Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1874-11-28

wish to relieve the honorable secre-
tary OF war from any apprehension conn
| ing from false statement now going the
rounds of some of the eastern papers, re-
| porting that miners are at work in lhe
Black hills. 1t is possible that the report
may have originated from the recent dis
covery of gold forty miles north of Lara
mie City, on the Union Pacific railroad,
where many miners have gone This
place Is at least two hundred miles SOUTH
west of the Black hills.
P. H. SHERIDAN, Northumberland.
John P. BigelOw, chief Of the loan di-
vision Of the treasury department who
has been In London for some months
past in connection with the funding op-
erations OF the treasury, will arrive here
tomorrow and have q conference with
Secretary Bristow. He will shortly re
turn to Lond0n, but it is said will resign
his position as chief Of the loan division
temporarily, as his duties abroad will
engage his attention for the next two
years.
Mr.. Baker, at present chief Of the war
rant division, and formerly assistant in
the loan division, will be appointed chief
of the latter until the return of Mr..
Bigelow, and r.. T. Leopold, who re-
signed the position Of chief of the war.
rant division 10 accept the commission
ership to settle up the affairs of the
Freedmen's saving and trust company,
will be appointed chief Of the warrant
division.
The annual report of the COMPTROLLER
of the currency shows that during the
past year seventy-one national banks
have been organized, with an authorized
n fRl nf -, l. L
failed, and twenty have gone into vol
untary liquidation. Actual increase of
national bank circulation during the
year, So, ,576, ,297. Total circulation out
standing November lst, including So
1856, ,094 due to banks for mutilated notes
destroyed, was 1851, 927 ,246, leaving 81
S72 754 yet to be issued of the 1854. .0OO.-
600 authorized since the passage Of the
act of June 20, 1874. Forty-six national
banks have been organized, with capi-
tai of 81 0l9, 900, TO which circulation
has been issued. Applications have been
made for the organization of sixty-four
other national hanks, with q capital Of
s., 10000, and circulation amounting to
"a, 500, 900 has been assigned to these pro-
posed organizations under section of
the act Of June %, 1874. $7,7I4 $50 Of
legal-tender notes have been deposited
for the purpose OF Withdrawing from
circulation the same amount of
national bank notes. The amounts
issued to banks since June 20,
1874, are as follows: To the District
of Columbia, S4S, 900; Virginia, S5l, 800;
West Virginia, $4,000; North Carolina,
S5S, 500; Florida, S27 600; Alabama,
S45 900; Texas, SCI 500; Kentucky, ST.
l42, 200; Tennessee, S72,G00; Ohio,
S223, ,2lO; Indiana, S645 600; Illinois,
S406, 600; Michigan, S138, coo; Wiscon-
sin, $40, 500; Iowa, S2ll, 500; Minnesots,
Sill, 300; Colorado, Sl7, GOO; total So
$50, $50. The amount authorized 20 be
issued to banks already organized is
$3.50, 200, and to be issued to proposed
organization, S4, 500, 600, of which Rhode
Island, Connecticut, New York and |
Pennsylvania receive none, but Ohio |
receives 81 1896, 900; Indiana, SS54, 600; |
$495, 600; Iowa, S3I5,OOO; other |
amounts smaller. The amount subject
to withdrawal under sections I and 9 of |
the act of June 20, 1874, in the States |
having more than their proportion of |
is as follows: From four |
banks in New York city, 81, 3SS, ,53S;
from seventeen in Providence, S2,SIS,- |
100; from fifteen in Connecticut, 49, |
034. .0z0; from thirty-eight in Boston, |
$l2, S5S, $50; from twenty in Masssehu-
sets, 81, 255, 225; from four in Maine,
$685., 900; from four in Vermont, 1885, |
500; from twelve in Baltimore, S2,IlS,-
$40; from one in Delaware, sos, $50; !
from forty-one in Pennsylvania, So, ,967,-
1856; from one in New Jersey, $3.50, 900;
amount of circulation remaining un-
Issued, and the amount to be with.
draw, as before stated, SIG, 729, ,5S9; total,
s41, 500, 743. The comptroller says that
Il congress should provide for the with
drsval of legal-tender notes and issue
national bank notes as needed ia place
thereof, when the amount OF IeSal-ten-
der notes shall be reduced to, say $780,
100000, the legal-tender notes would
then be in demand, and in proportion
rs they should be reduced in amount
the demand for them would increase
until finally when the amount of bank
notes issued should be largely in excess
Of the amount of legal-tender notes out
standing, the national banks would
themselves withdraw at certain seasons
)f the year, on account of the difficulty
Or expense of obtaining lawful money
With which to redeem. The gold coin of
he country would then make its appesr-
Ince in answer to the demand for an
additional amount of lawful money, and
pecle payment would follow. Redemp-
ion, in its proper sense, implies the ex-
'hange of promise to pay for the thing
namely, coin or its represent-
tive, which is convertible into coin on
Iemand. The effect of such REDEMPTION
8 to cenfine banks OF issue to legiti-
nate business, which is the discsunting
f commercial paper. If banks of issue
re obliged to pay their circulating notes {
nee in sixty or ninety days, they must
iscount such prOmissory notes only
s will certainly be paid within I
hat time. II the payment of bank
otes be frequently demanded, banks of l
sue cannot safely invest their capital |
D real estate, loans or doubtful stocks or {
Onds in accommodation notes which
aquire renewal, or in loans or doubtful 9
ecurity, but must have their capital at !
IL times invested in loans which viii !
e promptly paid at maturity. Such s. T
indicates healthful business
nd promotes sound banking. The re- :
uction of the amount of legal-teuder
otes, accompanied with such increase
national bank notes which may be
equired, will secure proper system of /
under free banking practical
ie, and gradually restore specie pay +
lents without necessarily decreasing !
be amount of the circulating medium. :
The following amendments to the pre-
ious acts are recommended:
First-Aa amendment to section Of s
be act of March 3, 1873, providing that G
any shareholder or shareholders of 8
anks whose capital stock is impaired, T
hall refuse, after three months notice, .
D pay the assessment as provided in
aid section, sufficient amount Of the Z
apital stock of such delinquent share
older or shareholders may be sold to b
lake good the deficiency. y
Second-An amendment of section 90 I,
the national banking act, extending +
ne limit Of the liabilities Of any asso- q
lation, person, company or firm, for 3
honey borrowed, from ten per cent. of /,
ne capital paid in to fifteen per cent. q
the capital and surplus for banks To-
ated in redemption cities, and one
NTH OF the capital and surplus for q
ther cities. o
Third-Also prohibiting the deposit of ',
lore than ten per cent. OF the capital of
national bank with any private Z
anker, or any person or association q
her than a national banking associa- d
on. a.
Fourth-That no national banks shall u
. liable to make good any deficiency g
hich may hereafter arise in any special o.
spOsit made with such deficiency, un- u
IS a receipt shall be produced by the g
Tner Of such deposit, in which the lia- .
lity of the bank shall be distinctly
ated. Al
Fifth-The repeal OF thetwo-per-cent. n
Rmp-tax, or an act providing that all re
lis Of exchange, checks or receipts, in ri
ace Of checks drawn upon any bank pt
banks, shall be subject to stamp re
K, with penalty OF twenty dollars ST
r each violafiop fhereof ni