Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1872-12-05
Report Of the Comptroller OF the Cur.
renew.

rency are reviewed, and an exclamation
of the unequal distribution of the $500.
600, OOO, coo which was first authorized,
and the amount apportioned to each
state upon applications on file. Forty
two millions of this amount has already
been!issued, and the remainder assigned
to banks which are in process of or
ganization, or which have made app]i
cation to organize. No further appli-
cations can now be considered, and il
is probable that the whole 1854, OOO, 600
of bank notes authorized will 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 $25, coo, 200 by transferring that
amount from New: York and New Eng
land to the West and South. The Comp
tro!ler considers the law impracticabIe,
and recommends its repeal and the is
Sue of 5000, 600 of bank circulation,
annually, for the next five years, to
States which have not received their
full proportion. ~ : r..
The amount of taxation, State and
national, paid by the national banks
during the last four years is given. All
earnings and dividends of the banks in
each State are given semi-annually
since March, 1863, in . comprehensive
table, which has been prepared with
great care. This table will show that
the ratio of dividends to the capital of
the national banks in the i. aggre-
gate,. without deducting debts, is
about ten per cent of divi-
dends to capital and surplus, less,
than eight and half per cent. A com.
parison of the dividends of the national
banks with 142 English banks, repre-
senting SAC, O0Q, GOO, il Also given. The
propriety of the law in reference to re-
serve is discussed and fun statistics
given, showing the ratio of reserve to
circulation and deposits of national
banks in the different States of the
Union for the PAST four years are given,
and reference made TO the Chicago and
Boston fires as confirmstions Of the
wisdom of the law in requiring / sufR-
cient reserve and the accumulation of =
large surplus fund. :a,.. III
The Comptroller is opposed to any
change If law in reference 20 the
amount of reserve required, but isug.
gests method by which it may be to
the advantage of the banks to hold a
large proportion of reserve in their
own hands instead of placing 4 deposit
in city banks, where it is largely used
for speculative purposes. >, *:
% number of applications have been
made to the Comptroller TO commence
proceedings for The fl feiture 81 the
charters of banks on account of usur-
ious transactions. The law provides
as penalty for usury forfeiture of
twice the amount Of interest and Con-
gress is requested to interpret the, law
and state whether or not it intends to
forfeit the charter of the bank in addi-
ton to the imposition of the penalty
referred to. The different state laws in
reference to usuTy are incidentally re-
ferfed to. The facility with which
these laws may be evaded 10 pointed
out, and q repeal of the usufy laws
suggested 20 far ~ they apply to na-
tional banks. ..,..-4. ,.,.''->.,. ~
A full statement of broken national
banks, the amount of dividends paid,
and m estimate Of the probable divi-
dends, is given, which Will show that
the national banks, exclusive ct four
banks, which were depositories of the
public money, will pay to their credi-
tors, in the aggregate, dividends
amounting to eighty six per cent -Four
of the banks which have failed during
the past year have paid dividends in
full to their creditors, and other divi-
dends of 20 and so per cent. with other
dividends yet to be distributed. p.
The locking up of greenbacks in New
York City is referred to, and the
amount Of coin, gold, treasury notes
and checks payable in specie held by
New York City banks for four years
past, given separately amendments ia
the act Withholding interest, and i'm.
posing penalty upon banks whose
capital has been impaired, and Who re.
fused to go into liquidation, to pre-.
vent the circulation of shinplasters In
the Southern States, and authorizing
banks to organize without circulation
under the present law by deposit o.
$40, 600 Of United States bonds, instead
of one-third If the capital as now ne
quired, are suggested.
| AA0 pGAAC1PssA Ao0t01c VI VIC ePO1s u
the full statistical information which il
contains upon subjects likely to be dis
cussed in connection with the national
bank system. An estimate of thu
amount of circulation per capita, and
also the ratio of circulation to wealth
in this country and in other countriel
is given. A comparative table allowing
the rates of bank circulation to capital
to deposits, to population, and +
wealth under tho old, State SYSTEM
and under the national for each Stat
of the Union, and new tables exhibit
| ing the different kinds of reserve held
and the amount of dividend and tn
profits in each State of the Union, ar
given, in addition to the usual Stats
tics contained in the volume. 8,