, 1865-12-06

who ndvanced !heir money on government aecnrincs,
atd freely staked their fortunes fof ths naaonsl de
'e Iookre 10 tile cau.e. TINT h.ve accomplished the
to court lie stability Of tho Federal Union. These
causes and 9ast alxnys have p sGstre
s5sesa ln IL ~ fsits 4 ~ .stiz.S:: II:
hopeless emu OF fA' sfs'iE ESSis 1eSSio i STANTON.
Secretary Of War,
REPORT .
or TIE -"~: - =
COMPTROLLER OF The CURRENCY
OFFICE or THE COMPTROLLER OF THE
CURRENCY. NAsntEG1oN, Dccembef 4, 1861.
SIR: have the honor to transmit 10 the House
cf NepEHentalve$ the annual report o. the Comb
tyolIer Of the CuIfCucY required by The ls sec-
lion Of ,be national cnfrncy act.
;A ! hase % The honor to be'Sety scspectlully. your
COMPTROLLER Of tho Currc1cy.
Hen. Schuyler coliax, Speaker OF the House OF
Rtpfcst nlA Atiyes.
Since thu last annual report from this Office two
hundred md ci2htY.ihrec ncw banks have been or
ca1 lied, and seven hundred aud thirty-one S,a.e
bauke converted into national nssocjatfons maxim,
the Total number orranlzcl to November first sig
,etn hnnored and ore; Of which SIX hundred and
H.
twenty Two we're conversions from State bauks.
A statement Of The respective States and Tc1rito-
RIGS in Which each bank Is located The paln capi-
iepoti,ed wih he Treasurer 10 secure their no1es
Is herewith submitted; aleo y detailed statement
Of The atfairs Of each bank On the fszt Monday ol
that day, ian abstract oi the coudition Of Iii tna
bauks on lhe 1Ist dnye Of JauuarY. Anil and Jniv
1876 together With ihe names aud compensation
nfn.es al the h,rcau fnr tf5,l ftrrI reor dr Jnre
ID 1SC5. '-''"
,nG Ess na..r r,nsd nndcES he rrnrjsii,ns - X
lar. VIZ. - '-s-
F,rst National Rank co1nmh,.. No..
ci,cniation rrSeemed 'nIH
IaNfl uoner has bten ,eoo.ftcd with ite rs1s
prcr Jnr The reTrrntion ~ IL" uSirH noo- ~
The r,,n, r.tor,af fsrE ana Inn hnnfs .-.5;hSrox-
TIn VIZ, nstnr.1 E.nE ~ At.,en = y NJ
t,fisT md n r.rety,r hss neeo nnr,"I1td ~ r,1nsa
m IL aIss.s. Tia outsisniI,nr cirrni.ifm none ri
.sSt1n a.cnss Sal "a ~ .,r LEU r, ~
y sreticn II r. az In. siai,na cruoner act .nv
t,iiutjou n,raniycd u5jsr \ ncnSal Inv al anv
Sf.ie fs re,mittd m IN, ,s,,iorn.nce ~ ra,tn11
enrt,te1 renn;rrn,,rnts M IN ~. conSer1ea min n
r,iio,.ri nsnrtniinr Nt,h ,he enmr 1,n,ysra 1rT
1r.i]sre- snIf s,hrr. ~ ,hc eernr drt,es rcenan.
siinii,Ie md ,1sca n1crrIhed Tor III" rrI,,ions
oarInaliy orrnnized Under rtat iaw. W. ~SN'
liz ~. ~, rn.h .rrtion oT the nr+ sncnr,tno ~.
!. At 10 nrotide Internal revrnno tn snnnnrf The
Go.crnmrnt." approved Marcha, 1a5, ths privilege
oI con,ctz Ton on the part Of State Banks was CT.
tended TO a. 10 elrc . preference TO those which
kEould apply prtnr 10 the 1tst day OF July, 1875,
over new n'sociat1onf applying for the privileges
o! lhe iailonal currency Cct-
The r.: nit has been th2f nearly al OF the Slate
ci.tfnns r - 1. NJ th,e VI.
formation ha. bten accomplished without derauctn.
extentiatIy the ro,nmc nY ssnnt nn;c c;rrnI,,;nn
Since liz amendmcnt OF lhc act, no nstionaI err
Tc1cy h1s teen dell' cred 70 converted Stale bank
until lhe ciEculatlon lssEed b. it under State lsNa,
bad bcrn reduced below the cr'ouHt to which its
0pnnl a. national LINK ~ou!a Aasc entitled 1t
lban they were entitled 10 undera! national act, The
result bas Gecn 10 diminish talher thai, incsease the
volume Of banls no:e circulation.
This restrictive CourEc IN reference to State bank
circulation has been the cause Of great complain: on
The pait Of many Of the hanks, more 20, perhaps,
for tic tenton thai In several Slatc4 the enabin,
acts giving consent to The conversion OF the state
banks 10 national associations cOufaln PROVISIONS
naminal!y giving the right TO conyer,cd banks 10
continue the 1sEnc Of their State circulation for
linitro tine alter the conversion is completed.
H. hONeytr+ very clear that It Ii not the spirit or
intent Of The Law to allow auy national bunk 10 have
E1taler circulation Than the amount prescribed in
the net, md TINT aitcf bank becomes natiQuai
association H. N provided iu tho 4ith section OF
usaone. 4 converted state bank il pnauesiionabIy
bound 10 redeem ifs Stale circulation and discharge
all The obligations Of the Slate institution while
any StAtG eElctments granting privilege. or inpo-
rettIictDus In c0uniCt with or fcnuynant 10 the
Tinted Ststcr laws are necessarily void.
The national currency act permits the conversion
Of State into national institutions without reiel-
enee to State laws, and 1t must be conceded that the
@ N @ TSe I'd secuon ot 1he ae, psohiSis as
nauonnl bankE from issutng circulating is money
pForisions of The national currency act: i nn-
out anl circuAtcs the notes Of the State hank which