The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1867-06-13
FINANCE AND, TRADE.
Financial and Commercial Items.

b""NSS f"N
Financial and Commercial Items.
1t appears that the securities held by
the Treasury in trust tor the national
banks as basis of circulation 1T pres
emit amount to $40 ,596, 500, the interest
on which at six per cent. would be
nearly s20, 436, 900, and all the securities
thus deposited carry interest i'll gold.
Most of the bends are five-twenties,
considerable portion are skies of 1881,
and the remainder are ten-forties. The
two-6rst mentioned are six per cents,
the Others being five per cents. Not
far from twenty millions in gold is
therefore paid annually to the national
banks by the national government
without the latter receiving any equiv
alent therefor. The bonds deposited AS
basis. of circulation should be non
interest bearing, and the interest thus
saved on the bonds might lie advan-
tageously applied to the removal
of some of the petty inquis-
itlonal imposts under the internal
revenue law. As it is the govern
ment gives the national banks the priv
ilege of issuing notes, the ultimate re-
demption of which 1t par it guarantees,
and in effect this twenty millions III
gold per annum is paid to them as a
subsidy or inducement to take the notes.
For the advantages of such a circula-
ton they onsht to be willing to forego
the interest on the bonds which securs
it, and the trainers of the national bank
act should have borne this in mind, and
exacted it as one of the conditions of
admission to the privileges of the act.
Tho best thing Congress can do now is
to secure a uniform currency for tn q
country by substituting legal-tende rs
for the three hundred millions of ma
tional bank notes outstanding, and pro-
viding for their exchange in such a
manner as to avoid monetary perturba-
tions. We should then have currency
directly based upon the credit of the
government, and one of the weakest
elements in our financial system would
be renewed.
The Treasurer of Mary land advertised
for sealed proposals for the 800, 900 loan
of the State of Maryland authorized at
the late session Of the Legislature, for
the destitute people of the States wasted
by the civil war. Bonds to be issued
will be for $1,000 each, to run six years
from July LIST, 1867, with 6 per cent. in
terest.
Holders of August 1905 sending them
to the Treasury tor conversion, should
understand that interest on them is paid
to the LIST July, receiving in exchange
therefor SEQ bonds from LIST July.
On the winding up of the State Bank
currency system the Financial Chronicle
has the following observations:
1t is not generally known that the
notes of the New England State banks
are now at a discount of 5 per cent. The
reason of this heavy depreciation is that
at Boston the Suffolk Bank, and the
Bank of Mutual Redemption have dis
continued redeeming snch notes since
the LIST of June. As the amount out
standing is small. and as there is now
no method of getting payment witho ut
sending the notes to the several banks
by mail or by express, the uncmrent
money brokers make the extra charges
to cover the delay, expense and trouble
involved. The notes of the banks of
Pennsylvania, and those of the Western
States are selling at various rates of
discount, while those of the State Of
New York will probably cease next
month to be redeemed by the Metropoli-
tan Bank of this city. and will then
speedily disappear from circulation.
The New York Post of Saturdays says:
Another develop ,ment in regard to the
First National Flank of New Orleans
was reported We stsrday as follows by
telegraph: 'Cuthbert Bullitt, late
United States Marshal, has had for two
years past $3.50, 100 of the proceeds of
the cargo of the Gray jacket in his
possession. He has been using this
money in New York, but recently or
dered it back through A. c. Graham,
correspondent OF the First National
Bank in New York Mr.. Bullitt return
ed too late; the bank was closed. The
case of the Gray Jacket has been re-
Gently decided by the United States
Supreme Court in favor of the Govern