682 



TREASURY DEPARTMENT, UNITED STATES. 



ital must be at least $200,000, and in smaller 

 places, by the approval of the Secretary of 

 the Treasury, with a capital of not less than 

 $50,000. Before commencing business, each 

 association is required to deliver to the Treas- 

 urer of the United States registered bonds 

 for not less than $30,000, nor less than one- 

 third of the capital stock paid in. These bonds 

 are held in security for notes to be issued by 

 the bank, which must not exceed either the 

 capital stock, or ninety per cent, of the bonds 

 so transferred. By this law, all State banks 

 were suspended, a currency provided that is 

 equally good in all parts of the country, and the 

 entire control of the currency of the nation 

 placed in the hands of the Federal Government. 



The first bank authorized under this act was 

 established in July, 1863. In July, 1869, there 

 were 1,619 banks in existence, with a capital 

 of $422,000,000, with $295,000,000 of notes 

 outstanding, and $587,000,000 of deposits. 



The Registrar of the Treasury records the re- 

 ceipts and expenditures of the public moneys ; 

 the debts due to and from the United States ; 

 and superintends the issue of national bonds, 

 and the examination and destruction of Treas- 

 ury-notes and fractional currency. Transcripts 

 from the books of the Treasury, certified by 

 him, and authenticated by the seal of the de- 

 partment, are received as evidence in all courts. 



The Commissioner of Customs supervises the 

 receipts from customs, and the accounts of 

 collectors. The erection and repair of custom- 

 houses, and the support of marine hospitals 

 and light-houses, and the prevention of smug- 

 gling, are under his superintendence. 



The Statistical Bureau is the youngest branch 

 of the Treasury. It prepares monthly exhibits 

 of statistics from all parts of the United States, 

 and publishes tabular statements in regard to 

 trade and industry, especially those connected 

 with railroad returns, manufactures, and the 

 material interests of the nation. 



The Light-house Board, the Mint, the Coast- 

 survey Office, the Supervising Architect's Of- 

 fice, and the Solicitor's Office, are Bureaus of 

 the Treasury Department, but have no charge 

 of the financial interests of the nation. Their 

 sphere is indicated by their name. 



Of the Treasury Department, as thus organ- 

 ized, the following were the receipts and expend- 

 itures for the fiscal year ended June 30, 1869. 



RECEIPTS. 



Customs $180,048,426 3 



Internal revenue 158,356,460 86 



Lands 4,020,344 34 



Direct tax . . 765,685 61 



Miscellaneous 27,752,829 77 



Total exclusive of loans. .... $370,943,747 21 



EXPENDITURES. 



Civil service and miscellaneous 



Pensions and Indians 



War Department 



Navy Department 



Interest on the public debt 



Premium on Treasury-notes 



$56,474,061 53 

 35,519,544 84 

 78,501,990 61 

 20,000,757 97 



130,694,242 80 

 300,000 00 



$321,490,597 75 



Showing receipts in excess of expenditures 

 to the amount of $49,453,149.46. 



When the successful termination of the Rev- 

 olutionary War made the United States one 

 of the nations of the earth, our domestic debt 

 amounted to $42,000,000; our foreign debt, 

 principally due to France and Holland, to 

 nearly $12,000,000 more. Although this debt 

 had mostly passed at a great sacrifice from the 

 original owners into the hands of speculators, 

 Hamilton advised its payment in full, and the 

 further assumption of $25,000,000 of war debts 

 incurred by the States. The proposition was 

 at first defeated, but, by uniting this measure 

 with one for establishing the capital of the 

 nation on the borders of the Potomac, both were 

 passed. Accordingly the Congress that as- 

 sembled in New York, in January, 1790, funded 

 the domestic debt, including $21,500,000 of 

 State indebtedness, weighing the young nation 

 down with a debt of $75,000,000. The out- 

 standing continental money was redeemed at 

 the rate of one dollar in specie for each hundred 

 in paper. To meet the interest of this debt, a 

 duty was laid, in 1790, on imported wines, 

 spirits, and coffee, and subsequently on stills 

 and domestic spirits. A duty of five per cent, 

 was laid on sundry woollen manufactures, seven 

 and a half per cent, on those of silk, cotton, 

 and iron, ten per cent, on articles composed of 

 gold, silver, pearls, or other precious stones; 

 moderate duties were also laid on most other 

 imported commodities. 



The French Revolution began in the year of 

 the adoption of the American Constitution. 

 The consequent disturbance in Europe greatly 

 increased the price of American productions, 

 more than doubled our exports in seven years, 

 and raised our tonnage from 490,000 tons to 

 1,033,000. 



In February, 1791, a United States Bank was 

 chartered, with a capital of $10,000,000, four- 

 fifths to be taken by the people, one-fifth by 

 the United States. In his next message, Wash- 

 ington congratulated the country on the ra- 

 pidity with which its stock had been taken : 

 " The rapid subscription to the United States 

 Bank, which completed the sum allowed to be 

 subscribed in a single day, is among the strik- 

 ing and pleasing evidences which present them- 

 selves, not only of confidence in the Govern- 

 ment, but of resources in the community." 



In April, 1792, a national mint was estab- 

 lished at Philadelphia; the original act directed 

 it to be kept wherever the seat of government 

 should be located ; but it has never been moved 

 from Philadelphia. 



In July, 1798, a direct tax of $2,000,000 was 

 laid upon the people, the only tax of the kind 

 prior to 1812. In 1799 a valuable tariff act 

 was framed by the Secretary, Oliver Wolcott, 

 Jr., and passed by Congress. 



November 17, 1800, the Treasury Depart- 

 ment, with its full corps of fifty clerks, was 

 transferred from Philadelphia to Washington, 

 and commenced its operations in a plain brick 



