New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-12-08

adopted recurring tho banks to hold gold pre-
psra.ory 10 resumption on their part.
the matter into further detail II consrSss shall
cude as no earnestly nopesit wll that the time M,
resumption OF specie payments, Its own wisdom WI
supply the necessary methods That which IL OF tne
Of resumption. In view Of the great and pressing i'm
portauce OF the speedes return TO specie pay
sonant with steadiness OF business aud avoidance OF
violent and sudden contraction discussion OF mere Dc
tails in becomes or little practlcai
What is demanded by the best Interests OF the
nent and the people, and by tho highest ions
OF virtue and morality Il that Congress sum var na
state OF things which only the neoessities Oh NM
Sd or required in this respect wise modification OF
existing statutes which neither enable nor the res
executive branch OF the Govern en- 10 en'Ee W. -,
toraton of sound currency. will leave inc laws 1t
trade resume their h au ths Govern
men shall have resumed specie payen ~ hsdiene
pecied taa1 ss "pSy and demand the export Of
gold product will greatly diminish aud the millions o.
20 Id which now constitute only commodity OF trade
~ iii resume It's proper functions by becoming again
mart of the circulating medium With the adoption OF
The policy OF resumption free banking may saeiy oe
allowed and the deficit OF the actual amount or com
available for circulation can DO supplied oy DAM mo,o
convertible into ooiD, in lieu OF al lncohVeruoe P'p'
The business OF the country has not yet recovered
from the OF the last years hnanca panc '
causes OF which II Is by no means dhicult 10 trace AZ
was the direct and immediate result OF that d
DEVELOPMENT OF speculative enterprise over-launE'
ana Imitation Of credit which invariably follow large
issues OF ncOnvertble paper currency Inc mUst
bOundless
compel the gradual establishment OF business out
capital with its accustomed sensitiyeness 10 daec
slow to return TO tne avenues OF aceys s reward IN
currency that unsteady aud whose az hr NOR
changes almost daily Nener as e bv apy certain
standard Tae enactment OF law having Tor US Pur
pose the substitution or sound and stable meuiun U,
Exchange for an irredeemabe paper currency Will end
to restore conf lence aud thus cause revival Oh lnuus
in the future upon the work OF returning 10
specIe basis and the Secretary feels that he cannot 700
strongly urge adoption OF the measures ne mas nu
Gated or suoh others will more certainly lead to the
desired end.
ECONOMY IN PUBLIC EXPENDITURES DEMANDED.
In connection with this subject the Secretary deems
proper TO suggest for the consideration OF Congress-
the importance OF the most rigid economy In the public
expenditures Lavish outlay Of money by the Govern
ment leads to corresponding habits OF extravaganza
among the people. An OF imitation is always one OF
extravaganza. At such time costly pubic improve
meuts OF doubtful utility are likely to be undertaken,
ana other unusual expenditures made 1t Is easier TO
fa'i into practices In time of imitation than TO
when necessity requires. Inc general ue
preston following the late financial panic has compelled
the people 10 lessen their individual tue
Government should not be slow TO follow tier example
Tue present condition OF the revenues requires the Ut
most economy IN public expenditures, ana tne most
invited. SO far they relate TO the Treasury Depart
the Secretary has required them to be Kept WITHIN
the appropriations OF the last session OF congress Wtn
a large reduction was effected. He Is grathed to be
able express the opinion That such reduction mas not
affected njuousy public interests conhded to his
care tended TO oDstruct or delay tue public
business.
Not only is rigid economy required by reason OF the
present condition OF the public revenues but hdcy 10
Obligations and just sense OF responsibility 70 tne peo
pie, to whom the Government belongs, and who con-
tribute OF their means TO Its support demand it, Gov
erupent cannot long exist In prosperous cOnaioa-
without the confidence OF the people, ana that conn.,
dence Will be given or Withheld accordingly as the Gov
ernment fMthiuy' h9nesty ana ,S nnt
dollar taken from the people by taxation beyond what
Is needful for the legitimate purposes OF the Govern
ment they Will not withhold their eontd or refuse
TO import it, financial measures. AT SUCH time loans
freely taken and taxes cheerfuly paid IL Is essen
t 10 The proper strength of the Government at home.
well Its credit abroad. that no greater taxes De
levied than required to carry on It's necessary opera
tons aud to maintain the national faith and honor BY
prompt payment OF al ITS Obligations ahd when sncn
bs faithfully and exclusively applied TO the Ultimate
purposes OF Government. While the Indebtedness OF
national honor requires collection or large sums by
taxation to the accruDg interest besides other
purposes should he deprecated as Hkely 10 ah lnln
rOusy the public credit aud increase the difficulties III
the way OF return TO "a specie basis.
STATISTICS OF THE NATIONAL BANKS
The report OF the Controller OF the Currency con-
taius full statistics Of the and liabilities the
dividends, taxation, and earnings of the Ma
onal banks the organization OF the system The
and suggestions Of the Controller in
to the distribution OF the currency, redemp
iion, and to the National Bank act
are worthy Of considerations From this report IL ap-
that 200 banks have been Org1uiZed under the
National Bank act, OF which number 2,02S are now IN
operation aud 1904 were doing business The "a OF Dc
last, reports of their condition at That dale
having been received. As appears by their re-
turns OF that date the aggregate capital OF these
banks s493765,l2, with a surplus, IN addition,
of $128s551o6; circua,ion outstanding, sSS3 2252gs
individual deposits. sG69,O6s,995; loans, $949,SOG27
specie. $2l.24O945 egaltender notes (ncludng United
States ceruncaes of deposiil sl22Si69ie; redemption
fund with the United States Treasurer, $039 $50 The
capital OF tho fOrtyeght National banks OF New-YOTk
City sos 500 900. with surplus OF $22653sS net de
pOst loans. $2Jl, 054, Of winch s76JS
were loans United States bonds payable on demand
s5l AIS SOL loans on other stocks ami bonds payable
on demand anu s5735.137 were loans payable in gold.
The following table, exhibiting the loans OF the banks
III New-Yurk City corresponding dates for the four
years preceding the current ia given for the
purpose Of comparison with the statement VI Oct OF
the present year: