The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1874-12-10
THE AMOUNTS ISSUED TO BANKS

The amount authorized to be issued
to banks already organized is $3,7O7,-
900, and to be issued to proposed organi-
cations $A,59O,000 of which Rhode
Island, Connecticut, New York and
Pennsylvania receive none, but Ohio re-
ceives 100000; Indiana. $864,OOO;
Illinois, $495,0OO; Iowa $3l5,000, and
other amounts small.
THE AMOUNT SUBJECT TO WITHDRAWAL
under sections seven and nine of the act
of June Goth, 1874, in the States hav-
ing more than their proportion of cir
culation is as follows:
From four banks in New York
city .... .... .....$ ,3SS, $50
From seventeen banks in Provl.
dence 49,. 49,. 49,. .... -. ISIS, 100
From fifteen banks III Connect
cut 49, -. .......... 1884, 900
From thirty eight banks i'll Bos-
ton -. ......... -. $40. l2,ss5,75O
From twenty banks in Massachu-
sets ......... 1000, 20
From four banks in Maine - 66S, 600
From twelve banks in Baltimore. 2,ll2,S76
From one bank il Delaware $780,. $3.50
vania. -. 49,. 80. -. 1857, 100
From eleven banks in New Jer-
sew 49,. sO,OOO
Amour. OF circulation remaining
unused of the amount to he
withdrawn, as before stated. 1879, bS9
j otal go. ...--.... -. T4f ,ooo, 10
The Comptroller says if Congress
should provide for the withdrawal OF
the legal tender notes and issue nation
al bank notes as reeded in place thereof.
when the amour. of legal lender notes
should be reduced to say $o0O,0OO,O0O,
the legal tender notes would then be in
demand, and III proportion as they
should be reduced in amount, the de-
mand for them would increase, till final
ly, when the amount OF bank notes is
sued should be largely in excess of tht
amount of legal tender notes outstand
ing, the national bank notes woulC
themselves be withdrawn, at certain
seasons of the year, on account OF thu
difficulty or.expense of obtaining Lawful
money with which to redeem them. TIL
gold coin of the country would thel
make its appearance in answer to the de
manG Cor an additional amount Of Lawful
money, and specie payment would follow
REDEMPTION.
in its proper sense, implies exchange o
promise to pay for the thing promised
namely, coin or its representa,ive.whicl
is convertible into coin on demand. TIL
effect Of such redemp, on is to contin
banks of issue to a legitimate business
which is discounting commercial paper
If the banks of issue are obliged to pa,
their circulating notes once IN 80 or ~
DAYS. they must discount such promis
sorry notes only as will certainly be PAL
within that time. If the payment G
bank notes be frequently demanded
banks Of issue cannot safely inves
capital in real estate, in loans. i
doubtful stocks or in leans on doubt
full security. but must have their capita
at all times invested in loan
which will be promptly paid a
maturity. Such a condition indicate
healthful business. and promote
sound banking. and the reduction {
the amount of legal tender notes. &C
companied with such an increase of ms
tlonal bank notes as may be required
will secure proper system of redeml
sion, render free banking profitable
and gradually restore specie payment
without necessarily decreasing th
amount Of the circulating medium.
AMENDMENTS RECOMMENDED.
The following amendments to tt
previous acts are recommended
First-An amendment TO section /.
the act of March Sd. 1878. proviaiu
that il any shareholder or shareholder
of banks. whose capital stock is in
pared. shall refuse. after three month
notice. to pay the assessment as pr
vided in said section. a sufficient amou,
of the capital stock of such delinquel
shareholder or shareholders. might
sold to make good the deficiency.
Second-An amendment Of sect,