New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-05-13

GENERAL PRESS DisPATcHl
WASHINGTON, May 12.-The Secretary of the
Treasury sent to the House OF Representatives to-day
a comprehensive report from the Controller OF the Cur
rency reply to Mr. Merriam's resolution IL appears
this report that the circulation has been distributed
among GIL banks in 80 different States SG0oG00 OF which
have been distributed among banks organized prior to
July 1870 aud $4,000 900 TO banks organized since that
time The whole number Of applicants received for the
organization of National banks is CO. representing
about S4O,0O0.OJO Of capital. OF these applica-
tions 40, representing Sl2y0oOOOO capital, were
granted, but the applicants never completed their
organizations EIghy-three applications, representing
700 wero filed for future consideration Two humid
red and nine informal letters OF inquiry representing
and applications. which stated neither the
OF capital nor OF circulation desired are at pres
cnt on file He also ncloses list OF banks in the States
of York, Massachusetts,. Connecticut, Rhode Island
Vermont and Maryland from which the s2 100000 will DC
withdrawn under the operation Of section OF the act OF
July r. 1870.
The Controller states that within the year following
the passage Of the act amount Of circulation had
been assigned to Ohio indiana and Kansas, and other
States which had far exhausted the apportlonment
that 1t became his duty TO decline many apD!l cations
from these States, and 10 give preference 10 other
States which had a greater deficiency; as required
by law and the act required that a
new airport onmcnt should be made OF the
s54 the basis OF the censs OF 1870 bur hat the
census returns received until late in the sum
~,
such appOrtiunment could be made; that previous 10
November, 1872, the entire amount Of circulation
had been assigned, and additional applications
could not be granted except npOn the fail
ure OF parties TO whom the privilege had
been gwen perfect their organizations; that under
section of the National Currency act banks organized
are entitled to six months III which 10 pay up the full
amount OF capital stock. consequently they also en-
titled to six months in which deposi, tine bonds
security for circulation. Owing to this provision and
also on account OF the high price OF bonds
the banks were slow 10 avail themselves OF
Inc privilege circulation. or the sjiOOOO author
lied by the act Of July r. $780, s260 had been Issued
Nov. 4, 1871 sl62202O durlug tue year end!ng Nov
l. 1872 5747g in The year ending Nov l. 1873 leaving
al that date s5G49,05l unssued, and tho Controller
gives it his opinion that the whole Of the
remaining circulation would have been issued
during that year except for the monetary crisis OF 1878
He also quotes from his reports OF 1872 and 1873 state
ments Of the mpractcabillty of the law requiring the
withdrawal OF circulation from the East and ITS dis
| tribuon the South aud West, and recommending
| the repeal thereof He further states That even
| IL the whole amount OF circulation had
been issued II would not have been in his power with
| out supplemental legislation to withdraw circulation
from the states In excess IN time 10 supply the demands
from the states witch deficient, and call. attention
to the bill now pending giving him the necessary author
| ity FOR such redistribution.