The New York herald., 1868-12-06


Farraguts tour through Europe and also furnishes
list OF the vessels and officers the various sta
tl0ns at home and abroad.
Postmaster Generals Report.
This report gives the following in reference to the
Dead Letter Department.
This report shows that the whole number OF dead
letters OF all classes received during the year which
ended 30th June last by actual count. was 1872 14
showing decrease Of IA, 1854 letters from the num-
Der estimated to have been received during the
domestic letters, l67.OIs were foreign and
were returned unopened to countries where
they originated. The domestic letters received may
be stated follows:-Ordinary dead letters, so2a,
46l; drop and hotel letters 522, 877; unnailable,
363seS; fictitious addresses 100; registered letters
282 returned from foreign countries &c. $685. In the
examination OF domestic dead letters for disposition
1736S67 were found TO be either not susceptible OF
being returned ofno importance, circulars &c. and
were destroyed; 333, 900 destroyed after
effort to return them. The remainder were classified
and returned the owners as far as practicable The
whole number sent from the ONCE was 2,25s 1919. Of
which 84 per cent were delivered to owners and ID
per cent were returned to the department. Is340 let
ters contained $05 1863 SO in sums OF 81 and upward
OF which ID 06l letters. containing 6s6638 90, were
delivered to owners and 2,124. containing 1892 49,
ing @ Df sums SUI q iess than than Of
which 12,513 containing 1920 70, were delivered
to owners; l7S G containing drafts ;,s deeds and
$36092 271 so, Of these 16,S09 were restored to the
owners and s21 were returned and filed; la,s64 con-
tanned books ewelry and other articles Of property
OF the estimated value OF $500; OF these
forwarded for delivery and 9,9l1 were delivered to
their owners; 125,22l contained photographs post
age stamps and articles OF small value, OF which
l14 S66 were delivered to owners; 2,06So4 without
Enclosures.
Prominent among the causes of tho nom delivery
Of letters Is the unmailabe character Of many OF
them ascertained during the past year to be 1913
year. or these 800 44S were detained for non pay
ment Of postage 3S7 returned for misdlrecton or
want OF proper address. ID, ,470 were addressed to
places for which no mail service had been estab-
lished and 1888 had no address whatever.
There were also returned 2s,425 letters ad-
dressed to persons stopping temporarily at
hotels, departures or n0n-arrivals preventing
delivery, and 9lso letters found to be addressed
to fictitious names. These are mostly cases where
the of nondeliyery appear from the letters
themselves and no effort was made to deliver them
The number of dead letters returned during the year
to foreign countries 1884, lsa and the number re-
ceived from foreign countries was 66.55S. out OF
1885, letters mailed to the United States through
British French and German mails, 126 6S66-Or
93-100 per cent-were returned TO Europe as dead
letters; aud out Of 4O, $3.50 letters forwarded from
this country through those mails 3o,o70-or 81 per
cent-were returned as dead letters.
TOta. number OF domestic letters received during
letters received 167,o7S. Whole number Of letters
received, 1872 IA. Number OF original letters de-
h Sa SastraSe 1s de
Letters returned to writer's, 2lo a20 return let.
Report of the Comptroller of the Currency.
The following are additional points touched upon
rency in addition to those before published
The Comptroller suggests that national banking
assoct ons which go into voluntary liquidation be
required to provide for their outstanding circulation
three or six months; in default OF which the Comp
trolier shall have power 10 sell their bonds
by auction in New York city, and after paying
to the Treasurer the amount of the outstanding
circulation Of the bank, IN lawful money. to pay
over any excess that may be realized from the sale
OF the bonds TO the association or Its legal repre-
sentatives. Banks that are winding up Tor the pur-
pose OF consolidating with other banks, or with u
view OF reorganiZng az some other and more desir-
able points should be excepted from the foregoing
Ia regard to central redecming agency the Comp
sThe opinion was expressed in the last annual re-
port from this oilce that IT was important that a
system OF redemption5 for national bank notes
should be established as early "a practicable, by
means OF which they should be made convertible
into the lawful money Of the country, whether IL be
paper or gold at the principal centre OF trade.
without repeating the argument then made, the
conviction y again expressed ,hao 0y oy rgld u,
currency OF the country DO Kept ~ UNIFORM par
value"
The Comptroller speaks as follows in regard to
the periodical stringency In New York cty:-"A
careful study OF the bank statements Of New
York taken separately and the application OF the
facts so obtained to the aggregate statement or
abstract OF the whole, affords valuable and In
structlye information Inc abstract SHOWS ,ne
OF the statements In detail shows the character OF
the loans 10 be substantially as folows:-Commer-
SOS, 500, ,0CO accommodation loans 50, 500 900 sus
pended loans, 81, 500 900 total. 00OO. Nine
sixteenths, or rather more than half the loan, Is
legitimate business paper; the balance Is upon call
or for accommodation. The amount loaned on
call for commercial purposes y not stated but trust
worthy information leads TO the belief that II Is very
small. The customs and necessities OF trade are
OF such character as to preclude loans OF this
kind. - -
"In addition to this direct loan of s7oOoo,0oo, they
furnished facilities by means OF certned checks TO
the same class OF operators to an amount ranging
from A O.OO
October the amount was S1l2o00,OOO, ana these
checks made to swell the amount OF INDIVIDUAL
deposits. They credited to depostors as money,
and are circulated and treated as money by the
banks AMI by their customers. Yet when ascertain
ing the amount OF deposits upon wnlch they must
hold reserve, or upon which they must pay taxes,
the banks invariably deduct all sucn cnecks on
np thew reported: d:@ndyidua deposits, s22i 10000;
but ded letting checks hand sll2 100000 they had
actual deposits OF slll,3700OO Taking lle eau loans
and the certified checks together, the somewhat
startling fact IA developed that the New YORK ma
tonal banks furnish s7o,0ooooo OF capital and
certified checks Is a direct imitation 10 that extent,
which stimulates the stock market ana keeps the
price OF a large class OF miscellaneous securities
much above their actual value, that the market Is
feversh and nuctuating. and Slight suingehcy re-
duces the price.
to move the crops, West aud South shrewd opera
tors form their combinations to depress tne market
by docking up money, Withdrawing all they can
control or borrow from the common fund; money
becomes scarce, the rate OF interest advances and
stocks decline. The legitimate demand lor money con-
tnues and fearful OF trenching on ther reserve the
banks Strengthened for means They dare not eau
In their demand loans, for that would compel their
customers TO sell securities on a failing Market
which would make matters worse. Habitualiy
lending their means to the utmost limit OF prudence
and their credit much Beyond thai limit TO brokers'
and Spectators they are powerless 10 afford relief
Their customers by the force OF circumstances,
become their masters. The banks cannot mold back
or withdraw from the dilemma IN when tneir mode
OF doing business has placed them. They must carry
the load TO save their margins.
40 trht htnh uhn
OF securities, would occasion serious II not fatal
results to the banks most extensively engaged IN
such operations. aud would produce ieeiing OF
insecurity which would be very dangerous To the
entire banking interest OF the country. The
fact that q banking interest with capital and sur
plus OF 6lC0 000O,00D can be aud has been repeat.
EhlY nlaccl aL tie mnrcI OF few sllreMl lMnm9n