The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-12-05
THE CURRENCY.
-->~--~~-~~-~<~~s~~~~>~~~~
Annual Report OF Comptroller
Hulburd.
Operations of the Bureau for
1871.

Comptroller Of tho Currency under date Of November
TO- submits his report for tho ending September 3d. 1874
The following abstract gives the important features Of the
Nxw NATIONAL BANKS. . sf
Since my annual report It's banks have been
organized making total number to October lss6 OF
this number banks, with aggregate capital Of
organized By the and transfer Of
u.sng notes for that by existing national banks
and the aggregate Of bank circulation
forty banks have organized
year the approved July H. 1870 providing for the
issue Of 8540O Of additional bank circulation. The a.
xregate capital Of these banks II elb,s98OoQ
Of currency issued under the Of July
H. 1890 October 1871 ga $780, $50 Of
which been furnished TO banks and the
10 existing which mad received their full quota
Increased their capital meet the growing de-
mands Of business Tho condition OF the Southern States
possibility Of their taxing any considerable portion OF the
circulation provided and the number Of banks
fr ' <. july o:s.sl.: S:
q he rss 0s hSss STATE:
srn s.ses can DO fully supplied and from Ssoooo
Y for tho Southern State: when they IN CON
mane.ea Q adops the national BANKING sv.sm sene5ay
ses o. the old banks have as
underssOoa TIA. several other. are
sbe limitation xed by amount of circulation
Qua e. be ~ h. New Ss s. %
sIaa &c s
restriction certain eases T. respectfully suggested Since
n.y. 50 dseSs ~ % as .as Of
others Of similar character though In view the
%
another Thing. clear Tia. those any
a'$
currency California aud the other ceaprodacnG
for their hara would probably set free for The
.as ssan
Ssns crSua.ns Medium g
msdo the es.olishment OF nations. banks q California:
That nodded % enable hsm @ cope .uccsss
ness In those states. - % ,
rAe time when. and the BY which. specie paymcnta
resumed base TOR some years been the subject OF
en-. fsS s ii
ssss
~sn s
o o s.. s', s IN: 'ssa
Ss'oI. specie payments can be safely AZ
demands OF trade must DO re,lrci In
andansy has BEEN sar;e"ey q the ' Gasi
.sss ss s s:. Ss:
% z rsss .s re-
q ss s Il. G5 de- 81 Con
month pm owing funding operations OF The treasury
this provision carried effect latter part
year 1857 when the process Of contraction
tho money market, which Increased In severity
To the people the srnency seemed produced
by the contraction though u nov evident tbs! other
ilnies however, Ssneraily attributed 10 the de.
Ten millions OF currency W months. consumed
s = s ssi & Il. e per snsn s; ne
Public mind found 10 appropriate expression an ACT
III ton yrcss which law prohibit
ns any reduction Of tar currency and matter
noS stands II there . supsrabundance Of currency
which be retired before specie basis can be reached
towards specie payments must be the repeal OF
ihe Aei o. February 1854 pubic sentiment WI no,
ths peope do wish resumption
traction this II the only road 10 specic payments,
mains .os,d by Tia mandate OF the people /. r..
In direct 70 hs demand for specie payments
A an hazards ana without TO ouences
d5ane Of . cuTr.acy permanently divorced from specie
bssis il 10 argued and wnh some degree OF paushly,
the conyerbity o. paper Honsy ,so coin on demand
has sever been practicable wherSciuaiy required Under
ANY svstem OF which credu forms
vertbtpy IA but Mte more than name, satisfactory
envgh long The times are sasy and conodcpcc pre-
vals but exceedingly dangerous ard mlscbievoua when
NE pcpsy sekat 10 daranged and dsru1 hes