The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1864-08-12
FINANCIAL AND COMMERCIAL.

and non-legal portion OF the debt, considerable
ignorance subject Of she national currency pre-
vsls while that OF the State and national banks Is
st less undeystood According to tho statement OF the
"a Of ,he current moaIh the total amount of govern
rnent money circulation was s6Sl 500 SOC, OF
which III, following are the details
uni'ed states noies .SsiS los 500
Five Gel year notes.,..... 4l52o 900
Five per cont Observation-Disclosures. 1914 oo1
rive per nnies With ceupons. so eS3 602
Treasury NOTES ~ which Interest has ceased l62lsi
Comp und interest notes ,............... S2ss3.T6o
70 h's my re added tnirsy-hve millions as the estl-
nood clio i'm q the aggregate OF the national banks
but the cNac' amount unable TO nne owing
e the Treasury official AZ Washington las charge 81
tie masteg pot n,kirG Ills abstract OF the quarterly
turns tire hauks promptly The remainder the
Is2sy o tns country furnished by the State banks,
and At hess sh,l now glance
In Ecce ooer 1861, the circulation OF these in
tue states nclidcd rebellion 1928 COS, 7oo,
which y Sov smher 1862. had TO
slers5s, ri hrlng sS,e5ooo0 in excess OF the pre-
wins YER IL amount the New Engand
ssa ~ fn. ti 4 sSsu>9a00 Of which Massachusetts
a;cae sane.i.d $40 $4,000 New York furnished
&c. 55scs his aod Increase with tire execution Ct
Six mi os when securities have deposited,
are securea the Judgment with the Bank e artmeut
al Albany ok. i~o-,hrds Of which allowed 10
be il eovsr,ooas sud TIC otaeg third 10 those Of the
STATE
Ii IL rrana',a tN,t thn aggregate increase ar thc
crcp ati,N tha oval States since the end
Q. l62 4 xNaut seventy millions, making IN ~ s23T
SIS .7OD yt'cJ ,dded hat Ct the State banks inc
govcrpTeat 4 ka4 tuo grand tatll d s9l4 40. l46
Its itsr gas This iunctuTe crmpa,e Tie total
Circulation - loyal state banks Witt 'Lcso Of
itniu aud Ireland, which amounicd the aggregate
the 25h iane last CSC O2i ahou; slSl ,lso.
COO IL specie.
The cucg.aton Of New England is blsei ucon char
tered ust tous win three exceptions 10 Nassachu-
sets AND one in Vermont Each Of these s,aes II
fvee bar vs. but they practically inoi eat:yo.
The circu at on Of the New England States IS
based The value OF the charter TO the
bank. the bank capt; H. the personal
sponFihlli:v Of the stockholders In Massachusetts,
the banking laws lue fteon per capital
DO kept IN sUecie IN Maine Axe per IS The mini
In connecticut the commissions report that the
security circulation depends Gpoa the solvency Of
the banks The free banking is not practi-
cay in in HInos and ir indiana the bank croua
ticn s Secured by United states stocks any solvent
state STOCKS paving interest Federal stocks, with ten
per &c marein over the New York Stock Exchange
prices, tire basis OF circulation in Iowa with the
privilege TO the State bank to issue circu
lstion lis branches the deposit OF twelve and
haf Of national stocks The general banking law
Of Michigan provisions for circulation limited to
threeonrt Q; The capital stock Of each bank, the
10 be by United states securities stock
any solvent state 10 be taken under ninety five per
cont Of ire market par vase. The circulation OF the
Missouri banks is limited 70 three times their capital! and
they required TO keep thirty three and
third per Of their circulation. Ia Wisconsin the
general banking law demands security for
bank notes federal or State stocks of equivalent
value TO be taken at or under par. The Kentucky banks
chartered AID by their charters their circulation has
prescribed limits, and the system is adopted in
Ohio, Mary land and Pennsylvania In New Jersey bonds
aud and public stocks received security
for tire circulation Of the banks.
II will thus be seen that each state has its
banking rules, and these specially adapted TO
its own wants, proved by experience II
was this system which Mr.. Chase designed 10 over.
throw and supcrsede by his favorite national bank
scheme but this indirect interference with the State
banks has been Of questionable utility and the creation
OF the institutions has placed the old and the
government somewhat antagonistc positions time
when perfect harmony and operation be
desired.
The statement Of the national debt for the week end.
Ing the 9th inst shows further addition the cur.
rSnoy Of $5,e4242o making increase Of so 1897 55A
under this herd since tho 10th Of Juy-the aggregate
thor havinS been :sl6 32, whereas stood at the
date OF the Last fSucTl AS follows