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SUB-TREASURIES AND MINTS AND ASSAY OFFICES.

The Treasurer would again call attention to the large sums held by the mints and assay offices. Having no opportunity to examine or cause to be examined these different offices, it is suggested that the coins held in them should be placed in the actual custody of the Treasury, and the duties of the mint officers be confined to the as. saying and coinage of the bullion placed in their charge.

The present method of examination of the sub-treasuries is very un. satisfactory, and an appropriation should be made which would enable the Treasurer to put these offices in good condition, and thus render the work of annual examination more thorough, but less costly, hereafter.

The Treasurer begs leave to refer to a letter addressed to the chair. man of the Committee on Appropriations of the House, under date of April 27, 1886, relative to the needs of the sub-treasury system as it exists at present, in which his views are stated at length. That alterations should be made in the present system, in order that it may conform to · the financial changes which have taken place since this system was adopted, does not admit of doubt. The annual and daily transactions of the Treasury have become so large, its financial operations and movements touch the interests of the people at so many points, that great care should be taken to avoid any unnecessary friction. As the country increases in wealth and population, with the consequent increase of its revenues and disbursements, it will be found impossible to continue the system in its present form. With the extinction of the 3 per cent. bonds, which, without some depression or event that cannot now be foreseen, must take place during the ensuing fiscal year, the only bonds available for the purposes of the sinking fund will be the 44 and 4 per cent. bonds. These are now selling at a price which averages very little more than 2 per cent. per annum to the purchaser upon the cost, and it may fairly be assumed that this rate of 2 per cent. is the maximum rate to be earned during the life of these bonds. At the present cost of the collection of the revenge of the country, say $3.70 per $100, the loss on the existing sink ing fund, say $45,000,000 per annum, will be $765,000 annually, assuming 2 per cent. as the best rate which the bonds can earn.

Without discussing the consequent possible derangement of our existing financial system if the purchases for the sinking fund are to be maintained at their present figures, it will be found to be impracticable to make these purchases at such times and in such manner as to relieve the money market in times of financial distress. As these derangements happen almost invariably at the time of the moving of the crops of the country, this statement is equivalent to saying that every productive interest in the country must pay toll to foreign buyers, through the lower range of prices which obtain at such times, because of the fact that our arrangements for collecting and disbursing our revenues are so defective as to need an artificial and violent remedy in order to place in active circulation the moneys withdrawn from the business of the country. This method of dealing with the public moneys is not true of any country but this, and the practical sense of the American people, as shown through its representatives in Congress, should be adequate to find a remedy for this constantly recurring evil-one sure to grow and become more burdensome in our future national history. This remedy should be found and adopted with the coming session of Congress, becanse the evil complained of will be upon us before its next meeting, and the Treasury left without any means of supplyivg the urgent needs

of the country

STATEMENT showing the ASSETS and LIABILITIES of UNIT STATES MINTS and ASSAY OFFICES June 30, 1886.

ASSETS.

GOLD BULLIOX. SILVER BULLION.

Value of Old defi. Institutions.

Minor

Minor
Gold coin.

bullion Standard

ciencies
Silver coin.
Standard
Value.

coinage
coin,

Total.

metal. shipped for brought weight.

weight. Value (cost).

coinage. forward.
Coinage mints: Ounces.

Ounces.
Philadelpbia - 1, 131, 491, 016 $21, 050, 995 51 1,682, 149. 38 $1, 527, 199 56 $6, 530, 970 00 $28, 463, 228 04 $1,003 51 $46, 124 22

$57, 622, 520 84
San Francisco
56, 748, 258 1,055, 781 56 409, 652.28 377, 726 21 4,074, 820 00 19, 236, 693 84

*$113, 557 96 25, 158, 579 57
New Orleans.
25, 702, 107 478, 184 31 1,171, 565. 54 1,061, 911 78 35, 770 00 3, 436, 487 77

5,012, 353 86
Assay offices:
New York.. 1,064, 147, 080 19,798, 084 99 501, 189. 17 500, 557 08 28, 068, 584 81 70, 537 27

48, 437, 764 18
Denver..

43, 995 68

1$108,623 85

152, 619 53 Helena 3,062, 400 56, 974 89 1, 148.00 1, 020 38 9, 359 70

144,000 38

111, 355 35
Boisé City.
620, 593 11, 515 92 152.00
134 41 10, 174 32

14,444 44 $11, 611 03 37, 910 12
Charlotte

11, 442 311

16,941 48

18, 383 79
Saint Louis.
153, 891 2, 863 05

79.90
71 25 13, 832 90

16, 767 20
Charlotte a.

*32, 000 00 32, 000 00
Dahlonegaa..

*27, 950 03 27, 950 03 Total..... 2, 281, 925, 645 42, 454, 430 23 3,765, 936. 27 3, 468, 020 67 38, 798, 949 75 51, 206, 946 92 4,003 51 46,121 22 164,010 15 485, 119 02 136, 628, 204 47

and assay-offices on June 30, 1886: and of this office, shows the assets and liabilities of the several mints

The following table, compiled from the records of the Mint Bureau

MINTS AND ASSAY OFFICES.

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Coinago mints:
Philadelphia.

$57, 107, 684 08

$310, 83-1 09 $117, 874 04 $57 73 $50, 000 00 $70 00 $57, 622, 520 84 San Francisco

25, 135, 348 23
21, 864 06 1, 364 38

25, 158, 579 57
New Orleans.

4, 827, 780 58

184, 439 49 73 79

5,012, 353 86
Assay offices:
New York.
48, 306, 799 59 $15, 697 20
115, 267 39

48,437, 764 18
Denver
151, 172 93 1, 416 60

152, 619 53
Helena

109, 734 23
1, 621 13

111, 355 35
Eoisé City

37, 826 93
83 19

37, 910 12
Charlotte

17, 735 07
618 72

18, 383 79
Saint Louis.

16, 674 13
16 76
70 31

16, 767 20
Charlottea..
32, 000 00

32, 000 00
Dahlonega a
27, 950 03

27, 950 03
Total
135, 770, 705 79 19, 513 60 553, 201 44 234, 655 91

57 73 50,000 00 70 00 136, 628, 204 47
• Deficiencies in bullion fund incurred prior to organization of Mint Bureau.
I Included in bullion balance of New York assai-office.

$ The deficiency in the cash of N. H. Camp's account when suspended May Included in bullion balance of Philadelphia Minta a Old account.

15, 1885, of which $11,857.37 belonged to the bullion fund and $666.30 consisted of profits, has since been reduced by $912.64.

DEFICITS, UNAVAILABLE FUNDS. The unavailable funds were decreased by the following items: A redaction of the amount of the deficit at the office of the assistant treasurer of the United States in New Orleans, La., of $3,700.05, a reduction of the amount of deficit in the United States assay office at Boisé City, Idaho, of $246.34; making a total decrease of $3,946.39.

UNATAILABLE FUNDS of the GENERAL TREASURY and of the POST-OFFICE

DEPARTIENT.
GENERAL TREASURY.
On doposit with the following States under the act of
Juno 23, 1836:

$935, 838 25 New Hampshire

609, 086 79 Verront

669, 086 79 Massachusetts.

1, 338, 173 58 Coenrcticat

764, 670 60 Rhode Island

382, 3335 30 Near York

4, 014, 520 71 Prunsylvania

2, 867, 514 78 New Jersey.

764, 670 60 Olio.

2, 007, 260 34 Indiana

800, 254 44 Illinois

477, 919 14 Michigan

280, 751 49 Delaware

286, 751 49 Maryland..

955, 838 25 Virginia ..

2, 198, 427 99 North Carolina

1, 433, 757 39 South Carolina.

1,051, 422 09 Georgia..

1, 051, 422 09 Alabama....

669, 086 79 Logisiana.

477, 919 14 Mississippi

382, 335 30 Teadessee.

1, 433, 757 39 Kentacky.

1, 433, 757 39 Missouri

382, 335 30 Arkansas...

286, 731 49 Total on deposit with the States

$28, 101, 644 91 Default, Sab-Treasury U. S., New Orleans, La., 1867, May & Whitaker

675, 325 22
Sab-Treasury U. S. New Orleans, La., 1867, May
property

5, 566 31
Deficit, Snb-Treasury U.S., Now York, N. Y., 1867, counterfeit
7.30's.

4, 392 91 Sab-Treasury U.S., New York, N. Y., 1867 to 1880.... 9, 425 87

$694, 710 31 Deficits and defaulta, Branch Mint U.S., San Francisco, Cal., 1857 to 1669

413, 557 96 Failure, Venango National Bank of Franklin, Pa...

181, 177 51 First National Bank of Selma, Ala

33, 383 87

214,561 38 Default, Branch Mint U.S., Dahlonega, Ga., 1861

27, 950 03 Branch Mint U.S., Charlotte, N. C., 1861.

32, 000 00 Depository U.S., Galveston, Tex., 1861.

778 66 Depository U.S., Baltimore, Md., 1866

547 50 Depository U.S., Pittsburgh, Pa., 1867.

2, 126 11 Deficit, Depository U.S., Santa Fé, N. Mex., 1866, short in romittance.

249 90

63, 652 20

1, 386, 481 85 Defieit, Sob-Treasury U.S., New Orleans, La., 1885.

21, 641 56 Default, U. S. Assay Office, Boisé City, Idaho, 1885 (N. H. Camp's account).

11, 611 03

33, 252 50

1, 419, 734 44 Total General Treasury ..

29, 521, 379 35 POST OFFICE DEPARTMENT. Default, Sub-Treasury U.S., New Orleans, La., 1861.

31, 164 44 Depository U.S., Savannah, Ga., 1861.

205 76 Depository U.S. Galveston, Tex., 1861

83 36 Depository U.S., Little Rock, Ark., 1801.

5, 823 50

87, 277 06 Total......

29, 558, 656 41

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The Treasurer renews his recommendation of the report of 1885, that steps be taken to so change the method of keeping the accounts of the Treasury Department that its actual condition may be shown when called upon, and the character of the assets and liabilities be accurately stated.

THE SINKING FUND AND PUBLIC DEBT.

Referring to Tables Nos. 46 and 47, in the Appendix to this report, it is suggested that a revision of the method heretofore adopted in making up the sinking fund be made, and that the annual payments on account of this fund conform therewith. It will be seen that by the present method the "entire debt” of the United States will be retired by the year 1908. If the method suggested in the report, page 105, be adopted this debt will be extinguished by the year 1913. Any reduction of the public debt in excess of the annual requirements of the sinking fund will, of course, hasten the period of its total extinction.

STATEMENT showing the FORMER and the PROPOSĖD MANNER of ESTIMAT

ING the ŠINKING-FUND CHARGE for the fiscal year 1887.
According to former method the estimate is made as follows:
1st. 1 per cent. of the principal of the debt, including coin and

currency certificates outstanding and in the cash of the
Treasury on June 30, 1886, and excluding bonds issued to
Pacific Railroad Companies ...

$17, 750, 630 14 20. Interest accruing for one year on previous years' retirement

of debt, as follows: *6 per cent. bonds...

$264, 805, 100 00 * Matured certificates of indebtedness (4 per cent.).

678,000 00 Compound-interest notes and small items (6 per cent.)

5, 660 00 United States legal-tender potes, non-interest bearing.

29, 090, 564 00 Fractional currency, non-interest bearing

26, 178, 715 96 Old demand notes, non-interest bearing...

505 00 A total of .

320, 758, 544 96 Upon which interest is estimated to be accruing at 6 per cent

19, 245, 512 70 Seven-thirty notes...

1, 950 00 142 35 *10-40s of 1864, 5 per cent..

690, 300 00 Funded loan of 1881, 5 per cent

68, 666, 700 00 One-year notes, 5 per cent

1, 490 00 A total of

69, 358, 490 00 Upon which interest is estimated at 5 per cent

3, 467, 924 50 * Consols of 1907, interest at 4 per cent..

1,500,000 00 60, 000 00 Bonds continued at 3) per cent...

137, 466, 600 00 4,811, 831 00 Loan of 1882, interest at 3 por cent..

101, 880, 950 00 3,056, 428 50 Total principal of debt in sinking fund

630, 966, 534 96
Aggregate of 1 per cent. of debt and one year's interest on
securities retired prior to July 1, 1886

48, 391, 969 19 3d. One year's interest at 3 per cent. on this amount.

1, 451, 759 08 Total sinking.fund charge.

49, 843,728 27 The proposed manner is as follows: 1st. 1 per cent of the principal of the debt, excluding coin anicur.

rency certificates ontstanding and in cash of the Treas.
ury, and amount reserved for the redemption of legal-tender
notes

14,740, 346 OG 2d. Interest for one year on the debt in the sinking fand, at the

rates which the bonds would now bear if they had been re-
funded; and at the present rate (3 per cent.) on debt bearing
no interest, as follows:
per cent, upon the items above marked *

207, 673, 400 00 10,706, 936 00 3 per cent. upon all other items...

363, 293, 184 96 10, 898, 794 05 Making a total of...

630, 906, 634 90 36, 346,076 11 3d. One year's interest at 3 per cent. on $36,346,076.11........

1,090, 382 28 Total sinking-fund requirement.

37, 430, 458 39 A reduction of...

12, 407, 209 88

UNITED STATES NOTES.

The following table shows the amount of each denomination of United States notes outstanding at the close of the last four fiscal years and on November 30, 1886:

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Ope dollar..

$27,736, 456 80 $26, 660, 184 80 $24,952,061 80 $17, 603, 922 40 $14, 319, 238 60 Tro dollars

25, 524, 394 20 24, 897, 886 20 25, 295, 069 20 18, 204, 369 60 Fise dollars

14. 938, 315 40 71, 150, 085 00 75, 552, 915 00 Ten dollars..

75, 997, 805 00 85, 629, 219 00 07, 400, 310 00 72, 732, 886 00 69, 527, 016 00 64, 539, 386 00 Twenty dollars.

66, 658, 661 0071, 257, 924 00 62, 346, 909 00 58, 054, 629 00 55, 126, 509 00 Fifty dollars

55, 078, 379 00 56, 745, 463 00 23,985, 895 00 23, 208, 895 00

23, 459, 895 00 23, 291, 205 00 One hundred dollars... 34, 302, 390 00

21, 698, 945 00 33, 640, 980 00 32, 896, 790 00 Hse bundred dollars..

31, 359, 700 00 29, 232, 820 00 15, 098, 500 00 16, 914, 000 00 16, 557, 000 00 One thousand dollars..

12, 424, 000 00 14,328, 500 00

8, 495, 500 00 19, 034, 500 00 Five thousand dollars.

28, 716, 500 00 37, 361, 500 00 32, 942, 500 00 315, 000 00 130, 000 00

100, 000 00 00, 000 00 Tea thousand dollars..

50, 000 00 160, 000 00 60, 000 00 40, 000 00 10, 000 00

10, 000 00 Total....

347, 681, 016 00 347, 681, 016 00 347, 681, 018 00 347, 681,016 00 347, 681, 016 00 Las unknown denomi. Dations destroyed in sub-treasury in Chi. cago fire 1,000, 000 00

1,000, 000 00 1,000,000 00 Outstanding..... 346, 681, 016 00 346, 681, 016 00 346, 681, 016 00 346, 681, 016 00 346, 681, 016 00

1,000, 000 00 1,000, 000 00

The present business season, which began much earlier than usual, has absorbed a large amount of currency, and this increased movement bas not yet ceased. There has been shipped from the Treasury at Washington and other points, since July 1, 1886, the following amounts and kinds of small currency :

$23, 346, 205 00

152, 090 00

Legal-tender notes, $5..

$14, 055, 135 00 Legal-tender notes, $10.

6,979, 330 00 Legal-tender notes, $20.

1, 969, 940 00 Legal-tender notes, $50.

147, 500 00 Legal-tender notes, $100.

194, 300 00 Various denominations and kinds. Silver certificates, $!..

4, 744, 606 00 Silrer certificates, $10.

6, 555, 850 00 Silver certificates, $20..

2, 239, 610 00 Standard silver dollars :

Payments during same period, $21,328,558. Increase of outstanding.
Fractional silver coin:
Payments during same por 77,929. Izcrease of ou

Total of all kinds .

13, 540, 096 00

9, 291, 728 00

3,096, 614 00 49, 426, 733 00

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