The following is an explanation of the various items of expense as set forth in Memorandum No. 6, a copy of which was forwarded to each National Bank: Express charges.-This item includes all of the express-charges paid on national-bank notes received for redemption, and on new United States currency returned therefor; on national-bank notes, fit for circulation, assorted and returned to the several national banks; and on United States currency received for credit of national banks in the five-per-cent. fund prior to April 17, 1876. All of these charges have been consolidated and assessed upon the several national banks in proportion to the amount of their circulation redeemed and assorted. The amount of notes assorted during the year was $176,121,855, of which $97,478,700 were fit for circulation, and $78,643,155 unfit for circulation, making the average rate for each $1,000 assorted 90.36 cents. The increase in the average rate over that of the preceding year is due partly to the large increase in the proportion of notes fit for circulation returned to the banks of issue, and partly to the increase in the rates for the transportation of national-bank notes to the Agency. These rates were increased from 25 cents for each $1,000 to Adams Express Company, and 35 cents for each $1,000 to each other express company over whose lines the remittances are transported, to 37 cents for each $1,000 to each company. This increase was demanded by the companies and conceded by the Department on the ground that they are subjected to greater risk in the transportation of unassorted bank-notes than in the transportation of United States currency or of assorted bank-notes returned to the banks, for the reason that there is no mode of obtaining re-imbursement for the former in case of loss. No increase was made in the rates for the transportation of any other class of remittances. Since April 17, 1876, each National Bank has been required to pay the express-charges on United States currency forwarded by it for credit of the five-per-cent. fund. That course having been pursued with United States currency forwarded for redemption, the same rule was applied to remittances for credit. Otherwise, the expenses for the transportation of credit-remittances would have been largely increased. The amount of notes fit for circulation assorted and returned to the banks of issue during the fiscal year at the expense of the Agency was $97,478,700, as against $15,213,500 in the last preceding fiscal year. The total amount of the remittances of all kinds transported by the express companies for the Agency, was $360,941,405.56, making the average rate for each $1,000 transported about 44 cents. Salaries.-Regular appropriations were made by Congress for the salaries of the force employed in redeeming the national currency. The amount appropriated for the Treasurer's Office was $166,656, of which $154,417.33 were expended; and for the Office of the Comptroller of the Currency $34,840, of which 33,601.56 were expended; making a total saving of $13,477.00 of the amount appropriated. The appropriations for salaries for the current year are largely reduced. Printing and stationery, Postage, Office-furniture, and Contingent expenses.-These are the regular and necessary expenses for the transaction of the business of the Agency. The requisite furniture has nearly all been provided, but the other expenses mentioned above will continue from year to year. No loss of money of any kind or amount whatever has been sustained during the year. The Agency having been incorporated with the Department on the 1st of July, 1875. all of the expenditures for the year have been made under the direction of the Secretary of the Treasury, and all of the vouchers have been passed upon and approved by the regular accounting-officers. The labor and expense of counting and assorting being in direct proportion to the number of notes handled, all of the above expenses, with the exception of express-charges, have been assessed in proportion to the number of notes redeemed and assorted for each bank. The total number of notes assorted and charged to the banks during the fiscal year was 19,111,838, of which 8,167,854 were fit for circulation and 10,943,984 unfit for circulation. The expenses, exclusive of express-charges, were $206,050.47, making the average charge for each 1,000 notes assorted $10.78 13-100. Registers are kept of the amount of the notes of each denomination redeemed for each bank, and the number of notes is computed and proved with the utmost accuracy. The aggregate expenses of the Agency for the year were a little more than one-fifth of 1 per cent. upon the amount assorted and charged to the banks, against two-ninths of 1 per cent. for the preced ing year. The assessment upon each bank varies from this average according as the average denomination of its notes assorted is greater or less than the average denomination of all of the notes assorted, which is $9.21 53-100. REPORT OF THE REGISTER OF THE TREASURY. TREASURY DEPARTMENT, November 13, 1876. SIR I have the honor to transmit herewith a report in detail of the business transacted in the several divisions of this office during the fiscal year ended on the 30th of June last. It will be seen by reference to the reports that the work performed in one division, to wit, that of loans, has increased considerably over that of the last year. In three other divisions, to wit, receipts and expenditures, note and coupon, and tonnage, there has been no material change, but in the fractional currency division the work has decreased, and we may expect that, unless a further issue of fractional currency should be ordered, the work will continue to decline. By the late act of Congress making appropriations for the Treasury Department the number of clerks in this office was largely reduced, and, in my opinion, the reduction was too great, and there is danger that the public business will suffer from delay in certain divisions. In the estimate submitted for this office for the next fiscal year I have, therefore, deemed it to be proper to estimate for two additional clerks in each of the second, third, and fourth classes. This office, as you are aware, has charge of the books in which the accounts of the receipts and expenditures of the Government are kept. The loan division has charge of the books containing the accounts of bonds issued and the accounts kept with the parties owning regis tered bonds, and makes up the quarterly and semi-annual schedules upon which interest is paid. These two divisions require a superior class of clerks to perform the important and very responsible duties devolving upon them, and should command the highest order of clerical ability. It is in the interest of the public service that I recommend an increase of six clerks, in order that the work be performed with promptitude and with satisfactory accuracy. By the act above referred to, the office of Deputy Register and that of disbursing-clerk were abolished, thus adding a large amount of work to the labors of the Register and Assistant Register. I believe I may claim for my assistant and for myself that neither of us is disposed to shrink from performing all the work that he is able to perform, but in this office there is more work to be performed daily than should be imposed upon two persons, had they no other executive duties devolving upon |