, 1874-12-08

The aggregate rail- loanB Of those ban!:a on the
"a OF October last WoYe $50. 200 329, co:reBpond-
lug worry nearly in amount With tho aau,o class Of
!oans On Oct 3. 1872, which thon stood st s5G,-
SOC, 1868, showing that the character Of the loaEs
of tho New York City bnnkB laa not materially
changed since tho panic Of 1878. The not
amount on deposit with these banks by othor
National Dauha was $50, ,237, 452. It thrs appcan
that nearly tho who'll amount Of the balancea
duo to other National Banka is invested in loana
payable on eau. Interest Ia paid on Large pof-
ton Of the balances due to other banks. aud they
must 30 70 invested - to be readily ayailablo,
tuations iu volume than u similar lint Of COM
morcinl deposits. Tho lRnkor thus makes tho
broker convenience for obtaining interest on
money which he could not pr1dentlJ invest in
commercial paper. The ntatisticai tatle Of the
ra:o Of interest in Now York City, prepared from
daily reports. shows sho following results, TO-
wit: Tie average ratio Of interest tor the past
year WAS 8.8 Per cent on call loans, and e. per
cont on commercial paper, and for the ak
months ending OCT. 9l, 1874, the average rato
was ~ pcs cont on call loans and GU on COM
The attention Of Congress- has frequently hoon
called by the Secretary and the Comp troller OF
the Currency to tho evils arialug from the pay
ment af interest on deposits, and c6,N.ts hago
boen nade by tho moro conservative bankers to
discourage tho practice. Ths ,, dlmenlty an tho
the power to prohibit tho payment OF tiecEest on
deposits by the National Banks, by tho impoGt-
tion Of ponaltiea, it has no eucl power with ref
erence to tue State banks nod private hankers.
Tho only practicablo legislation upon this cub
jeot which would not discriminate against the
National Banks would seem to by the imposition
Of I. special tax upon all interest-nea1ing de-
poBita. .....-.
Tho not Of Juno 20, 1874 limits tho amount OF
logal-tendor notes to 1882 000, 900. Tho auIhor-
1zcd amount OF National Bank notea was not
changed but renaina At 1854 .0o0, 900. This oct
provides, however, for tho transfer Of circula-
Top Ia air IN fhA
Western and Southern States, IS may bo required
to supply applications for circulation, upon an
appo,tionnont based on population an:i weaith
according to tho cenaua returns Or le1o. rue
act also provides for sha deposit Of is9A-tonder
notes III tho Treasury. and tho surrender Ct tho
bonds deposited with the Treasurer na security Tor
tho lil;e amount Of circulating notea Vldor this
provision the banlH have voluntarily anrron-
Of tho notes Of bauls in liquidation ora stili
outstanding, and q small amount lS2. .gtaE5I) or
ths s354 ,o0D,0 ono remains unissued. Iho whole,
amounting to s18, ,270.bS9, 10 now At tho disposal
tor distribution as this circulation shall bs fe-
doomed 40 that 1t s not probable that It ssil1 be
uecessary to Withdraw circulation fro5A bauks
| located In Staten which aro In cxceea 1or Homo
vision requiring rosoryee. upon circnlat:on, aud
| rouujraY i leiogIt aQuai to . per con. Of tho
| circulation III Tue Treasury for tho rcdr,nptlou
| Of ouch circulation. The e14oot O. thus
10 aT ,oWm WEE Sy thsis ssS sst ef repo oo tic
laaHe OF 500 $50 748 OF lesa-teuder noter which
! 10 opout ono-aix.h OF tho amount that Tou.a
| hayo beet, required under tho Inv previc:sl: IN
! foreo, Tho ai1ount Of eaBh reserven held u the
lanLs st that ti,no In oxcesa Of the rcqnht nea.N
VI the net WIS s55, 10, 487, aud tho smou held
| in oxcesa by the New York City banks Was Saf.-
| 135.40i. 49,
of tlo act of June 20, 1874. in roferouco 10 tho
redistribution Of the currency roseryaa s:ef lc-
I ion,ptlou, be mora fully leAted before my
! changes shall bo made and, Rccosding.I, M
! Amendments aro recommended to that act. ;:a'
legs notifications nhRn Eooome NECESSARY IN
| adopting noaaufas 1or return to apeco Fay
Tho foregoing tablos and facts f,lly s'lisl,,
/ tle uonclualnn that thero IL 4 largo amor Il ol
currency in oxoess Of tho legitimate nes.:s OF
business. a.d should aeryo to lispel tho IL lacy
that 4raater expanalou Of currency III tne r s:of
romedy tor the conceal depression aud oo1::ac'
slon OF tho volume ot nua!ne"a'
Tho report Of tho Dreotos Of tho Mint 1'rs,,
solssS III aotuil lilo opernrona of tho mlhts Hha
assar nlllooa, and coutliuH vasuaplo ln1otmM On
! retutlya to coinage, foreign moneys aud nser.:a-
"s Ths ss; amoans o. bullion operated upon da4sas
| tho fiscal y0Rr waa!
Coli, .ml, ~
atlysr.+ ..".."."" ia,l9a1A.Ht
| Total......"........."".. "..s.'ss39Es. :4e:
| Dvducting todsposts. basa made at Que iusti-
| tuition aud aspoa!tal At another, tho dspoa11
! Ware, -.....,..
4!.yor. u,tat477a
rhs golA noinsgo, incladlug woeu noeoa r..
oolusa, was s5o, ,aas 69 sslTer e0lnete, - 9ss,.
G0l gold burA stamped, 9al 46o 9l8 silver bar5
atsl,psd, seaA7 A7,7sp.ia.
uassa5s ID tue sola os!nsaa ii Sia,ass, ,ss1t0 !,