The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-11-30

I months aud Its pro vas1ons slnsreieFRhce u
| the redistribution of tie currency reserve
and redemption should be thoroughly testes
before any changes are manl' ana accord
ingiy no amendments thereof are now re
commended" /, ...,sf.. ~ .s,..,,, ! s.,.,E..g
| RECOMMENDATIONS. I So. -
The following amendments to previou:
acts are recommended: :1 III ~,
| /. An amendment to section of The ac'
of March 3, 1873, providing that IL any share
holder or shareholders OF banks whose capi'
tai stock is impaired shall refuse, after three
mouths notice, to pay the assessment as pro.
yided in said section, a sufficient amount Oh
the capital stock of such delinquent share.
holder or shareholders may be sold to make
| up the deficiency.
9. An amendment of section 90 Of the M.
tional bank act extending the limit OF lisbili-
| ties of any association, person, company, or
| firm, for money borrowed, from 10 per cent.
of the capital paid in to 10 per cent. OF capi-
tai and surplus for banks located in the re-
| demption cities, and one.tenth OF the capital
| and surplus for other banks.
5. Also prohibiting the deposit of more
than ten per cent. of the capital Of national
bank with any private banker or any person
or association other than national banking
association. <,#..t "s- a,. +
4. That no national bank shalt be liable to
make good any deficiency which may here
| after occur on any special deposit made with
such bank, unless receipt shall be produced
blythe owner Of such deposit, in which the liza.
| biity of the bank shall be distinctly stated.
5. The repeal of the two-cent stamp tax,
| or an act providing that oil bills Of exchange,
| checks, or receipts in place Of checks drawn
upon any bank or banker, shall be subject
| to stamp tax, with penalty of $40 for each
violation thereof. .nstr
The Controller reviews the recommends.
| tons contained in his two last reports for the
| passage of an act to prevent the issue and
| circulation Of unauthorized currency, and
requiring the word counterfeit" al
tered" or " illegal" to be stamped on all
counterfeit and unauthorized issues; also
his recommendation for the repeal OF the
| fourth section of the act Of June l, 1870, SO
far as it applies TO the organization OF savings
| banks in the District of Columbia. and for
the enactment in its stead of general law in
reference TO such savings banks, with judi
cious conditions and restrictions.
Associated Press telegram
| WAsHlSGroS, November 2S.-The annual
report Of Hon. John Jay knox, Controller
Of the Currency, has been made public.
Among other subjects dwelt upon therein is
that Of redemption. The hope is expressed
that the present system Of exchanging notes
for new paper notes will not long hence be
superseded by true system of redemption
viz: a payment on demand of national bank
notes in coin, or in its representative, paya.
bic in coin.
During the year ending November 1st
1874, national banks have been organized
with an authorized capital Of 81, I45,50O
circulation has been issued amounting to
S5.S17 ,31G, and during the same year S2,24l ,.
O19 have been withdrawn and destroyed ;
> showing an actual increase of national bank
circulation during the year Of S3,oI6,29i.
, The total circulation outstanding at thai
: time was 1851 1927 ,2i6; leaving S2,072,754
yet to be issued Of the whole amount au
thorized.
I Since the passage of the act Of June 90
1874, forty-siX national banks have been or
ganized, with a capital of S4,119,000; tc
which circulation has been issued amount
ing to S1,S42650; and the total amount
issued to all national banks since June 90
1874, is S3,330,1S0.
! The amount of tax paid into the Treasury
of the United States by the national banks
during the year ending July 1, 1874, was
81, 0SS, 1893, of which S3,404,0 900 was derived
from circulation.
/ The Controller recommends the repeal OF
the two-cent stamp.taX, and if not repealed
that the act should be so amended and such
penalty provided as shall tend to prevent
evasions of the present law.
/ He repeats bis statement Of last year, that
there is no present necessity for the en-.
craving of all new designs for the nationa
bank-notes. He also recommends an appro
priation of $1,000 for the redemption of I'm.
Signed notes of national banks which were
purloined from the Treasury in 1867.