Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1874-12-04
CWrrency Report.

and thirtyseven have gone into volun-
tary liquidation by a vote of two-thirds
of the shareholders, leaving 2,028 banks
in existence on the 1st of November,
1874 The report contains tables show.
ing the resources and liabilities of the
National Banks at corresponding periods
for the last five years; also q table of
their condition on the 22d of October,
the date of their last report, the returns
from New York, Boston, Philadelphia
and Baltimore and from the other re-
demption cities and the remaining
banks being arranged separately. In the
statement of Oct. 2 the loans of the
banks in the cities named are separated,
first, into loans on United States bonds
second, on other stocks and bonds on
demand; third, on commercial and ac-
commodation paper; and fourth, loans
payable in gold.
Two bills passed the last Congress re-
lating to the National Banking system.
The first bill, which is quoted, failed to
receive the approval of the President.
The principal points of the second act
are given, which went into effect June
20, 1874.
The amount of currency distributed
under this act, and the effect of the act
on the reserves of the National Banks,
are briefly discussed.
The subject of redemption is discussed
at great length, and the hope expressed
that the present system of exchanging
mutilated notes for new paper issues WILL
not long hence, be superadded by a true
system of redemption, namely: The pay
ment, on demand, of National Bank
notes in coin or its representative.
The amount of National Bank notes
outstanding of insolvent banks and of
banks in voluntary liquidation, which are
redeemable at the Treasury, is $642, ,285
The amount of circulation, therefore, at
the disposal of the Comptroller, or TO be
h6fffnese different sources, is as fol-
lows: The portion of the $350,000,O00
banks which have deposited lawful
money for the withdrawal of circulation,
$77l4,550; notes in circulation Of banks
in liquidation, So, 492, ,2S5, amounting to
$16,279,5S
The Comptroller expresses the opinion
that sufficient amount of the circula-
ton will be redeemed to supply the APP
plications that may be received for some
months to come. When the amount
withdrawn and destroyed from these
sources shall have been issued it shall
be the duty of the Comptroller to make
acquisitions upon banks located in States
having more than their proportion. This
circulation will be withdrawn chiefly
from Rhode Island, Connecticut and
Massachusetts.
The aggregate amount of circulation
hereafter to be placed at the disposal of
the Comptroller from all sources is $47,-
$50, ,743.
The whole amount of legaltender
money required to be held in the vaults
of the banks under the National Bank
act would have been, on Oct. 2, SPA
S7S,751, and the amount required to be
kept On hand in the Treasury under the
law now in force is $104,52S,000. The
amount of legal-tender notes, therefore,
released from the reserves of the banks
under the new act of that date, Nov. l,
was $20,350,000. The amount of cash
reserve held in the vaults of the banks
at the date of the last report, Oct. 2, was
$50 100000, and the total reserve $94,-
100000 in excess of the requirements of
the present act.
A table is given, showing the kinds
and amounts of reserves held by the
banks in New York city, in the other re-
demption cities, and in the remaining
banks on Oct. 2, and the amount these
banks would have been required to hold
if the reserve laws had remained un-
changed.
The amount of taxes paid into the
United States Treasury by the National
Banks for the year ending July /, 1874,
was $7,0S3,3 of which SO, ,404 900 was
derived from circulation. The rates of
taxation under the State laws during the
last year were: In New York city, 2 So
100 per cent; Boston, 34100; Chicago,
2 34.100; Cincinnati, 57-100; st. Louis,
2 441O0; Charleston, 81. The average
omOunt of toyatiOr accacca1 m, tho oop;
tai of National Banks is estimated at
from 3 to 81 per cent. Real estate and
personal property are generally assessed
at not more than one-third of their act
ual value, but bank shares are usually
assessed at their full value. There is no
doubt that the rate of taxation of Ma
tional Banks is greater than that of any
other species of property.
The amount of fractional revenue tax
derived from the sale of the two-cent
stamp affixed to checks and sight drafts
for the year ending July l, 1874, was
$1,5O0,000. The Comptroller recommends
the repeal of the latter tax, and if it is
not repealed that the act shall be so
amended and such penalty provided as
shall tend to prevent evasions of the
present law.
A table is given showing the aggregate
capital and surplus, total divi-
dends, and total earnings of the
banks, with ratio of dividends to
capital and surplus, and capital and sur
plus for each half year, beginning March,
1860, and ending Sept. 1, 1874. From
this table it appears that the average
dividends on capital during the past year
have been at the rate of 9-10 per cent,
the dividend on capital and surplus
87-1O0, and the earnings to the capital
and surplus 6S-10O.
The amount of taxes collected by the
Commissioner of Internal Revenue from
savings banks and private banks and
bankers during the last year was 3d.
$4,000.
The Comptroller gives statistics of the
resources and liabilities of State banks
and savings banks during the past year.
But few of the States have laws Tequir-
ing regular reports to be made to the
State authorities, and a still less number
of States compile such reports when re-
Heived. The returns given are chiefly
from the banks in New England and the
Middle States, and the Comptroller has
addressed a circular letter to the Govern.
Ors of the States, suggesting that recon-
mcndations be made to the several State
Legislatures, urging the passage of acts
which will secure information in refer
ence to the money institutions of the
States, and asks the attention of mem
bers of Congress to the subject, and the
exertion OF their influence to that end.
The Comptroller gives table showing
the amount of National Bank notes of
each denomination outstanding, from
which it appears that the amount of
notes less than the denomination of $5
now outstanding is $9,977, ,841 the amount
of National Bank notes less than $40 is
$l39, $50, 496. The amount of legal-ten-
der notes outstanding of less than So is
$56,22 1922, and the amount of legal
tender notes less than $40 is $107, ,403, ,965
If the whole issue of legal-tender notes
and National Bank notes under So
should be withdrawn, it would re-
quire $56, ,223,OoO of specie to take
;ts anI a1I tha