Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1872-12-05

(lL) L !
VOLUME "a. Z.
1EPORT or THE CaMPTROLLRR u
THE CURRENCY. -
The Washington 0Arouicss says tn
report ofthc Comptroller is now com
pleted and shows the following facts
The first National currency act wa
passed February Is, 1864 and ten year
have nearly elapsed since the organizs
ton Of the system, and the Comptrol
ler's report is to q considerable exten
a review Of the workings Of the ac
during this period. The different act
in reference to the distribution Of cur
rency are reviewed, and an explana
ton given Of the unequal distribution
of the three hundred millions whicl
was first authorized. The Distribute,
of the fifty.four millions which va
subsequently authorized Il given, an,
the amount apportioned to each Stat
upon applications on file. Forty-twt
millions Of this amount have already
been issued, and the remainder as
signed to banks which are either ii
in process Of organization or whicl
have made applications to organize
No further applications can now b,
considered, as it is probable that th,
whole three hundred and fifty-foul
Ismiliions Of bank notes authorized viii
be issued some time previous to the
meeting of the Forty-Third Congress
After the issue Of the whole amount
the law provides for the redistribution
of twenty-five millions, by transferring
that amount from New York and New
England to the West and South. The
Comptroller considers this provision
OF law impracticablc, and recommends
it's repeal, and the issue of I've millions
annually for the next fve wears to the
States which have received their full
proportion.
The report elbows that the ratio Of
dividends to capital of the National
banks in the aggregate, without de-
ducting bad debts, is about 10 per
cent; and dividends to capital and
surpluss Jess than s h per cent.
The propriety Of the law IN refer
ence to reserve 10 discussed and statis-
tics given to show the ratio Of reserve
to circulation and deposits of the Ma
tional banks in the different States and
cities ofthe Union for the past four
years, and reference made to the Chi1
cago and Boston fires as confirmation
OF the wisdom of the law in requiring
q sufficient reserve and the accumula1
ton of large surplus fund. The
Comptroller is opposed to any change
in the law in reference to the amount
of reserve required, but suggests a
method by which 1t may be for the ad
vantage of the banks to hold larger
proportion of reserve in their own
hands instead of placing it on deposit
in city banks, where it is largely used
for speculative purposes.
A number of applications have been!
made to the Comptroller to commence!
proceedings for the forfeiture of the|
charters of banks on account Of usu-|
rious transactions. The law provided
as penalty for usury q forfeiture Oh
twice the amount of interest, and Com
gress is requested to interpret the law|
and state whether or not It intended to|
forfeit the charter ofthe bank in addi-|
tion to the imposition Of the penalty
referred to.
A full statement Of the broken Ma
tional banks, the amount Of dividends|
paid, aud an estimate of probable div
idends is given, which will show the
insolvent National banks, with the ex-
ception of four banks, which were del
positories of public money, will pay to|
their creditors. in the aggregate, divi-|
dends amounting to eighty-six peri
cent. Four Of the banks which have|
failed during the past year have paid
dividends In full to their creditors, and|
the other two dividends OF seventy and|
fifty per cent, with other dividends
yet to be distributed.
The locking up ofgreenbacks in New|
York city is referred TO, and the|
amount of coin, gold, treasury notes,
and checks payable In specie, held by|
the New York city banks for the past|
year. given separately, and amend /
ments to the act withholding interest
and imposing~a penalty upon banks
whose capital has been impaired, and|
who refuse to 60 into liquidation to|
prevent the circulation Of shiuplasters|
in the Southern States, and authorizing
banks TO organize without circulation,|
under the present law, by . deposit of
$4,000 Of United States bonds. instead
of one-third Of the capital, as now rel
quired, are suggested.
IRWIN MCDOWELL.
When the rebellion broke out Coll
Irwin Mcdowell was regarded by GEN.
Scott and other well informed officcrs,l
generally, as the most brilliant oticer|
in the army. He was by general con-
sent put in command of the new army i
and its disgraceful stampede 1t Bull
Run at the cry of the "Black Horse
Cavalry was no fault of his, because|
in the organization and disposition of
the troops and their victory up to the
momen: Of the inscrutable frenzy
which carried them OF the field at|
double quick time, he had shown ali
the masterly qualities fitting him to
command.
He was, after that rout. made the