The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-12-05

zIsssas & 3 sss sSss sSS sss ss ss
Nevada and 49,.
Total saa IS 1877 l ssa2 7OO s2s2 6n 753
/ From the number Of banks organized, heretofore
stated to be 1885, should be deducted 49, leaving the
| number In active operation 1,647.
i The banks to be excluded are the following
| NEVER COMPLETED THEIR ORGANIZATION coMsrScE
| BUSINESS.
The First National Bank Of lansing, Michigan.
| The First National Bank OF Penn Yam, Now York
The Second National Bank OF Canton Ohio
The Second National Bank Of OttuInwa, Iowa
sUrERsRDED RI SUBSEQUENT ORGANIZATIONS WITH THE sAMs
The First Natiornl Bank Of Norwich, Connecticut.
The First National Bank of Utica, New York.
l TIE HAEDe RECEIVERS.
The First National Bank Of Attica New York,
The veDango National Bank OF Franklin, Pennsy
| vania-
The Merchants National Bank Of Washington, District
| Of Columbia
CLOSED AND CLOSING UNDER run PROVISIONS OF SECTION AZ
or THE ACT
| The First National Bank OF Columbia Missouri
| The FIRST National Bank OF Carondeet, Missouri.
The First National Bank OF Leonardsville, New York
The National Union Bank OF Rochester New York
The Ptston National Bank Of Pttston, Pennsylvania,
| Pennsylvania
The berkshire National Bank Of Adams Massachusetts,
consolidated with the First National Bank Of Adams
The Fourth National Bank Of Indianapolis Indiana
consolidated with the Ciszens National Bank Of Indian
| apolis, Indiana
An abstract by States OF quarterly returns made
to this Office for tho quarters ending January J. April q
July and October 1885, with detailed statement Of
the condition Of each bank the close Of the last quar-
| tor, is herewith submitted.
statement showing tho names and compensation Of
the clerks and employees total expenses the
bureau for the fiscal ending June 80 1885, is also
app snded
dalton under section forty two Of prior the
date Of the last report have paid to the Treasury Of
T..t<z -f ttx~l~
laton in lawful money and taken up the bonds which
they had deposit with the Treasurer for the security
| The FRS. National Bank Of Columbia Missouri,
| Sl1,oa
The First National Bank Of Carondclst, Missouri
These banks arc now closed.
During the past year the First National Bank Of Leon
| ardsvlie New York, and the National Union Bank y
Rochester New York have voluntarily given notice of
going into liquidation, as required by law
Capital $4,000 Circulation. :. 81, 900
Bonds deposited. :. so, 500
The National Union Bank of Rochester hasa
S Bopds deposited Circulation 600
The Merchants National Bank OF Washington aud the
vcnango National Bank Of FRANKLIN Pennsylvania kav
ing failed TO redeem their circulating notes when pre-
sened for TINT purpose have been paced In the hands
attending the failure OF these banks were fully m
vesgaed and reported by committee OF the House Of
Representatives during the las, session OF Congrss
n y. has brought his lsbors nearly to close, and
dividend win be declared to the general creditors Of the
bank on or about the list Of January 1867 Tho bonds
deposited 70 Its circulating notes. namely $3l 800
Of six per and SIS 500 Of 1--WE per bonds
sold at public auction in the city OF New York. tho
sh day OF October last accordance with the
OF section IS OF the Currency act The net real
ized from the sale was sSi $3.50 OF mi. ssm 50 600 in
United States for the redemption o. the outstanding CIR
culaon OF the bank, and, under Instructions OF the
the provisions OF section so OF the the benefit
the general creditors Of the bank. The amount Of out
standing circulation redeemed to October 80
With these exceptions the national banks throughout
the United States to he in sound and healthy
condition as eyconced by their quarterly reports TO this
appointed for that purpose Their total resources on the
LIST OF October last sis25 $4,000; their liabilities
81 o2a a $50, leaving surplus Of ssoi al s7s for
capital and earnings, which are likewise pledge Tor the
| payment Of all debts to the public.
rho Increase Of capital bonds and circulation o, ma
iona banks for the yoar ending October ], 1885, has
Increase in bonds deposited TO secure circu
Increase Of circulation Issued 1oi sa.. COS
| This statement shows an increase Of something
than hundred millions OF national currency; but
during the same period national banks which have been
converted from State banks have retired fully fifty mil
lions Of their state circulation, making the actual
increase In the volume Of currency only about atty
mil1pns.
TO correct a misapprchensnon which exists In tho
minds Of that the eptre Of national clrcu
ation issued added volume OF currency
may DO well 20 take into consideration the amount Of
State bank circulation at period just prior To the in
sugurstion Of the national system. Tho bank crcula
ton Of the United States In January, 1852 hun
drcd and eighty four millions Of dollars, distributed as
| follows
Northern and Western States sl4t 900 900
subs squent this no further returns were re.
oeived from the Southern Statss
Immediately following tho suspension Of specie pay
mens there expansion Of bank note circulation,
which reached IN January, 1889 In the Northern States
alouc 1900 900 000 making increase In year of
$56 600 000 Relieved Of all liability 10 redeem. the
dent tendency OF the banks TO still greater expan-
sion No trustworthy returns later than January, 1s63
ACCESSIBLE but the prevailing tendency OF the times
toward nnaon and the great temptation 20 banks 10
tom vepy large amounts Of ,Bsr notes Without any re-
strants IN the way Of redemptions, would favor tho
opinion that this vas not the highest point reached BY
the circulation OF State banks The $40 600 900 Of
rency la the Southern States be added, giving
aggregate OF 2lo.ooo,Oco State bank circulation,
which has been in great part replaced by national
rency. without making any invidious comparisons,
IL no injustice 10 say that the substitution Of currency
tnrsney for tho miscesneous Issues q state banks
has done much toward sustaining public confidence and
preventing disirust and possible financial disaster
RnpExrrIoya
me law AZ n now stands provides for the redemption
Of national currency In the cities OF ~ Louis Louisville
Chicago Detroit Milwaukee, New orIeans Cincinnat
Cleveland Prttsburv Baltimore Philadelphia, Boston,
New York. Albany Lesvenworth, San Francisco and
Washington. An amendment, tho law proposed
during the last session Of Congress- requiring all national
banks 10 redesm either In Boston, Now York or Phas
dephia, but was postponed until the prescnt session
Some svsscm Of practical and effective redemptons In
desirable for the preservation OF healthy currency and
a safeguard agans, redundancy. Under the existing
requirements 1870 hanks out Of LOAF voluntarily
deem 10 New York, Boston and Philadelphia These
banks represent f24o 600 900 Of currency Of which
three fou1hs are redeemed In Eev York.
The ssme arguments urged IN favor OF requiring
dcrnptous in these three cities would carried their
logical conclusion establish the sxpediency Of requiring
REDEEM rons 81 central point Every national bank'
IN The United states Obliged By the necessities Of bus
meas keep acccun, IN New York city; clearly show
ing the current OF trade and the tendency OF money and
snording evidence that New York IL the great oopmcv
s,ai and fnapclsl centre