Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1874-12-03

uduAS uAY9 1tAleu, ana "a nave gone
into voluntary liquidation. The actual
increase OF National Bank circulation
during the year was "a, ,576, 297. Total
circulation outstanding November Ist,
1901 ,927, GAG, leaving over two millions
yet to be, Issued. Application has
been made for the organization OF y54
National Banks besides the &c 2 organ
lied since the passage of the ACT of
june 10th, lS74.~.The amount issued
to the bankA OF Iowa since that date Is
S2ll, 200; to those Of Illinois, S4OG 600.
Tho amount authorized to be issued to
the banks aircady organized is $3,7O7,-
The comptroller says that II Con,
gress should provide for the with
|drawal of the legal tender notes and
isaue national bank notes as needed in
the place thereof, when the amount OF
legal tenders should be reduced to
800 1000 600 they would DO In demand
IN proportion ~ they were reducedsin
amount Thedemand for them would
increase until finally the, amount of
bank notes issned would exceed BY far
the legal tenders outstandinG; gold
coin would then make its appeafance
ID answer to the tlemsnd for ths
amount oflawfnl money, and specie
payments would follow. Redemption,
In lts proper sense, Implies exchange;
Z promise to see pay for things prom.
ised, namely: Coin, or it, represent-
ative, which 10 convertible into, colin
on demand. This redemption would.
cohflne banks Of issue to their 1egit-
Innate business, namely, tho discotiut.
ing Of commercial paper. Ifthe pay
ment Of bAnk-as4es be frequently de-
maudod, banks of'fssued cannot safely
invest their capital in real estate loans, or
other securities Of the kind, but must havo
their capital always invested in loans that
win be paid promptly at maturity. Such
= condition indicates o health!ul business
aod promotes sound banking, and = ryduc-
tion Of the amount Of legal tender notes,
accompanied by such an increase Of Ma
tional Bank Notes as may be required, viii
secarc . proper system redemption, ,sTen
der free banking practicable, and the grasl-
ual restoration Of specie payments without
necessarily decreasing the amount OF the
circulating medium. ~ r. ss
The Comptroller recommends a. aa
amendment 70 the act Of March 81, 1874.
provided that if any shareholders Of banks
whose capital stock is impaired shalt refuse
after three months notice to pay the assess
ment as provided in section first. the amount
Of his stock may be sold to make good the
deficiency" Also an amendment extend.
ing the limit OF liabilities to any person,
6rm or company for money borrowed from,
10 per cent. of capital paid to Is per cent
and surplus for banks located in relemp-
tion cities, and 1-10 Of capital and surplus
for other banks; also an amendment pro-
hibiting the deposit Of more than 10 per
cent Of the capitol Of national bank with
any private banker or person or association
other than national ranking associations;
also the repeal Of the two cent stamp. act.
s. stS -, as ss1e
CHICAGO, Nov. 27.-The Inter Ocean
has !information that the e. d, s. O.,
ol1ce, in this city, has been robbed of
100 tickets through to Council nl,,ffs,
vAlned at $2,25O. The numbers are
5000 to $3.50 inclusive. The tickets
will bs taken up on presentation .and
the fare collected. 4. .,5.. 3 w,
Nrw Yopx. Nov 9S-The couplinp
connecting The engine with ,be ma.
ch;nerv ~ tyarL's Thread Works ,t
Newark. New Jersey, broke yesterday
and the engine relieved of the weight
ran away and was entirely wrecked
The driving wheel weighing twenty
two tons fcw into fragments, a panic
seized the employees and they fled
from the building but escaped harm.
less. e ar'f.>I
The committee appointed by the
Chamber of Commerce to consider the
subject OF q revision Of the wool tariff
recommend the abolition Of all c,assi.
| fieations for the purpose of levying
duties and the establishment of uni
form duty Of 25 per cent. adyalorem,
[as being calculated to- yield sufficient
revenue to the government and rc,ic ge
the wool trAdcof innumcrablel vexa.
tious impcdiments of the preseut Law
A protest against Sunday .theatricals
has been addressed to the police,eoIn
nissioners asking the enforcement oi
the laws preventing such amuseHyents
The petition n signed by Edwin y.
Morgan, John j. Cisco, Jonathan, S;ur.
gee, Thnrlow Weed, VIM, +, Hodge,
aud several hundred other prominen,
citizens. 4H f's4 tf,a 7'f@
/ EtitNs Ss------ s9ttaYas ny
thycNyAr1. Nov. o. The lT;us;
| special gaaya The recent tornado wa;
moet iIiaastroua in its efFects "a Tho
| country about Tuscumbis. where
l houses were unroofed. fences b,owr