The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-12-05

Add for fragments OF notes outstanding
lost or destroyed, portions OF which
nave been redeemed. $40
Total. $780, 7s9, sos
The following statement shows the amounts aud
kinds OF United States bonds held by the Treasurer
OF the United States to the redemption Of the
circulating notes or national banks the SOth day
OF September, 1867
Registered bonds, act OF June It, 1861. $d15 900
Registered bonds, act Of February 5, ise. s4SioOo
Coupon bonds act OF March z, ls6l....... 10000
Registered bonds, acts OF July II and
August 5, 1851 IS, $50 $50
REGISTERED bonds act OF February -, 1862 50 $50
Coupon bonds, act OF February rs, ls62.... 1900
Registered bonds act OF Marcn s. 1s63.. SO, 3i5,9oo
REGISTERED bonds, act of March 3, 1854,
per cent. 45o
Registered bonds. act Of March s. 1891. i000O
per cent. .:..:................. 2,7ss5Oo
Regs.ered nonds, act OF June 81, 1861 35,21S, 100
July 1884,. 1888, 600
lirsl series. 25,4o5,2oo
second series 10 1922 500
Registered bonds, act OF March 8, 1865,
fourth series.... ...................... 22s, 900
Total. .............."....... ..... s342, ATS 100
In my report for 1867 called the attention OF Con-
gress to the fact In several instances notes prepared
In the usual manner for issue to national banks
had been purloined from this ofllcc. Two amounts
larger than the rest were mentioned, to wt:-S4,5oO
In fifty and one hundred dollar noes OF the Ma
tional City Bank OF Lynn, Mass, and $4,000 in fifty
and one hundred dollar notes Of the First National
Bank OF Jersey City, in addition to which several
thefts OF single sheet had occurred making in all
SlT560. Suspicion at that time directed to q
coiored man who had been employed in the office
frOm inn nj its zatia In
capacity, and who was then under arrest. The
evidence against him, though very strong, was
not considered to be conclusive, and it was
thought best not TO bring the to trial at once
but TO wait and see what additional testimony
might be developed by the lapse OF ume During
the past year efforts made by the guilty party to
avail himself OF the stolen notes, furnishing concu-
sive proof OF his guilt ne was tried In the criminal
court OF the district IN August last and convicted,
out motion IN arrest Of Judgment was granted by
the court for some defect IN the indictment and the
criminal was discharged; he was al rearTested
on several otner CHARGES anu Is pow awaiting his
trial on new indictments. only about 81 400 Of the
stolen notes have been recovered, and 1t Is serious
question whether provision should not be made Tor
found IN the hands OF innocent holders
Their similarity to the genuine issues OF the
same and other national banks and the difficulty
TO any but the most expert ana sklful, recogniz
ing The forged signatures, make it Impossible Tor
the great majority OF those VINO may handle money
TO distinguish the spurious from the genuine Issues
the subject Is respectfully submitted 10 The consider
REPORTS
Under the act OF Congress of March 8, 1850, three
reports have been called for. The nrst ca / was
made Tuesday, April 20, for a report showing the
condition or the banks at the close OF business on the
previous saturday, April IL.
TIE second cali was made June Is, for report
showing the condition OF the banks on Saturday,
the 18TH OF June.
The third call was made October 49, for a report
showing the condition OF the banks on the o,h OF
that month.
The frat report showed larger number Of banks
than usual deficient in their OF lawful money
but generally In small amounts.
The second aud third reports, SUCCESSFULLY ex-
hlblted an Improvement in tins respect ana as they
are regarded az setting forth the actual working
condition Of the banks, without manipulation or
preparation, the results are lar more valuable and
gratifying. in fact, the two evils most complained
OF underline former system OF reports, to wt:-pre
vious preparation on the part OF the banks and the
opportunity Afforded TO speculators 10 manipulate
the money market, have been almost entirely done
away with. The banks habitually keep themselves
In better condition. o rule are less extended and
have more complete control OF aAalrs. IL they carry
out this policy litie more thoroughly they WI, be
able TO protect the legitimate interests OF their Gus
toners and better entitled to the fostering care Of
the government.
As the law now stands, bank may, By a
vote Of the shareholders owning tWo-tllrds Of
affairs. After the expiration or one year from the
publication Of notice TO It's Dholders and creditors,
as required by the statute, 1t may deposit with the
Treasurer OF the United states ega tender notes for
Its outstanding circulation. and take up the bonds
Hein as fecHflfy therefor.
This section was undoubtedly intended to provide
for the winding up Of banks under the ordinary
conditions incident 20 specie payments The natural
now OF no les TO the place Of their issue when banks
are paying specie, would cause large portion
Of them to be redeemed during the year: ard
and II the bank 10 solvent, and In good
faitn endeayornR TO close up Its affairs, the
most Of It's creditors would probably be
paid by the expiration OF that period so that sup
posing the liquidation 10 have progressed so far that
the bank ~ ready TO distribute its capital among ls
stockholders, the law provides the manner In which
the liquidation shall be completed, and the share
holders discharged from ali further liability on
account oil Its circulating notes within reasonable
time
Ia this view OF the case the provisions OF the stat
ute are reasonable and proper. But, under existing
circumstances, when bank notes remain IN circula-
ton until they are out and when the use OF the
notes as money Is 80 much more valuable TO
tho holder tnan any gain he may realize rom
their redemption that he VIII not send them
home for that purpose the year provided
In the law, and the purpose OF that pro-
Vision. are OF no moment whatever. Banks go into
and call upon note holders to present
their notes for redemption, BY published notice, as
required by law; but during the Whole year that
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