucrease of about $1,000,000 over the production of 1883 in gold, and a falling off of abo^ut the
same amount in silver; but is a reducuon of $4,500,000 in gold from the
calendar year 1882, and an increase of about an equal amount in silver.
The estimates are official in all cases, except where otherwise stated.
In such cases the foot-notes explain fully the basis of the estimate.
DIEECTOE OTF THE MINT.
203
COINAaES OF THE W^OELD.
So far as advices have been received, coinages were executed duriug
the calendar year 1884, in 18 countries of the world, amounting in round
numbers to $99,500,000 in gold and $90,000,000 in silver. As heretofore
the United States has been the largest coiner of both metals. The coinage of gold by Australia was only $1,800,000 less than that of the
United States. The gold coiuage of Eussia amounted to $19,840,540—
withiu $4,000,000 of that of the United States. Germany coined nearly
$14,000,000, and Great Britain over $11,000,000.
In the cpinage of silver, Mexico is but little behind the United States,
baving coined $25,000,000 as against $28,000,000 by this Government.
The silver coinage of India was $13,800*^000—a large decline from the
coinages of recent years of that country—and of Spain nearly $7,000,000.
I am, very respectfully, yours,
JAMES P. KIMBALL,
Director,
APPENDIX.
•^CONTENTS.
I. Deposits and purchases of bullion, expressed in standard ounces, during
fiscal year.
II. Deposits and purchases of hullion, exi)ressed in coining value, duriug fiscal
year.
«.
I I I . Deposits and purcliases of bullion, expressed in coining valne, during calendar year 1884.
IV. Deposits of gold of domestic production during fiscal year.
V. Deposits ofsilver of domestic production dnring fiscal year.
VI. Deposits of gold of domestic jiroduction during calendar year 1884.
VII. Deposits ofsilver of domestic production during calendar year 1884.
VIIL Coinage during fiscal year.
IX. Coinage during calendar year 1884.
X. Bars manufactured, expressed in standard ounces, during fiscal year.
XL Bars manufactured, expressed at coining value, during fiscal year.
XIL Bars manufactured, expressed in standard ounces, during calendar year
1884.
XIIL Bars manufactured, expressed at coiniug valued during caleudar year 1884.
XIV. Earnings and expenditui'es during fiscal year.
XV. Medals manufactured during fiscal year.
XVI. Medals and proof sets sold during fiscal year.
XVIL Coinage aud medal dies manufactured daring fiscal year.
XVIIL Expenditures for distribution of minor coin.
XIX. Comparison of business of mints and assay oifices during fiscal years 1884
and 1885,
XX. Wastage aud loss on sale of sweeps during fiscal year.
XXL Gold hars exchanged for gold coiu during fiscal year. '
XXIL Assets and liabilities of miuts and assay oifices J u n e 30, 1885.
XXIIL Silver bullion on. hand at coinage mint«s and New York assay office at the
commeucemeut and close of calendar year 1884.
XXIV. Standard ounces and .cost of silver buUion purchased and silver dollars
coined each month during fiscal year.
XXV. Statement of silver purchases by mints during fiscal year.
XXVI. Consumption of silver in coinage, &c., during fiscal year..
XXVII. Consumption of silver in coinage and wastage, by mints, during fiscal year.
XXVIII. Monthly i)rice of silver duriug fiscal year.
XXIX. Monthly price ofsilver duriug calendar year.
XXX. Seignorage on coinage of silver and disposition of same during fiscal year.
XXXI. Expenditures frora silver profit fund for distribution ofsilver coins during
fiscal year.
D I E E C T O E OF T H E MINT.
XXXIL
XXXIII.
XXXIV.
XXXV.
a XXXV.
205
Storage space required for gold and silver coin.
Cost of coiuage during fiscal years 1884 and 1885.
Weight, fineness, diameter, and thickness of United States coins.
Letter of assayer, Mint Bareau, transmitting, tables of assays.
Gold coins of several degrees of fineness and percentage of the whole number assayed.
Z> XXXV. Silver coina of several degrees of fineness and percentage of the whole
number assayed.
cXXXV. Gold coins and fineness of each assayed at the annual assay, and monthly
at the Mint Bureau.
d XXXV. Silver coins and fineness of each assayed at the annual assay, and monthly
at the Mint Bureau.
XXXVL Consumption of United States bars in the arts and manufactures during
fiscal year.
'
XXXVII. Value of foreign coins.
XXXVIII. Coinage from organization of mints to close of fiscal year.
XXXIX. Deposits of gold and silver of domestic production from organization of
mints to close of fiscal year.
XL. Deposits of gold aud silver of domestic production from organization of
mints to December 31, 1884.
XLI. Imports and exports of gold and silver during fiscal year.
XLII. Imports and exports of gold and silver during calendar year 1884.
XLIII. Imports of gold and silver at New Orleans duriug fiscal year.
XLIV. Imports and exports of gold and silver at San Fraucisco during calendar
, year 1884.
XLV. World's p'roductioh of gold and silver.
XLVI. Coinage of various countries.
XLVIL Charges on dei)osits at the coinage mints and New York assay ofifice.
XLVIII. Cliarges on deposits at assay offices other than New York.
XLIX. Act authorizing coinage of standard silver dollars.
L. Comparative table of coins.
206
EEPOET ON THE FINANCES.
I.—DEPOSITS AND PUECHASES OF GOLD AND SILVEE BULLION,
United States coin
Foreign bullion
Foreign coin
Jewelers' bars, old plate, &c
Total
•
J l l , 993, 347. 70
Ke-deposits:
Fine bars
I
883, 766. 47
Unparted bars
.j
105, 528. 95
Gold and Silver deposits and purchases
Re-deposits:
Gold
Silver
Total GoM and Silver received j
and operated upon
j 13,143, 589. 351
D I E E C T O E OF T H E
207
MINT.
BY WEIGHT, DUEING THE FISCAL YEAE ENDED JUNE 30, 1885.
ASSAY OFFICES.
Total. Denver.
New York.
S t a n d a r d ozs.
Bois6.
Helena.
Charlotte.
Saint Louis.
S t a n d a r d ozs S t a . n d a r d ozs. S t a n d a r d ozs S t a n d a r d ozs S t a n d a r d ozs
82,168. 033
•413,735.828
10,917.273
55, 078. 409
9, 966. 613
1, 627. 643
1, 697, 663. 470
10, 402. 296
1.112
767. 206
17, 479. 091
582 851.195
6. 556
50. 612
603,174. 246
69. 971
424, 260. 453
37.508
2, 519. 808
100,478.275
55, 078. 409
10,011.789
5, 035. 240
2,843,055.535
346. 483
6.301
10, 018. 090
353, 487. 615
59,571.358 1
1, 420, 048. 292
•
217.781
82, 385. 814
10, 917.273
49,453.159
.
S t a n d a r d ozs.
62, 235. 396
52,144.979
812. 525
1, 521, 644.430
83,198. 339
10, 917. 273
55, 424. 892
4, 717, 985. 87
19, 922. 07
2, 372. 29
64, 854. 68
144,953. 521
5, 035. 240
3,050,244.452
882. 85
310. 52
2, 917. 43
24.09
71.07
754,157. 06
.819,480.22
.84
821. 68
1,808,465.63^
.
] 11, 488. 02
964, 284. 82-
35. 43
180.15
5, 422. 81
'374, 422. 99
64, 890.11
1, 096. 68
6, 626. 08
31,616,212.91
. 476. 08
.95
2, 372. 29
65, 366.19
1, 097. 63
6, 626. 08
32,726,910.39
13, 289. 563
119,968.519
11,108.469
11, 661. 320
34,459,268.445
346. 483
6. 301
476. 08
.95
218, 099.16
5, 869, 970. 70
8.75
2, 372. 29
19, 922. 07
972, 980. 92
61, 669. 23
33 354. 83
5,962,994.76
27,714, &82. 41
19, 922. 07
7, 290, 018. 992
102, 307. 884
101, 596.138
812. 525
•
137, 716. 56
207,188. 917
1
93, 024. 06
7, 484, 639.190
103,120. 409
13,289.563
121, 791. 082
11,115. 719
1 110 697 48
11,661.320
35,777,154.842
208
EEPOET
ON THE
FINANCES.
II.—DEPOSITS AND PUECHASES OF GOLD AND SILVEE BULLION,
'
COINAGE MINTS.
Description.
Philadelphia.
San Francisco.
Carson.
N e w Orleans.
GOLD.
1
United States bullion (domestic pro.
duction)
$254,193 75
$19,154. 925 59
94, 560 05
1,539 14
57, 248 27
309,185 85
10, 605 57
4, 876 30
1, 286, 798 20
23,727 70
640, 840 55
* 21, 804 08
46, 784 56
. ..
1,051,718 92
20, 774, 252 86
Unparted bars
1, 704, 783 27
207 11
2, 994, 348 45
20, 774, 459 97
United States coin
Foreign coin
Jewelers' bars, old plate, &c — . . . .
Total
$1, 505, 665 23
$21, 267 81
I, 505, 665 23
102, 385 64
1, 505, 665 23
102, 385 64
1,159,122 31
9, 705, 389 98
Re-deposits:
Fine bars
237, 846 26
Total Gold received and operated upon
SILVER.
United States bullion (domestic production)
United States coin
Forei'^n bullion
Forei"11 coin
. .. •
Jewelers' bars, old plate, «fec
Total
12, 284, 396 71
3, 508, 317 60 .
854,468 80
14, 344 54
387 16
1, 035, 823 09
674, 861 64
29, 322 41
141,781 11
4,972 91
13, 955, 895 48
4, 592, 780 55
1, 028, 382 80
32, 052 62
122, 797 31
413 96
15,107, 075 59
15, 007, 614 40
16 18
5, 229 42
113, 652 00
'
288,151 12
28, 589 02
1,159,138 49
10,141, Oil 54
4, 625, 247 13
1,159,138 49
10,141,011 54
25, 367, 033 41
2, 664, 803 72
10, 243, 397 18
2, 664, 803 72
10,243, 397 18
Re-deposits:
Fine bars
:
Unparted bars
Total Silver received and oper-
/
Gold and Silver deposits and purchases •
Re-deposits:
Gold
•-
Silver
1, 942, 629 53
207 11
1,151,180 11
32, 466 58
18,101, 424 04
25, 399, 707 10
Total Gold and Silver received
209
D I E E C T O E OF T H E MINT.
BY VALUE, DUEING T H E FISCAL YEAE ENDED JUNE 30, 1885.
ASSAY OFFICES.
Total.
N e w Yorlc.
Denver.
Bois6.
$7, 697, 410 75$1, 528, 707 59 $203,112 06
Helena.
Charlotte.
Saint Louis.
$30, 281 73 $31, 584, 436 64
$1, 024, 714 58 $185, 425 36
193, 531 09
10,843,743 17
' 20 68
14, 292 20
121 97
941. 62
1, 301 79
6, 576, 513 78
1,108,304 32
4, 051 75
26,419,503 11
1, 532, 759 34
697 82
203,112 06
1, 024, 714 58
46,880 18
93, 697 52
186, 265 83
15,116 75
28, 309, 663 80 1, 547, 876 09
5, 490, 019 92
7 893 217 77
1 «fiQ ^ a ^ 9fi
52, 894, 075 09
1,157, 867 81
920, 021 55
970 139 14
325 210 97
11, 221, 840 45
23,182 04
203,112 06
2, 760 48
6, 446 20
117 23
1, 031,160 78
186, 383 06
75, 467 26
2, 696, 809 70
93, 697 52
361 33
1, 027 31
56, 748, 752 60
32, 250, 044 94
3, 394 84
28 03
82 71
877, 564 58
953, 576 98
98
956 14
2,104, 396 35
6, 830, 511 37
• 1,122,076 86
10 18
129 731 51
41 23
253, 788 12
23,182 04
2, 700 48
75, 508 49
6, 310 17
209 63
7, 710 35
1, 276 13
553 99
36, 485 62
23,182 04
33,250, 014 48 1, 555, 941 38
1, 890,160 69
36, 789, 774 92
1^-132,195 97
71,760 55
6, 938, 757 54
435, 692 19
2, 760 48
76, 062 48
205, 872 54
1,100, 223 07
6, 446 20
15,116 75
553 99
108, 246 17
35, 248, 421 34 1, 571, 058 13
2673 F
14
205, 872 54
1, 107, 223 26
1 10
1,277 23
187, 541 96
160,251 98
•,
7, 710 35
101,407 87
38, 082, 222 87
89, 683, 850 01
117 23
3, 854, 677 51
1 10
1, 292. 447 95
187, 660 29
101, 407 87
94, 830, 975 47
210
EEPOET ON THE FINANCES.
III.—DEPOSITS AND PUECHASES OF GOLD AND SILVEE BULLION,
COINAGE MINTS.
Description.
Pliiladelphia.
United States bullion (domestic proeduction)
SanFrancisco.
$222, 711 49 |$18, 746, 378 55
Carson.
NewOrleans.
1,598,716 38
United States coiu
76, 419 57
4, 232 06
$16,406 30-
Foreign bullion
58, 028 43
636, 275 39
10, 777 81
7, 648 71
1, 233, 411 62
11,851 86
653, 280 61
20, 845 57
45,377 64
Foreign coin
Jewelers' bars, old plate, &c .
Total.
1, 018, 088 81' 20,641,143 19
1, 598, 716 38
84, 413 61
1, 598, 716 38
84,413 61
8, 978, 742 30
Re-deposits:
Fine bars
Unparted bars .
1, 901,128 52
Total Gold received and operated
upon ...'
2, 919, 217 33 20, 641,143 19
United States bullion (domestic production)
11, 668, 972 71
4, 964, 207 74
1,151, 506 26
399, 933 08
8,490 98
15 94
279 94
1, 568, 864 91
49, 555 24
Foreign coin
548, 646 42
42,375 09
549,652 84
Jewelers' bars, old plate, &c
133, 386 86
1, 980 26
31, 814 90
12, 751, 219 01
6, 585, 918 98
United States coin
Foreign bullion
Total.
4,822 44
1,151, 522 20
9, 614, 587 72
Re-deposits:
866, 662 16
32, 052 62
26, 947 82
61, 214 65
Total Silver received and operated!
upon
i 13, .644, 828 99
6, 679,186 25
1,151, 522 20
9, 614, 587,72
Gold and Silver deposits and purcliases.j 13, 771, 370 97
27, 227, 062 17
2, 750, 238 58
9,699,003 33
2,750,238 58
9, 699, GOl 33
Fiue bars
Unparted bars .
Re-deposits:
Gold
:
Silver
-
Total Gold and Silver received
and operated upon
I
1,901,128 52
I
893, 609 98
93, 267 27
36, 564, 046 32 27, 320, 329 44
D I E E C T O E OF T H E
211
MINT.
BY VALUE, DUEING THE CALENDAE YEAE ENDED DECEMBEE 31, 1884.
ASSAY OFFICES.
Total.
New York.
Denver.
$7, 536, 303 67$1, 475,166 89
Boi86.
$184, 800 78
Helena.
Charlotte.
$865,167 58
$161,187 94
$16, 767 08
20 68
5, 732 35
114 18
239 42
162, 360 31
10, 511, 873 90
5, 071, 248 23
1,129,448 55
3, 437 14
24, 411, 234 66 1. 478, 604 03
184, 800 78
865,167 58
SaintLouis.
4, 761 62
6, 328, 922 04
46, 072 27
1, 899, 577 15
162, 438 17
73, 572 74
21, 527 43
117 23
184, 800 78
2, 321 96
865,167 58
22, 937 82
1, 899 54
162, 555 40
2, 892, 691 38
73, 572 74
888 25
190 32
100 19
1 12
676,227 63
1, 390 00
106 092 96
6 02
233,096 54
6, 511, 058 78
50, 518,179 95
1, 238, 875 51
8, 016 04
26, 633, 539 76 1, 486, 620 07
5, 493, 742 11
265,171 27
11 217 .qnp i.q
1,115 37
1, 238, 875 51
983 429 59
$30,807,200 36
21, 527 43
2, 321 96
54, 649, 746 84
32, 305, 036 90
41.^ 9,fi.^ 9.Q
2, 296, 317 72
1,246,773 33
41 23
184 94
6, 835 24
407 339 97
22, 979 0
3,179 40
8, 416 68
36,670,733 21
•
932, 806 84
34, 092 06
110
27, 019 64
21, 527 43
2, 321 96
30,922,293 44. 1, 500,131 46
187,122 74
6, 572,170 48
2, 222, 305 10
22, 979 05
888,146 63
115,183 21
1,180 50
8, 416 68
37, 718, 721 26
163, 617 57
81, 989 42
87,188, 911 16
117 23
8, 016 04
4,131, 566 89
1 10
61 111 70
1, 047, 990 05
'
33, 205, 710 24 1, 508,147 50
187,122 74
888,146. 63
163, 735 90
81, 989 42
92, 368, 468 10
212
REPORT ON THE FINANCES.
I V . - D E P O S I T S OF U N E E F I N E D GOLD OF DOMESTIC PEODUCTION, W I T H
DOMESTIC BULLION NOT DISTEIBUTED, DUECOINAGE MINTS.
j
Locality.
Philadelphia.
Alabama
San Francisco.
Carson.
1
$593 95
Alaska
$22, 512 37
Arizona
:
j
California
Colorado
1
13, 540 69
291, 884 31
2,818 25
5, 571, 096 32
12.528 65
Dakota
340 30
Georgia
1,122 04
Idaho
2,271 50
•
Maryland
1, 065 93
Michigan
5, 550 50
246 73
Montana...-ITe vad a
368,703 12
91, 784 38
819, 695 36
140, 694 90
New Mexico
North Carolina
$152, 661 52 j
272 37
1, 353, 003 71
27, 852 78
33, 570 16
Oregon
1,594 94
415, 703 88
Pennsylvania
South Carolina
Tennessee
2, 737 41
..
123 38
. . .
123 20
Utah
Vermont
Virginia
35, 740 32
;
"
|
W^ashin<^ton Territory
Vi'^yoming
Other sources, not reported
Total unrefined
Refined bullion
Grand total
..
1
2,316 06
.1
'i
40, 283 87
6, 761 75
184 21
10, 662 05
171, 818 07
238, 662 39
7, 857, 531 36
15,531 35
11, 297, 394 25
254,193 74
19,154, 925 61
1, 505, 665 23 1
1, 505, 665 23 j
D I E E C T O E OF T H E
213
MINT.
T H E STATES AND T E E E I T O E I E S PEODUCING THE SAME, AND OF E E F I N E D
ING THE FISCAL YEAE ENDED JUNE 30, 1885.
ASSAY OFFICES.
Total
New York.
Denver.
Helena.
Bois6.
$1,104 20
Charlotte.
Saint Louis.
$524 83
$271 81
$2, 494 79
863 27
307 437 28
22, 512 37
1,149 01
4, 288 42
48 67 1
5,730 913 18
k
1 772 107 59
8 624 30 \ "^ 2fi7 r.Qfi .'^fi
$1,474,165 45
2, 760, 303 76
2, 760, 644 06
17, 315 13
101, 822 92
66,386 11
120, 260 09
479 61
$200, 928 46 8147, 938 34
786, 707 14
1 065 93
23 41
5, 573 91
718, 285 54
823,786 12
131 67
9,181 28
1,634,234 44
2,181, 880 36
18, 456 13
53, 687 03
18, 955 15
2,503 57
40, 054 56
259, 645 99
76,128 28
472, 472 53
55,173 71
1,138 34
1 138 34
45, 760 46
43, 023 05
123 38
17 326 03
53 189 55
53, 522 11
53, 522 11
131 79
2, 447 85
40,283 87
855 11
186 12
5, 443. 408 54
1, 528, 707 59
1, 024, 714 58
203,112 05
185, 425 36
2, 254, 002 21
8, 331 56
376 76
183, 043 00
30, 281 73
18, 017, 508 83
13, 566, 927 81
7, 697, 410 75
530 49
1, 528, 707 59
1, 024, 714 58
203,312 05
185, 425 36
30, 281 73 1 31, 584,436 64
214
REPORT ON THE FINANCES.
V.-DEPOSITS OF UNEEFINED SILVEE OF DOMESTIC PEODUCTION, WITH
DOMESTIC BULLION, NOT DISTEIBUTED, DUE
COINAGE MINTS.
Locality.
Philadelphia.
Alabama
Carson.
New Orleans.
$6 42
.
Alaska
San Francisco.
$219 65
;581 41
102, 280 59
California
20 11
156,920 23
Colorado
625 19
3 43
...
$13,094 81
1 76
Georgia
8 16
1, 759 26
Idaho
Maryland
49, 985 90
2 35
12,665 51
Montana
6 02
620 45
1, 899, 494 70
New Mexico
6, 978 78
1,146, 027 50
674 71
205 56
Oregon
12 08
South. Carolina
56 05
Tennessee
3, 994 28
77
102 34
Texas
" Utah
148, 731 93
6 67
W ashin <^ton Territory
"Wyoming
Other sources, or not reported
408 37
62 99
56
3, 767 88
469, 952 75
Total unrefined
26,766 97
2,833, 389 89
Refined bullion
12, 257, 629 73
674, 927 70
Grand total
12, 284, 396 70
3, 508, 317 59
•
1,159,122 31
$9, 705, 389 98
1,159,122 31
9, 705, 389 98
215
D I E E C T O E OF T H E MINT.
THE STATES AND T E E E I T O E I E S PEODUCING T H E SAME, AND OF E E F I N E D
ING T H E FISCAL YEAE ENDED JUNE 30, 1885.
1
ASSAY OFFICES.
Total.
New York
Denver.
Helena.
Bois6.
•
Charlotte.
Saint Louis.
$6 21
$5 63
'
$18 31
$36 57
219 65
53,151 44
13 70
156, 027 14
36 79
64
170, 072 58
196 28
635, 400 06
611, 393 13
$23,182 03
55, 386 37
55,388 13
215 35
726 57
503 06
54 652 26
$2, 277 47
1 62
$2, 070 46
110,746 97
2 35
"
24, 219 43
36,884 94
1, 667, 775 11
73,189 79
99
1,741,592 36
38 50
3, 045, 560 70
336,705 38
45 42
31 73
344.537 73
133 44
551 76
314 47
644 60
•
4, 650 96
2, 588 47
2, 588 47
259 62
203 57
1
77
102 34
1,^158,434 81
1, 307,166 74
2 15
8 82
408 37
97, 900 65
4, 062, 549 88
23,182 03
75, 467 26
2, 760 48
1, 027 31
1,427,470 04
5,490,019 92
23,182 03
75,467 26
2, 760 48
1, 027 31
6 09
69 64
30
571,621 58
358 69
8,184, 624 82
2 64
24.065 420 09
361 33
32, 250, 044 91
216
E E P O E T ON T H E
FINANCES.
V I . — D E P O S I T S OF UNEEFINED GOLD OF DOMESTIC PEODUCTION, W I T H
DOMESTIC BULLION, NOT DISTEIBUTED, DUEING
ASSAY O F F I C E .
MINTS.
Locality.
Philadelpbia.
Alabama
Alaska
Arizona
California .
Colorado
Dak ota
Georgia
..
Idaho
Montana
San Francisco.
Carson.
N e w York.
$436 00
^
...........
.
$160
1, 941
12, 050
2, 459
4, 054
1, 549
530
...
.
$24, 253
267,192
6,294,694
272
09
99
02
38
388, 863
82, 956
830, 656
19,172
85
61
68
26
71
36
24
67
38
$168, 567 42
1, 430,148 98
532
8,972
1, 421, .545
3, 008, 270
33, 959
44, 920
647,'298
83, 381
16, 269
3, 292
78
78
48
98
96
89
33
82
35
45
N e w Mexico ..
.
N o r t h Carolina
Oregon
South Carolina
Tennessee . . .
Utah
Vermont
Virginia
AVashington T e r r i t o r y '
Vk^yoming
Otiier s o u r c e s , or n o t r e p o r t e d .
129,
46,
1,
3,
3, 854 87
10, 016 10
104, 385 22
Total unrefined
Refined b u l l i o n
220, 844 71
1, 866 77
8, 484,165 14
10, 262, 21J 38
1, 598, 716 40
5, 355, 951 48
2,180, 352 21
222,711 48
18, 746, 378 52
1, 598, 716 40
7, 536, 303 69
409,'682 i l
28, 2S0 47
57, 649 21
27,157 84
2, 024 20
34, 878 03
Grand total
VII.—DEPOSITS
923
554
975
627
123
07
21
27
21
27
75
40
1,140 98
OF UNEEFINED SILVEE OF DOMESTIC PEODUCTION,
E E F I N E D DOMESTIC BULLION, NOT DISTEIBUTED,
ASSAY O F F I C E .
Locality.
JPhiladelphia.
Alabama
:
Alaska
Arizona
California
Colorado
Dakota
Georgia
Idaho
Michigan
Montana
Nevada...'
,
N e w Mexico
North Carolina
Oregon
South Carolina
Utah
Virginia
Washington Territory
Wyoming
O t h e r s o u r c e s , or n o t r e p o r t e d
San
Francisco.
Carson.
$1 91
$167
40
746
21
14
5
15, 028
1
70
27
08
96
82
71
71
79
31, 765 22
242 61
19 25
$231
485, 677
430, 480
1
54,;
97
36
12
77
80, 632
539
73, 045
38, 341
303
6,116
23, 260
1, 202, 289
1, 245
227,011
51
$17, 950 91
1 46
560 23
2, 358, 312 72
5, 883 28
1,133, 555 36
39
22
05
91
51
19
31
43
70
78
50
3, 945 96
'286,^570 44
2, 038, 732 87
4 42
356 10
23 93
764 47
'349," 544 59
Total unrefined.
Refined b u l l i o n
48, 906 73
111, 620, 054 26
3, 975, 963 00
988, 243 06
1,151, 506 27
Grand total
j l l , 668, 960 99
4, 964, 206 06
1,151, 506 27
N e w Orleans.! N e w York.
2, 588 48
!, 978, 742 29
3,694,160 25
1, 799, 581 86
8, 978, 742 29
5, 493, 742 11
217
DIEECTOR OF THE MINT.
T H E STATES AND T E E E I T O E I E S PEODUCING T H E SAME, AND OF E E F I N E D
T H E CALENDAE YEAE ENDED DECEMBEE 31, 1884.
ASSAY O F F I C E S .
Total.
1
Denver.
^ Helena.
, Bois6.
i
Charlotte.
$304 34
Saint Louis.
1
•
$83 31
6, 974 03
$1,420,782 84
76, 986 26
$135, 397 94 •
$125, 699 46
739, 468 13
449 67
90 09
8, 639 47
53, 528 95
39, 014 30
49, 402 84
44, 883 04
855 11
530 49
$740
24, 253
267, 885
6, 474, 258
2, 861, 625
3, 010, 730
115,000
696, 881
1, 470, 253
2, 344, 277
227, 533
88,861
461,060
48, 510
123
55,438
57, 649
2, 024
34, 878
5, 240
- 115, 542
34
09
84
74
00
19
49
56
47
57
74
11
25
71
38
31
21
20.
03
47
30
1, 475,166 90
184, 800 78
865,167 59
161,187 94
16, 767 06
18, 362, 768 00
12, 444, 432 30
1, 475,166 90
184, 800 78
865,167 59
161,187,94
16, 767 06
30, 807, 200 36
W I T H THE STATES AND T E E E I T O E I E S PEODUCING T H E SAME, AND OF
DUEING THE CALENDAE YEAE ENDED DECEMBEE 31, 1884.
ASSAY
OFFICES.
Total.
Denver.
Bois6.
Helena.
Charlotte.
Saint Louis.
$2 09
$1 06
128 64
$21 525 59
382 97
$1, 687 02
1 51
$1, 413 96
21, 523 87
12
68 02,
273 98
634 96
229 19
6 22
$4
231
566, 477
449, OU
95,447
38, 363
701
63, 622
. 38. 289
1, 224, 375
3,493,113
264, 728
568
4, 600
288
2, 325, 303
4
356
30
352, 897
00
97
45
58
33
87
30
85
02
32
90
30
09
17
98
31
42
10
15
54
21. 525 59
2, 321 98
22,937 83
888 23
205 57
8, 918, 415 45
23, 386, 621 47
21, 525 59
2, 321 98
22, 937 83
888 23
205 57
32, 305, 036 92
218
REPORT ON THE FINANCES.
V I I I . — C O I N A G E EXECUTED DUEING T H E
SAN F R A N C I S C O .
PHILADELPHIA.
Denomination.
Pieces.
Value.
Pieces.
Value.
GOLD.
D o u b l e eaglfes
Eagles
H a l f eagl es
T h r e e dollara
Oufirter eafflGs
Dollars
T o t a l gold
807
142, 520
298, 278
1,890
2,793
7,181
$16.140
1, 425, 200
1, 491, 390
5, 670
6, 982
7,181
00
00
00
00
50
00
952, 000
79, 000
205, 500
$19, 040, 000 00
790, 000 00
1, 027, 500 00
453, 469
2, 952, 563 50
1, 236, 500
20, 857, 500 00
2, 900, 000
2, 900, 000 00
SILVEK.
14, 717, 552
5,115
8, 715
3, 068, 717
Dollars
.Half dollars
O u a r t e r dollara
Dimes
Total silver
.
. ..:
14, 717, 552
2, 5.57
2,178
306, 871
00
50
75
70•
17, 800, 099
15, 029,159 95
7, 033, 820
4,820
17, 572,120
351, 691 00
144 60
175,721.20
87, 997
8, 799 70
2, 987, 997
. 2, 908, 799 70
4, 224,497
23, 766, 299 70
MINOR.
Five cents
T h r e e centa
Total minor
24, 610, 760
527, 556 80
Total coinage
42,864,328
18, 509, 280 25
IX.—COINAGE EXECUTED DUEING T H E
PHILADELPHIA.
SAN FEANCISCO.
Denomination.
Pieces.
Value.
Pieces.
Value.
GOLD.
Double eagles
Eagles . . . .
Half eagles
T h r e e dollara
Q u a r t e r eagles
Dollars:
T o t a l gold
71
76, 905
191, 048
1,106
1,993
6,206
$1,420
769, 050
955, 240
3,318
4, 982
6, 206
00
00
00
00
50
00
916, 000
124, 250
177, 000
$18, 320, 000 00
1, 242, 500 00
• 885, 000 00
277, 329
1,740,216 50
1, 217, 250
20,447, 500 00
3, 200, 000
3, 200, 000 00
564, 969
56,496 90
S'LVEE.
14, 070, 875
5,275
8, 875
3, 366, 380
14, 070, 875
2, 637
2, 218
336, 638
17, 451, 405
14, 412, 369 25
11, 273, 942
5,642
23, 261, 742
563, 697 10
169 26
232, 617 42
Total minor
34, 541, 326
796, 483 78
Total coinage
52, 270, 060
16, 949, 069 53
Dollars
....
Half dollars
Q u a r t e r dollars
Dimes
Total sdver
00
50
75
00
3, 764, 969 •
3, 256,496 90
MINOR.
Five c e n t s . . .
Three cents
One c e n t
. .
. .
4, 982, 219
23, 703, 996 90
D I E E C T O E OF T H E
219
MINT.
FISCAL YEAE ENDED JUNE 30, 1885.
CARSON.
Pieces.
Pieces.
Value.
49 618
3 169
5,402
TOTAL.
NEW ORLEANS.
Value.
Pieces.
$992, 360 00
31, 690 00
27, 010 00
""'
Value.
1, 002,425
224, 689
509,180
1,890
2,793
7.181
$20, 048 500 00
2, 246, 890 00
2, 545, 900 00
' 5, 670 00
6, 982 50
7,181 00
1, 748,158.
24, 861,123 50
58,189
1, 051, 060 00
776, 000
776, 000 00
10,135, 000
10,135, 000 00
28, 528, 552
5,115
8,715
3,156, 714
28, 528, 552
2,557
2 178
315,671
776, 000
776, 000 00
10,135, 000
10,135, 000 00
31, 699, 096
28, 848, 959 65
7, 033. 820
4, 820
17, 572,120
351, 691 00
144 60
175, 721 20
00
50
75
40
/
,
834,189
1, 827, 060 00
10,135, 000
10,135, 000 00
24,610,760
527, 556 80
58, 058, 014
54, 237, 639 95
CALENDAE YEAE ENDED DECEMBEE 31, 1884.
CARSON.
Piecea.
TOTAL.
NEW ORLEANS.
Value.
81,139
9 925
16, 402
$1,622, 780 00
99, 250 00
82, 010 00
107, 466
1, 804, 040 00
Pieces.
Value.
Pieces.
Value. -
997, 210
211, 080
384, 450
.1,106
1,993
6,206
&
1, 602, 045.
$19,944,200
2,110,800
1, 922, 250
3,318
4,982
6,206
00
00
00
00
50
00
23, 991,756 50
•
1,136, 000
1,136, 000 00
9, 730, 000
$9,730,000 0 0 .
1,136, 000
1,136, 000 00
9, 730, 000
9, 730, 000 00
1, 243,466
2, 940, 040 00
9, 730, 000
9, 730, 000 00
28,136,
5,
8,
3, 931,
875
275
875
349
28,136, 875
2,637
2 218
393,134
00
50
75
90
32, 082, 374
28,534 866 15
11,273, 942
5, 642
23, 261, 742
563 697 10
169 26
232,617 42
34, 541, 326 .
796,483 78
68, 225, 745
53, 323,106 43
220
EEPOET ON THE. FINANCES.
X.—STANDAED OUNCES IN BAES MANUFACTUEED
MINTS.
ASSAY O F F I C E S .
Description.
Philadelphia. San Francisco.
Carson.
S t a n d a r d ozs. S t a n d a r d ozs. S t a n d a r d ozs.
21,603.510-
GOLD.
Fine bars
Standard bars
Unpai'ted bars
Sterlin*^"" b a r s
Mint bars.
T o t a l gold
21, 603. 510
N e w York.
17, 530. 830
S t a n d a r d ozs.
783, 526. 685
91, 028. 881
392.494
261, 634. 944
381,152. 322
17. 530. 830
1, 517, 735. 326
70, 275. 02
16, 356. 85
5, 713, 407. 37
35, 557. 49
111,064.92
SILVER.
18, 436. 37
Fine bars
Stajtdard b a r s
Unparted bars
Sterling bars
Mint bars..'.
2, 093, 779. 00
...
'
18, 309. 37
33, 870. 54
Total silver
36, 745. 74
2, 093, 779. 00
86, 631. 87
5, 893, 900. 32
T o t a l gold a n d s i l v e r
58, 349. 250
2, 093, 779. 00
104,162. 700
7, 411, 635. 646
XI.—VALUE OF BAES MANUFACTUEED DUEING
ASSAY O F F I C E S .
MINTS.'
Description.
P h i l a d e l p h i a . San F r a n c i s c o .
Carson.
NewYork.
GOLD.
F i n e bars
....
. .
$401, 925 76
$326,154 98
Un parted bars
Sterling bars
M i n t bai's
.
.
.
^01, 925 76
T o t a l gold
$14, 577, 240
1, 693, 560
7, 302
, 4, 867, 626
7, 091, 205
66
58
21
86
98
326,154 98
28, 236, 936 29
81, 774 56
19, 033 42
6, 648, 328 57
41, 376 00
129, 239 17
SILVER.
Fine bars
Unparted bars
Sterlinj? b a r s
M i n t bfirs
Total silver
T o t a l gold a n d s i l v e r
21,453 23
$2, 436, 397 38
21, 305 44
39, 412 99
42, 758 67
2, 436, 397 38
100,807 98
6, 858, 356 73
444,684 43
2, 436, 397 38
426, 962 96
35, 095, 293 02
DIEECTOE
OF T H E
221
MINT.
DUEING T H E FISCAL YEAE ENDED JUNE 30, 1885.
ASSAY O F F I C E S .
Total.
Denver.
Bois6.
Helena.
Charlotte.
Saint Louis.
Standardozs.^
S t a n d a r d ozs.
Standardozs.
S t a n d a r d ozs.
S t a n d a r d ozs.
10,917.273
55,424.892.
10, 029.728
5, 036.240
805,130.195
91, 028. 881
182. 529. 796
261 634. 944
381 152.322
83,198. 339
10, 917. 273
55,424.892
10, 029. 728
5, 036. 240
i ; 721, 476.138
19, 922. 07
2, 372. 31
65, 366.19
1,097.63
6, 626. 08
7, 895, 897. 76
35 557.49
222,806.05
18, 309. 37
33, 870. 54
19, 922. 07
2, 372. 31
65, 366.19
1,097.63
6, 626. 08
8,206,441.21
103,120. 409
13, 289. 583
120,791.082
11,127.358
11, 662. 320
9,927,917.348
83,198. 339
-'
T H E FISCAL YEAE ENDED J U N E 30, 1885.
ASSAY O F F I C E S .
Total.
Denver.
Helena.
Bois6.
Charlotte.
Saint Louis.
$1, 547, 876 07
$203,112 05
$1, 031,160 77
$186,599 59
^ $93, 697 51
1, 547. 876 07
203,112 05
1,031,160 77
186, 599 59
93,697 51
$14, 979,166
1, 693, 560
3, 395, 903
4, 867, 626
7, 091, 205
-
42
58
18
86
98
32, 027, 463 02
•
•
.
9,187,
41,
259,
21,
39,
•
•
23,182 04
2, 760 50
76,'062 50
i," 277'24' " " ' " " 7 , " 7 i o ' 3 3 "
23,182 04
2, 760 50
76, 062 50
1,277 24
7, 710 .33
1, 571, 058 11
205,872 55
1,107, 223 27
187, 876 83
101, 407 84
.
953
376
265
305
412
74
00
20
44
99
9, 549, 313 37
41, 576, 776 39
222
E E P O E T ON T H E
FINANCES.
XII.—STANDAED OUNCES IN BAES MANUFACTUEED
ASSAY O F F I C E S .
' Description.
Philadelphia. San Francisco.
21, 595. 848
Fine bars
292. 972
Standard bars .
New York.
763,198- 004
91,028.881
Unparted bars.
392.494
Sterling bars . -
196,496. 425
Mint bars
394, 774.171
21, 595. 848
T o t a l gold .
15, 735. 26
Fine bars
292.972
],.683,417.77
1,445,889.975
5, 327, 639. 02
8,844. 03
Sterling bars ..
Stiandard b a r s .
28, 295. 59
U n p a r t e d bairs.
103,824.76
Mint bars
156,164.88
T o t a l silver
24, 579. 29
1,683,470.51
5, 615, 924:25
T o t a l gold a n d s i l v e r .
46,175.138
1, 683, 763. 482
7,061,814.225
XIII.—VALUE OF BAES MANUFACTUEED DUEING
ASSAY O F F I C E S .
Description.
Philadelpbia. San Francisoo.
Fine bars . . . . . . . .
$401, 783 24
$14,199,632 63
1, 693, 560 58
Standard b a r s . . . .
$5, 450 64
Unparted bars ...
3, 655, 747 44
Sterling b a r s . . . . . .
Fine bars .
Sterling b a r s . . .
401,783 24
5,450 64
26, 900, 278 60
21,716 71
1,958,886 13
6,199,434 5»
61 37
120, 814 27
6, 884 64
Standard b a r s . .
32, 925 78
Unparted bars.
Mint bars......
T o t a l silver
T o t a l gold a n d s i l v e r .
7, 302 21
7, 344, 635 74
M i n t b a r s . . -^
T o t a l gold .
New Tork.
181, 719 13
28, 601 35
1, 958, 947 50
6, 534, 893 68
430, 384 59
1, 964, 398 14
33,435,172 28
223
DIEECTOR OF THE MINT.
DUEING T H E CALENDAE YEAE ENDED DECEMBEE 31, 1884.
ASSAY OFFICES.
Total.
Denver.
Bois6.
Helena.
Charlotte.
1
Saint Louis.
79, 905. 829
9, 933. 042
46, 502.757
8, 737. 353
3, 954. 535
785, 086. 824
91, 028. 881
149, 426. 010
196, 496.425
394, 774.171
79, 905. 829
9, 933. 042
46, 502. 757
8, 737. 353
3, 954. 535
1, 616, 812. 311
7, 026, 792. 05
8, 844. 03
28,295.59
18, 500.13
1, 995. 46
19,747.-62
1, 014. 49
7, 233. 09
152, 368. 29
156,164. 88
18. 500.13
1, 995. 46
19, 747. 62
1,014.49
7, 233. 09
7, 372,464. 84
1
9ft, 405. 959
11, 928. 502
66,250. 377
9, 751. 843
11,187, 625
8,989,277.151
1
•
T H E CALENIl A E YEAE F.NDED DECI^ : M B E E
31, 16^84.
ASSAY OFFICES.
:
Denver.
Bois6.
Helena.
Cbarlotte.
Total.
Saint Louis.
$1, 486, 620 07
$184, 800 78
$865,167 57
$162, 555 41
$73, 572 73
$14, 600, 815 87
1, 693, 560 58
2,785,469 41
7, 344, 635 74
3, 655, 747 44
1, 486, 620 07
184, 800 78
865,167 57
162, 555 41
73, 572 7S
30, 080, 229 04
'
21, 527 42
2, 321 99
22, 979 05
1,180 50
8, 416 6&
8,180, 037
6, 884
32, 925
177,301
181, 719
34
64
78
29
13
21, 527 42
2,321 99
22, 979 05
1,180 50
8, 416 69
8, 578, 868 18
1,'508,147 49
187,122 77
888, 146 62
163, 735 91
81, 989 42
38, 659, 097 22
j
224
E E P O E T ON T H E
FINANCES.
X I V . — S T A T E M E N T OF EAENINGS AND EXPENDITUEES OF THE
ENDED
EARNINGS
MINTS.
Sources.
Philadelphia.
Partino" a n d refinino' charo'es
M e l t i n g alloy a n d b a r c h a r g e s
San
F r a n c i s c o . N e w Orleans,
Carson.
$12,188 02
$94, 909 23
$694 89
$19, 047 75
633 36
2, 368 88
652 14
548 31
2, 250, 873 35
440, 436 29
1, 547, 923 30
116,045 90
114 00
C h a r g e for a s s a y i n g , m e l t i n g , a n d s t a m p i n g
S e i g n o r a g e on s t a n d a r d s i l v e r dollars coiued
10,197 61
S e i g n o r a g e on s u b s i d i a r v s i l v e r coined
4.52. 351 40
P r o f i t s on sale of raedals a u d p r o o f coins
2. 5fifi 5Q
R e c e i p t s from a s s a y s of ores a n d bullion
392 00
234 00
88 00
D e p o s i t M e l t i n g - r o o m fluxes a n d s w e e p s
1, 2.57 73
904 36
191 73
32, 990 56
Surplus bullion r e t u r n e d by Melter and Refiners.
139 86
688 33
G a i n on b u l l i o n s h i p p e d t h e m i n t for c o i n a g e
712 31
P r o c e e d s of s a l e of old m a t e r i a l
2, 050 04
400 00
25 52
573, 893 36
1, 549, 950 06
136, 609 67
12 99
P r o f i t s from r e d e m p t i o n fund
Total
2, 731,185 36
EXPENDITURES
40, 673 91
41, 900 00
31, 946 .57
29, 268 49
W a g e s of w o r k m e n a n d a d j u s t e r s
367, 854 51
217, 723 75
100, 606 86
54, 552 00
C o n t i n g e n t e x p e n s e s , l e s s a r a o u n t p a i d for wasta g e aljd loss on s w e e p s sold*
:
127, 259 82
27, 500 05
5J,015 07
21, 677 13
P a r t i n g a n d refining e x p e n s e s , l e s s a r a o u n t p a i d
foj" w a s t a g e a n d loss on s w e e p s sold
7, 793 73
100,104 48
W a s t a g e s of t h e o p e r a t i v e d e p a r t m e n t s
4, 848 58
1, 495 40
8, 748 86
531 73
L o s s on s w e e p s of t h e y e a r
4,593 04
3, 442 24
1, 810 13
2,435 04
28, 922 34
25, 733 42
10, 634 25
2, 264 70
417, 899 34
204, 761 74
129, 462 04
S a l a r i e s of officers a n d c l e r k s
E x p e n s e s of d i s t r i b u t i n g s i l v e r coins
E x p e n s e s of d i s t r i b u t i n g m i n o r coins
Total
raelts
. .
12, 251 98
405 29
Minor coinage metal wasted
L o s s on sale of p l u m b i c
^
.
18, 732 95
. .
594, 603 20
'' Includes maintenance and improvement of plant.
225
DIKECTOR OF THE MINT.
i
i
UNITED STATES MINTS>KD ASSAY OFFICES FOE* THE FISCAL YEAE
J U N E 30,1885.
•
'
AND GAINS.
ASSAY OFFICES.
1
i
!'
New York.
Denver.
Boi86.
Charlotte.
Total.
i
Helena.
Saint Louis.
1
$109,665 70
. . . .
$236,505 59
1
4, 331 79
8,534 48
1
$1,971 37
$257 53
$262 34
$1, 366 88
$133 91
3,992 03
4,355.278 84
10,197 61
452, 351 40
2,566 59
633 04
141 00
140 00
187 14
1,413i 50
3,609 84
890 45
123 68
38 54
336 10
281 00 !
40 73
25 143 54
'
58,822 43
1, 966 26
15 84
15 00
698 70
1,372 61
5 00
215 21
328 01
4, 969 08
4,376 42
3,423 08
12 99
1
143, 398 91
3, 623 68 '
7,533 02
532 05
1,191 72
4, 7041 30
1
783 65
5,147.218 16
2,750 00
7,950 00
3, 500 00
210,712 27
j
AIO) LOSSES.
I
1
39,250 00
10,715 02
2,758 28
23,365 00
12,438 75
3, 685 00
345 94
12,413 75
1,382 50
794,368 06
1
9.074 26
5,091 58
1,775.00
942 51
9,27« 06
1,617 59
255,229 07
j
84,023 28
1
!
•,143 23
1
t
1
210,654 44
j
15,624 57
1
18,423 68
1
t67, 554 71
1
12,251 98
1
I
1.1
405 29
1
32 70
1
1,585,256 77
1
t The expenses of the year were $2.70 more, b n t this amount was overpaid and disallowed in biUs of
the previous year.
1
l..,
32 70
161,888 47
28,245 35 I
8,218 28
4,038 45
29,639 ,81
6, 500 09
1 1
15
267 3 F .
j
i
™
1
1
226
EEPOET ON THE FINANCES.
XV.—MEDALS MANUFACTUEED AT TLIE MINT AT PHILADELPHIA
DUEING THE FISCAL YEAE ENDED JUNE 30, 1885. '
Gold.
Names.
Adams Academy
Adams, John, President
Adams, J. Q., President
Agassiz, Professor
.'
Allegiance
1
Alumni Association, Philadelphia College
Armstrong, Colonel (for Kittaning)
Army Marksmanship, Fir-st Prize
Army Marksmanship, Second Prize
Army Marksmanship, Third Prize
Army Marksmanship, Skirmish
Arthui-, C. A. President
Arthur Indian Peace
Arthur, President
Bainbridge, Captain (Capture of Java)
Baltimore Female College
Biddle, Captain (Capture of Penguin)
Blakely, Captain (Capture of Reindeer)
. Bridge, San Francisco School
Brown, Major-General (for Chippewa, Sec.)
Buchanan, James, President
Burchard, H. C , Director of Mint
Burrows, Captain (Capture of Boxer)
Captains Creighton, Low, and Stouffer
Captains Creighton, Low, and Stouffer (Congress)
Carney
Cassin, Lieutenant (for Lake Champlain)...
Commencement of Cabinet
Corcoran Gallery of Art
Croghan, Colonel (for Sandusky)
Decatur, Captain (Capture of Macedonian) .
DeFleury, Count (for Stony Point)
Denman School
Department of State
Department Marksmanship Prize
,
Department Marksmanship Skirmish Prize .
Director Linderman
Division Marksmanship First Prize
Division Marksmanship Second Prize
Division Marksmanship Third Prize
Division Marksmanship Skirmish Prize
Dodd,H.M
Elliott, Captain (for Lake Erie) . . . . :
Emancipation Proclamation
Field, C. W. (Atlantic Cable)
:
Fillmore, Millard, President
First Steam Coinage
Franklin School, Boston
Garfield, J. A., President
Silver.
Bronze.
i..
1
,..
12
65
i^.
2
2
30
2
2
^
2
12
2
28
2
2
2
50
25
D I E E C T O E OF T H E
227
MINT.
-MEDALS MANUFACTUEED AT THE MINT AT P H I L A D E L P H I A ,
&C.—Coutinued.
Names.
Gaines, Major-General (for Fort Erie)
Gates, Major-General (for Saratoga)
Grant Indian Peace
Grant Indian Peace
Grant, Major-General
'.
'
Grant, U. S., President
Great Seal '.
Harrison, Major-General (for Thames)
Hayes, R. B., President
Henley, Captain (for Lake Champlain)
Horn, J. (Life-saving)
Hosack, Dr
Howard, John E. (for Cowpens)
Hull, Captain (Capture of Guerriere)
Ingraham, Captain (Rescue of Koszta)
Jackson, Major-General (New Orleans)
Jackson, A., President
Japanese Embassy
Jefferson, Thomas, President
Johnson, A., President
Jones, Capt. J. (Capture of Frolic)
Jones, J. P. (for Serapis)
Ketchum, J
Life-saving
Lawrence, Captain (Capture of Peacock)
Lee, Colonel (Light Horse Harry)
Let us have peace
Liucoln, A., President
Lincoln School
Linderman, H. R., Director
McKee
McCall, Lieutenant (Capture of Boxer)
Macdonough, Captain (Lake Champlain)
Macomb, Major-General (for Plattsburgh)
Madison, J., President
Massachusetts Charitable Mechanics' Association .
Massachusetts Horticultural Society
Massachusetts Humane Society
Metis (shipwreck)
.•
Miller, Brigadier-General (for Chippewa, &c.)
Monroe, J., President
Morgan, (General (for Co-w^ens)
...;.,
National Convention of Cattlemen
New England Agricultural Society
New England Kennel Club
New York State Agricultural Society
Norman (American Society Civil Engineers)
North Cosmopolitan School (Excelsior)
Pacific Railroad
Gold.
Sdver.
Bronze.
2
2
13
7
2
13
2
2
2
2
2
2
2
2
2
2
4
2
2
200
27
50
2
2
-.2
2
300
3
50
2
2
2
2
26
5
2
228
EEPOET ON THE FINANCES.
XV.—MEDALS MANUFACTUEED AT THE MINT AT PHILADELPHIA,
&C.—Continued.
Names.
Gold.
Pancoast, Dr. Joseph
Patterson, Robert M., Director
Peabody
Peabody (planchets cut and bronzed)
Pennsylvania Volunteers (Lake Erie)
Perry, Captain (for Lake Erie)
Perry, Captain (Pennsylvania) for Lake Erie
Perry, Commodore (Boston)
Philadelphia College of Pharmacy
Philodemic Society, Georgetown College
Pierce, F., President...
Polk, J . K., President
Pollock, James, Director
Porter, Major-General (for Chippewia, &c.)
Portland High School
Preble, Captain (before Tripoli)
Presidency Relinquished
Rescue of Brig Somers
Rittenhouse, D., Direclor
Ripley, Brigadier-General (Chippewa, &c.)
Rose, Dr. Frederick
Saint Louis Agricultural and Mechanical Association.
Santini
Scott, Major-General (Chippewa)
Scott, Major-General (Mexico)
• Scott, Major-General (Yirginia)
Seward-Robinson
Shakspeare
Shelby, Governor (for Thames)
.'....
Shipwieck Medal
Snowden, A. L., Superintendent
Snowden, J. R., Director.
Society of Cincinnati
South Carolina Centennial
Stuart, Captain (Cyane and Levant)
The Cabinet Medal
Taylor, Major-General (Buena Yista)
Taylor, Major-General (Monterey)
',
Taylor, Major-General (Palo Alto)
Taylor, Z., President
—
Truxton, Captain (L'Insurgente)
Tyler. J., President
United States Coast Survey (Gallantry)
United States Diplomatic (1776)
Yalley Forge Centennial
Yan Buren, M., President
Yanderbilt, C. (Congress)
i
Warrington, Captain (Epervier)
Washington and Lee University
Washingtpn and Lincoln
Washington before Boston
W ashington, Col. William (Cowpens)
Time increases his fame
i.
Total.
Silver.
Bronze.
100
1,027
2
2
2
2
2
2
2
2
2
2
18
2
2
26
2
10
11
2
2
2
2
2
3
2
3
2
2
2
175
845
1,787
DICEECTOE
OF
THE
229
MINT.
X V I . — M E D A L S AND P E O O F SETS SOLD DUEING T H E FISCAL YEAE
ENDED J U N E 30, 1885.
Description.
Number sold.
Yalue.
MEDALS:
Gold
158
$4 744 65
Silver
904
2,584 25
1.715
736 66
2 777
8, 065 56
30
$1;290 00
Bronze
-
---
--
Totail
P H O O F SETS:
Gold
Silver
:
Minor
-
Total
No pattern pieces were struck for sale during the year.
746
2, 238 00
2 281
273 72
3.057
3, 801 72
230
EEPOET
ON T H E
FINANCES.
X V I I . — COINAGE AND MEDAL DIES MANUFACTUEED AT T H E
MINT AT P H I L A D E L P H I A DUEING T H E FISCAL YEAE ENDED
J U N E 30, 1885.
Denomination.
Philadelphia.
San Francisco.
Carson.
Total.
N e w Orleans.
GOLD :
D o u b l e eagle
Eagle
H a l f eagle
i.
2
20
10
32
12
20
10
42
16
20
8
44
4
T h r e e dollar
Q u a r t e r eagle
4
Dollar
7
4
Total
4
7
45
60
28
131
40
20
133
SILVER :
Dollar
Half dollar
Q u a r t e r dollar
Dime
Total
315
124
2
2
4
4
46
10
183
50
56
20
124
377
MINOR :
Five cent
170
Three cent
One c e n t
. . . -.
Total
4
170
4
210
210
384
384
TOTAL NUMBER OF DIES.
Gold coinage
Silver'coinage
Minor coinage
Proof coinage
Reproductions:
Charles Stewart, obverse and reverse
Bainbridge, obverse...
Indian Peace, obverse and reverse
New Orleans Souvenir Medals:
Hubs for large size...'.
Hubs for small size
Working dies, large size
Working dies, small size
Cleveland Presidential Medal
Annual assay
Total
:....
133
377
384
26
2
1
2
,
2
2
4
4
2
1
940
231
DIEECTOE OF THE MINT.
-AMOUNT EXPENDED FOE THE DISTEIBUTION OF MINOE
COINS FEOM JULY 1, 1878, TO JUNE 30,- 1885.
Amount ex- .
pended.
Fiscalyears.
1879
.
•'
.
$1,299 97
1880
'.
'.
....
12, 592 83
1881
23,763 46
1882
24, 565 84
•
1883
28,512 54
.
29,152 32
1884
1885
-
--
12. 251 98
--- -
•.
Total
132,138 94
232
EEPOET ON THE FINANCES.
XIX.—COMPAEISON OF THE BUSINESS OF THE MINTS AND
COINAGE.
Gold.
Philadelphia
San Francisco
1884.
1885.
$16, 802, 750 40
$18,101,424 04
Pieces.
425,334
Value.
$2,777,154 00
1884.
30,458,125 14
25. 399,707 10
1,294,450
23, 543, 500 00
Carson
2,410,552 13
2, 664, 803 72
107, 955
1,612,170 00
New Orleans
9,207,879 97
10,243,397 18
Denver
New York
'..
1. 387,5)27 37
1, 571. 058 13
26, 568, 073 15
35. 248. 421 34
Bois6
172,012 64
205, 872 54
Helena
756,708 82
1,107, 223 26
Charlotte
Saint Louis
.'
I
133, 544 27
187,660 29
58,480 03
101, 407 87
COINAGE—Continued.
<
Minor.
1884.
Philadelphia^
.
San Francisco
Carson
New Orleans
Denver
,
New Tork
Bois6
Helena
Charlotte
Saint Louia
. . .
Pieces.
55, 955, 029
1885.
Yalue.
$1,174,709 73
Pieces.
24,610,760
Value.
$527, 556 80
233
DIEECTOE OF THE MINT„
ASSAY OFFICES DUEING THE FISCAL YEAES 1884 AND 1885.
COINAGE—Continued.
Gold—Continued.
Silver.
1885.
1885.
1884.
Pieces.
453.469
Vaiue.
$2, 952,563 50
Pieces.
19.406,793
1,236, 500
20, 857, 500 00
58,189
1,051.060 00
Value.
$13. 854, 387 30
Pieces.
17. 800, 099
Value.
$15,029,159 95
5,300, 000
4,850. 000 00
2, 987, 997
2. 908,799 70
1,164.000
1,164. 000 00
776,000
776.000 00
8. 905. 000
8. 905, 000 00
10,135,000
10 135.000 00
COINAGE—Continued.
Total.
1885.
1884.
42, 864, 328
Valtie.
$18, 509, 280 25
28.393. 500 00
4, 224,497
23, 766, 299 70
2,776.170 00
834,189
1, 827, 060 00
8,905. 000 00
10,135,000
10,135. 000 00
Pieces.
75,787,156
Value.
$17. 806,251 53
6. 594.450
1.271.955
8,905,000
Pieces.
-
1
234
EEPORT ON THE FINANCES.
XIX.—COMPAEISON OF THE BUSINESS OF
BARS MANUFACTURED.
GOLD.
Mint.
Fine.
1884. .
Philadelphia
1884.
1885.
$5, 727, 797 27
$7, 091, 205 98
1885.
$401,925 76
$521,095 65
San Francisco
Carson
.
New Orleans
...
Denver
New York
-.
13,161,450 71
Boi86
14, 577, 240 66
.'
Helena
Charlotte
Saint Louis
SILVER.
Standard.
Fine.
1884."
Philadelphia . . .
. ' ...
San Francisco
1885.
$48, 270 10
$21,453 23
1, 234, 578 69
2, 436, 397 38
Carson
1884.
1885.
81, 774 56
New Orleans
Denver
New York
6, 081, 756 65
Bois6
Helena
h
Charlotte
Saint Louis
:
6, 648, 328 57
$37,163 64
$41, 376 00
DIEECTOE
OF
THE
235
MINT.
T H E MINTS AND ASSAY O F F I C E S - C o n t i n u e d .
BARS MANUFACTURED.
GOLD—Continued.
Standard.
Sterling.
Unparted.
\
1884.
1885.
1884.
1885.
1884.
1885.
$5, 450 64
'
$1, 388, 946 66
$326,154 98
1, 367, 601 10
1, 547, 876 07
169, 979 63
203,112 05
734, 269 64
1, 031,160 77
132, 504 66
186, 599 59
53, 255 27
93, 697 51
$1, 693, 560 58-
7, 302 21
$613.234 34
$4, 867, 626 86
SILVER—Continued.
Total gold and silver.
kint.
1884
Unparted.
1884.
1885.
1885.
Steriing.
1884.
1885.
$6,012 o r $21, 305 44
$61 37
.
$39, 412 99
1885.
$575, 377 76
.$444, 684 43
1,240,090 70
2 436, 397 38
426, 962 96
$19, 033 42
19,426 27
$181,719 13
1884..
23,182 04
1, 387, 027 37
1,571,058 11
129, 239 17
27,192, 068 40
35, 095, 293 02
2, 033 01
2, 760 50
172, 012 64
205, 872 55
22, 439 18
76, 062 50
756, 708 82
1,107, 223 27
1, 039 61
1,277 24
133, 544 27
187, 876' 83
5, 224 76
7,710 33
''58,480 03
101,407 84
^
236
EEPOET ON THE FINANCES.
XIX.—COMPAEISON OF THE BUSINESS OF THE MINTS AND ASSAY
OFFICES, &C.—Continued.
BULLION OPERATIONS AND WASTAGES.
GOLD OPERATED UPON BY
MELTER AND REFINER.
1884.
1885.
1884.
San Francisco .
Carson
2, 323, 092
2,082,611
10, 903,752
186. 893
142, 208
2, 241,395
1, 919, 424
16,301, 242
18, 683, 325
11, 609, 352
NewOrleans...
GOLD O P E R A T E D U P O N BY
COINER.
1884.
San Francisco .
1885.
2.~683,492
172,920
117,440
New Orleans...
•
GOLD WASTAGE OF MELTER
AND REFINER.
1884.
,
1885.
1, 536, 760
15,146, 418
17, 425, 292
SILVER WASTAGE OF MELTER
AND REFINER.
1885.
16, 309
71
9
New Orleans
GOLD W A S T A G E O F COINER.
1884.
4. 703, 610
2,194, 509
1884.
San Francisoo
New Orleans-..
9, 779, 063
Standardozs. Standard ozs. Standardozs. Standard ozs.
18
1
1 561
Carson
Carson
S I L V E R O P E R A T E D UPON BY
COINER.
1885.
2, 329,181
Carson
San Francisco .
6, D05, 722
Standard ozs. Standard ozs. Standard ozs. Standard ozs.
451,124
541, 311
25, 503, 602
28, 092. 546
Philadelphia...
Philadelphia...
1885.
Standard ozs. Standard ozs. Standardozs. Standard ozs.
764,264
28, 936, 069
646, 626
26, 370, 821
Philadelphia...
Philadelphia
SILVER O P E R A T E D UPON BY MELTER AND R E F I N E R .
1885.
1, 833
62
9,089
6,050
SILVER W A S T A G E O F COINER.
1884.
1885.
Standard ozs. Standard ozs. Standard ozs. Standard ozs.
15
940
6,092
3,089
120
70
618
9
472
290
1,708
2,767
192
237
DIEECTOE OF THE MINT.
XX.-WASTAGE AND *LOSS ON SALE OF SWEEPS, 1885.
Philadel- SanFranphia mint. cisco mint.
Losses.
Melter and refiner's gold
Coiner's gold wastage...
Melter and refiner's silCoiner's silver wastage.
Loss on sale of sweeps..
$146 70
50 81
1,561 81 j
'3, 089 26
4,593 04
$1, 308 59
.... ...
9.44162
PAID AS FOLLOWS:
New Or- New York
leans mint. assay oflSce.
Total.
$177 04
$323 74
1,538 19
5, 881 84
2, 689 98
1,810 13
$6,143 23
7, 506 18
6,256 46
18,423 68
10,558 99
6,143 23
34. 048 25
$178 79
62 53
290 41
186 81
>3,442 24 2,435 04
'
Total . .
Carson
mint.
•
4,937 64
2, 966 77
•
From contingent approFrom parting and refining appropriation
.
From surplus bullion...
From silver profit fond .
Total
1,291 97
808 28
483 69
t
457 24
1,491 24
7, 009 45
4, 937 64
804 14
531 73
822 62
1 83
191 73
10, 365 43
6,143 23
9,44:1,62
4, 937 64 2, 966 77
10,558 99
6,143 23 "34, 048 25
1 263 21
13,295 57
18,197 50
* These losses are now paid from surplus bullion, as far as practicable, and the balance re
imbursed from the appropriations and silver profit fund.
XXI.—STATEMENT BY MONTHS OF FINE GOLD BAES EXCHANGED
FOE GOLD COIN AT THE MINT AT PHILADELPHIA, AND ASSAY
OFFICE AT NEW YOEK, FEOM JULY 1, 1884, TO JUNE 30, 1885.
Month.
Philadelphia.
New York.
Total,
$55,936
222,469
262,780
213,587
104,887
146.933
42
48
09
39
72
22
$70,991
242,538
292,865
238,670
124,956
161,980
20,055 10
30,098 40.
30,074 06
30,093 30
25,074 23
25, 078 77
138,461 65
169,231 41
101,323 56'
106,944 87
122,513 37
134,07140
158,516
199,329
131,397
137,038
147,587
159,160
285.881 20
1,779,140 58
1884.
$15, 054 69
20,068 62
30,085 67
25, 082 70
•20,068 38
15,047 28
July.
August . - . .
September.
October....
November .
December..
1885.
January...
Febmary .
March.....
April......
May.......
»June
2,065,021 78
238
EEPOET ON THE FINANCES.
XXII.—STATEMENT SHOWING >THE "ASSETS AND LIABILITIES OF
ASSETS.
. • . , . •
SILVER BULLION.
GOLD B U L L I O N .
Institutions.
Standard
Weight.
Standard
Weight.
Yalue.
Yalue (cost).
COINAGE MINTS.
Philadelphia
1, 371, 577, 048 $25, 517, 712 42
*1, 636, 019. 42
$1, 599, 930 57
San Francisco
42,378,348
788,434 40
153,837.11
150,129 30
Carson . . . . . . .
49,864,239
927,706 65
690, 665. 91
671,126:81
18,581,774
345, 707 42
: 1,292,141.73
1, 256, 029 73
938,634 51
New Orleans
;
ASSAY O F F I C E S .
2, 094, 980, 985
38. 976, 390 17
915,578.53
Denver.
5, 222, 478
97,162 38
1,298.07
1,246 92
Helena
8, 993, 787
167, 326 27
37, 271. 99
- 37,231 62
816, 580
15,193 12
149.62
143 64
79,946
1.487 39
^ 13.94
13 46
536,157
9, 975 03
100.50
100 37'
New York
.'
^. .
Bois6 .."....
Charlotte
•.
Saint Louis
Total.-...
3,593,031,342
6, 847. 095 25 j
4, 727. 076. 82
4, 654, 586 93
LIABILITIES.
Institutions.
Bullion Fund.
COINAGE MINTS.
$40, 628, 559 25
San Francisco
Caraon .
-.
^
----
-
37,320,965 70
'
••-...
NewOrleans..
....-
.-^-^
- -
5,056, 035 24
-.--
.
•
17,788,992 87
ASSAY OFFICES.
New York
47,112,814 14'
Denver
*
129, 568 98
Helena
Bois6
..
--
Charlotte
Saint Louis
Total
*Include8 1,980.12, cost $1,9
in "Suspense" account.
.
----. .
*
302,968 79
- ------
*
•
.••."*
-
•
• • *.
67,442 34
10, 214 93
15, 259 13
148,432,821 37
2, bars in Melter and Refiner's hands, supposed to be missing, held
D I E E C T O E OF T H E
239
MINT.
UNITED STATES MINTS AND ASSAY OFFICES, JUNE 30,1885.
ASSETS.
Gold Coin.
Silver Coin.
of Bull- Old deficienCoiu- Valueshipped
Minor Coin. Minor
cies brought
age Metal. iou
for Coinage forward.**
$2. 688, 747 00 $11, 080, 794 79 $54, 261 27 $63,162 22
Total.
$41 004 608 27
3, 794, 215 00
32, 236, 776 55
100, 375 00
3, 388, 230 89
5, 087, 439 35
1 83
16, 625, 654 60
18, 227. 393 58
7,397,029 91
18,892 38
47, 330, 946 97
t$413, 557 96
31, 249 45
129 658 75
36, 927 15
^30 695 49
2 16
§$64, 849 19
306, 334 23
1T21, 622 49
67, 656 90
9, 418 53
10, 919 38
5,907 65
14,094,567 01
37, 383,113 21
15, 983 05
|:
63, 350, 351 37
54, 261 27
63,162 22
' 86, 471 68
413,557 96
149, 564, 053 69
LIABILITIES.
Undeposited
Earnings.
Seignorage on
Silver.
Unpaid
Depositors.
Minor Coin
Profits.
Minor Coin
Metal Fund.
Total.
\
$1, 060 26
$230, 823 17
$26, 812 10
28 957 28
25, 587 22
7,603 01
37, 383,113 21
358 55
31, 045 56
416 80
437, 910 12
73 79
18.227,393 58
156, 734 60
47, 330. 946 97
$67, 353 49
$50,000 00
$41, 004, 608 27
5, 087, 439 35
61,398 23
89 77
129, 658 75
3 365 44
306, 334 23
214^56
67, 656 90
N
704 45
25 88
96, 591 22
10, 919 38
15,983 05
698 04
725,366 07
191, 921 54
67, 353 49
50, 000 00
149, 564 053 69
fDeficiencies in "Bullion F u n d " incurred prior to organization of Mint Bureau,
t There was a deficiency of $12,523.67 in the cash of N. H. Camp when suspended May 15,1885, o
which $11,857.37 belonged to the " Bullion Fund," and $666.30 consisted of "profits."
§ Included in balance of Bullion of Assay Oflfice at New York.
^Included in balance of Bullion of,Mint at Philadelphia.
**Doe8 not include deficiencies in extinct mints.
240
EEPOET ON THE FINANCES.
XXIII.—STATEMENT SHOWING THE NUMBEE OF STANDAED OUNCES
OF SILVEE BULLION ON HAND AT THE COINAGE MINTS AND ASSAY
OFFICE AT NEW YOEK, JANUAEY 1, 1884, AND DECEMBEE 31, 1884.
Fran- NewOrleans.
Philadelphia. Sancisco.
Carson. NewYork.
Total.
Jan. 1,1884
2,331,632.80
458,261.23
1,498.840.86 484,516.39 990,783.51
5,764,034.79
Dec. 31,1884
1,655,099.44 1,205,542.67
1,381,039.20 490,849.62 971,143.42
5,703,674.35
747,281.44
Increase
Decrease
676,533.36
6,333.23
117,801.66
Net decrease, 60,360.44 standard ounces.
753,614.67
19,640.09
813,975.11
DIEECTOE
OF
THE
241
MINT.
X X I V . - S T A T E M E N T SHOWING T H E NUMBEE OF OUNCES AT STANDAED, AND COST OF S I L Y E E BULLION PUECHASED AND D E L I V E E E D
AT T H E COINAGE MINTS AND T H E NUMBEE OF SILYEE DOLLAES
COINED EACH MONTH FEOM JULY 1, 1884, TO J U N E 30, 1885.
Standard
ounces.
Date.
Cost.
Coinage.
1884.
July
2, 068, 936. 37
:
$2, 064,142 32
$2, 325, 000 00
August
2, 029, 831. 33
2, 023, 991 11
2, 350, 000 00
September
2,100, 918. 60
2, 094, 608 64
2, 350, 000 00
October
2, 363, 335. 65
2, 352, 353 33
2, 350, 000 00
November
2, 210, 504. 02
2,167, 546 94
2, 450, 000 00
2, 021,147. 54
1,960,997 61
2, 381,165 00
2, 004, 657. 24
1, 959, 990 52
2, 385, 200 00
1, 592, 792. 98
1, 541.166 73
2, 300, 000 00
March
2, 264,156. 03
2,186, 812 27
2,450,200 00
April
2, 367, 458. 30
2, 292, 205'51
December
•
1885.
January
February
„
May
:
June
Total
1, 921, 777. 40
1, 879, 021 17
1, 266, 897.44
1, 224, 624 10
24, 212, 412. 90
23, 747, 460 25
Purchased and coined from March 1, 1878,
to June 30, 1884
153,141,022.27
Total to June 30, 1885
I
2, 410, 000 00
2, 400, 000 00
2, 375,150 00
28, 526, 715 00
1^6,190, 060 19
175, 355, 829 00
203, 882, 544 00
177,353,-435.17
179, 937, 520 44
Monthly average, July 1, 1884, to June 30,
1-885
.',
2,017,701.08
1, 978, 955 02
2, 377, 226
Monthly average for 88 months
2, 015, 379. 94
2, 044, 744 55
2, '316, 847
2673 F-
-16
242
E E P O E T ON THE
FINANCES.
XXVo—STATEMENT OF SILVEE BULLION
PHILADELPHIA.
Month.
Standard
ounces.
Cost.
SAN FRANCISCO.
Standard
ounces.
Cost.
• 1884.
1,131, 454 94
$1,129, 057 66
150,132 84
$149, 608 31
August
1, 013, 302 78
1, 010, 836 38
131, 268 94
130, 549 34
September
i, 039, 441 22
1, 036, 862 71
155, 312 05
154,583 57'
October
1,128, 699 20
1,124, 728 59
400, 980 30
397,481 92
November
1, 019, 320 99
1, 001, 283 59
447; 648 22
435, 660 02
996,105 12
969,130 55
385, 600 96
371,169 87
1,169, 452 26
1,144, 624 47
30, 969 58
29,924 47
785, 614 99
, 761, 804 52
41,312 75
39, 651 43
March
1, 280, 844 51
1, 238,138 60
46, 843 09
45,423 37
April
1, 207, 518 35,
1,171, 293 44
30, 820 21
29, 532 78
May
1,118,100 35
1, 094, 898 03
28, 083 39
27, 050 42
June
808, 678 71
781,114 96
28, 549 06
27, 646 67
July
-•--
December
1885,
January
February
Total
12, 698, 533 42
12, 463, 773 50
1, 877, 521 39
1, 838, 282 17
XXVIo—STATEMENT OF SILVEE CONSUMED IN
CONSUMED IN COINAGE.
Date.
Standard
ounces.
Cost.
W A S T A G E AND SOLD IN S W E E P S .
Standard
ounces.
Cost.
1884.
1, 998, 046 87
$2, 002, 548 44
2, 019, 531 25
2, 020, 483 47
2, 019, 531 25
2, 018, 052 29
October
2, 019, 531 25
2, 015, 635 41
November
2,105, 468 75
2, 090, 053 05
2, 046, 313 67
2, 018, 037 73
Jannary
2, 049, 781 26
2, 014, 064 00
February
1, 976, 562 50
1,934,354 56
July
-
August
September
'.
\ December
8, 610 76
$8, 610 76
2, .148 83
2,148 83
3, 755 64
3, 755 64
1885.
March
April
May
.'.•
• June
Total.
2,105, 640 63
2, 051, 009 24
j
2,071,093 75
2, 013, 638 86
290 41
290 41
j
2,062,500 00
2, 009,176 08
499 86
499 86
I
2,041,144 52
1, 984, 383 03
25, 266 62
24, 703 94
24, 515,145 70
24,171, 436 16
40, 572 12
40, 009 44
DIEECTOE
OF
THE
243
MINT.
P U E C H A S E S FEOM J U L Y 1, 1884, TO J U L Y 1, 1885.
N E W ORLEANS.
CARSON. .
Standard,
ounces. '
\
Standard
ounces.
Cost.
TOTAL.
Cost.
Standard ounces.
Cost.
100,783 28
$99, 777 28
686, 565 31
$685, 699 07
2, 068, 936 37
$2, 064,142 32
76, 936 61
76,193 26
808, 323 00
806, 412 13
% 029, 831 33
2, 023, 991 11
93, 236 24
92, 559 30
812, 929 09
810,603 06
2,100, 918 60
2, 094, 608 64
75,180 41
74, 603 81
758, 475 74
755, 539 01
2, 363, 335 65
2, 352, 353 33
86, 521 37
84, 703 69
657, 013 44
645,
@FedFRASER