The gross receipts of the Government, amounting during the fiscal year, as shown by warrants, to the sum of $568, 887,009.38, ($245,196,303 of which were on account of loans, United States notes, and certificates and conversion of refunding certificates,) were deposited as follows: In the Treasury and sub-treasuries In national-bank depositaries. $451,210,995 09 117,676,014 29 Owing to the large movement of moneys caused by the exchange 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 employés of the different sub-treasuries have greatly increased, and I would, therefore, recommend that inquiry be made by Congress as to the present condition of these offices, and such method of relief be adopted as may be deemed proper. The transactions 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 attention of Congress is called to the various items included in the Treasurer's cash balance, as shown on page 18 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 June 23, 1836, and from the failure of public officers and depositaries to pay over to the United States moneys intrusted to them for safe-keeping and disbursement. All money in the Treasury, wherever it may be deposited or placed for disbursement or custody, is charged to the Treasurer of the United States, and while it is obvious that this money may be lost without fault on his part, by robbery, accident, defalcation of a subordinate officer, misconduct of depositaries having it in charge, or otherwise, yet he is responsible, and is charged with it the same as if the funds were in his own vault instead of being deposited elsewhere. These items therefore appear as a charge against the Treasurer only because of the method in which the accounts are necessarily kept; but as no change can be made without legislation, it is deemed proper to bring the matter to the attention of Congress for appropriate action. A full history of all the facts involved in connection with these deficits will be prepared and submitted to Congress during the present session. DEPOSITS AT THE 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 re-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 dollars, $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 mints 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 or $41,576,776.39. 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 $1.09261 per ounce fine, and the average New 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 New York, together with uncurrent silver coins of the value of $239,548, transferred from the treasury for that purpose. The seignorage on the coinage of silver dollars during the year was $4,355,278.84, and on subsidiary silver $10,197.61-a total of $4,365,476.45. The earnings of the mints from all sources, including seignorage, was $5,147,218.16. Expenses from appropriations, including $156,942.22 from the general appropriation of the act of February 28, 1878, were $1,261,601.29. Adding the cost of acid refineries ($210,654.44) at the coinage mints and at the Assay Office at New York, together with the cost of distribution of coin, ($79,806.69,) and technical losses, makes the total expenses and losses of all kinds $1,585,256.77. The mines of the United States were estimated by the Director of the Mint to have yielded, during the calendar year 1884, precious metals valued at $79,600,000, as follows-namely, gold $30,800,000; silver at its coining value, $18,800,000. The estimated amount of gold and silver coin in the United States on the 30th of June, 1885, was $820,000,000, $542,000,000 of which consisted of gold coin and $278,000,000 of silver coin. In addition to the coin in the country there was in the mints and assay offices at the same date gold and silver bullion of the value of $71,501,682. Thus the entire stock of 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 Government 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 the mints and the Assay Office at New 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 of the public moneys at the mints depends more upon the integrity and efficiency of guards and patrols by night, and the presence of officers and employés 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 a more business-like manner than previously the actual expenses of each 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 mints, and the expenses of distribution of coin likewise being excessive, it was 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 conducted as an assay office. Its business as such having proved insignificant, orders were given in November for the 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 will be made of over $100,000 per annum. 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. same time its expenses have been reduced at the rate of more than $120,000 a year 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 employés. The appropriation of $55,000, made by the act of March 3, 1885, to 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 Treasury, 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 dollar United States notes. Since July 1, 1885, the average monthly expenses have been about $18,600 less than the appropriation. Conforming to the wise policy pursued by Congress of late years in making appropriations for nearly all other branches of the public 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 limiting the number of employés, any possibility of unduly increasing the force will 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 without great expense, but it is the intention from time to time, as opportunity occurs, to replace them with new plates engraved from fresh and artistic designs. NATIONAL BANKS. During the year ending November 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 States, 20, with capital of $2,895,000; Southern States, 21, with capital of $2,425,000; Western States, 76, 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 reor ganization; 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 up 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 following table exhibits the resources and liabilities of the national banks for eleven years, at nearly corresponding dates, from 1875 to 1885, inclusive, as reported by the banks: Oct. 1, Oct. 2, Oct. 1, Oct. 1, Oct. 2, Oct. 1, Oct. 1, Oct. 3, Oct. 2, Sep.30, Oct. 1, 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, banks, banks, banks, banks, banks, banks, banks, banks, banks, RESOURCES. Loans. Bonds for circulat'n.] Stocks, bonds, &c.... Due from banks Real estate........ 42.4 Specic... 42.2 Legal-tender notes... 69.2 National bank notes, U.S. cert. of deposit.. 16.7 87.9 100.0 74.5) 82.4 113.0 48.8 29.2 33.4 32.7 26.8 16.0 16.5 17.0 28.7 24.9 22.1 Millions. Millions. Millions. Millions. Millions. Millions. Millions. Millions. Millions. Millions. Millions. 878.51,041.01, 173. 81, 243. 21, 309. 21, 245.31, 306.1 357.3 357.8) 363.3 357.6 351.4 327.4 307.7 71.2 43.6 56.5 37.4 30.7 30.4 31.8 39.7 48.9 61.9 66.2 71.1 71.4 77.5 167.3 213.5 230.8 198.9 208.9 194.2 235.3 47.8 48.0 47.3 46.5 48.3 49.9 51.3 109.3 114.3 102.9 107.8 128.6 171.9 Totals.......... 1, 882. 21, 827. 21, 741.1 1,767. 31, 868. 82, 105, 82, 358. 4 2, 399. 8 2, 372. 7/2, 279.5 2, 432.9 1,882. 21, 827. 21, 741.1 1,767.31,868. 82, 105. 82, 358. 42, 399. 82, 372. 72, 279.5, 2, 432.9 887.9 1,083.1.1, 134.9 1,063. 6 454.1 457.6 463.8 483.1 509.7 524.3 527.5 146.6 63.2 59.4 289.8 269.0 993.01, 120.1 The corporate existence of 864 national banks expired during the year ending November 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, |