New-York tribune., 1874-11-28
THE NATIONAL CURRENCY.
REPORT OF CONTROLLER KNOX.


NATIONAL BANK STATISTICS GIVEN IN DETAH-THE
THE TOTAL AMOUNT OF CIRCULATION OUTsTAND-
ING, S3jl 927 2i6-THE REDEMPTION OR Ex-
CHANGE OF NOTES RENEWAL OF THE ENTIRE
VoLUME OF CIRCULATION PROBABLE IN THE
COURSE OF THREE YEARS-IEGISLATIoN RECON-
MENDED.
WASHINGTON, Nov. 27.-The Hon. John j..
knox, controller OF the Currency. in his report to the
Secretary OF the Treasury first mentions the provisions
OF the Dill relating to the National banking system,
which failed TO receive the signature Of the President
and did not become law and then refers to the bill sub
sequently passed, ana which went into operation
June 20 last. This act provides that the amount
of United States notes outstanding and to
be used as part Of the circulating
medium shall not exceed the sum Of 1882 100000 which
sum shall appear in each monthly statement of the pub
lie debt and no part thereof shall be held used as
reserve 1t further provides for the repeal OF the
reserve required to be held by National banks on crcu
lation; for the redemption OF all National bank
notes at the Treasury In legal-tender notes. for
which purpose the banks required to
keep on deposit with the Treasurer five
per cent OF their circulation which amount to be held
on deposit for the deposit by any National bank OF
lawful money with tho Treasurer in sums OF not less
than $1,000 and the Withdrawal OF the bonds deposit
as security for such circulating notes. provided that the
amount OF such bonds sh be reduced below $4,000
for the withdrawal OF sj 0OOoO from National banks in
States which have receiAed more Ihln their proportion
and its redistribution to National Banks In States which
have received less than their proportion upon an appor
tonmen made the basis of population and Of wealth.
shown by the returns OF the Of 1870 not more
than $4,000 900 Of which shall Withdrawn and reds
trbuted during the fiscal year ending jane 80, 1875
ORGANIZATION OF BANKS, AND THE BANK CIRCU-
LATIoN.
Twenty-Five hundred National banks have been organ
of
system under the act Of Feb %, 1863 Thiry-hvc OF
these banks have failed and 137 have gone into youn-
tary liquidation by vote OF two-,hird Of the share
holders under section ~ Of tile act leaving 2o2s banks
III existence on the ist Of N3yember, loh Drn6 the
past year Il National bank, have been OrgauZoi, with
an authorized capital Of G,7ijG0J throe banks have
The tables show that on Oct 2 2cOi banks had aC
grcgatc OF resources sS77IsO92 aud equal amount
to the amount Of ssi9j5Sl4; the q b.nks Of Boston
PnadePhin, and Baltimore, sjO3 JG,2Ij; S5 hanks of
ton. New-orleans, Louisville, Cincinnati, Cleveland,
Gmeago, Detroit, Milwaukee, st. Louis, AID san
number s9i6,75ilCO. The liabilities arc placed
at tae sane amount .o T3e National B,nk B,mk
circulation The act Of July, r. 1870, authorized the
issue OF $4,000 900 of additional circulation. OF this ad
S21732G) In the year ling Nov l. 1872, sl622o 2O; IN
the ending Nov. 1873 s357i79 during the year
there has been withdrawn from circulation and de,
strOyed $22n 0l9 SLOWING IN actual OF National
National ,old banks have been orSauiZod III CIYotnI
during the year with an organized capital Of SIOJI90
Ihe total capital OF National gold ban KS all OF which
organized ID the State OF California is s3G5oojO, to
which banks circulation has been issued amounting TO
s215O,0o0. Tue Eastorn States "a Maine, Now
hS. oa xsTmS4 banks kS4ui wtS
capital paid OF <i62,59j,4s2 and e circu-
a,iOn outstanding Of $l0970j,0i5. TIe Middle States
NewYOrk New-Jcrscy, PcnnsTlvanil, Delaware, aud
biarYIand-hayC SIS banks, Wth capital PAID III OK
:l9 CO. aud Il circulation outstanding of sl23O59ol2.
The Southern and Southwestern States-Vrgnld, West
Virginia, North Carolina. South Carolina. Georgia Flor
hatc 2lf banks, with - capt. pi1 III oi So,5SzoJo
and circulation outstanding of sJss951Oi Tae West
5taesOhio. Ind aua. III0s Michi3in, Wdsconsin'
with capital paid In OF S9539l50. and WIN crcuia-
ton outstanding OF S1i74sjO. Ihe Pscic states ana
Terrltorlcs-Neyada. Oregon, C1CrAdo, ut1A, i4ahp,
G banks, Wlt capital pad ia .! S.J,J-, ana cllcu
ation outstanding OF 81 9G2,7CS Tne total number OF
gold hanks IL T. all IN California WIN caplai pdlu III
OF S3GJlOD0; bonds deposit, S273jJ0 circulation a.
suod 81 iS 700 circulation redeemed S96OO and clrcu
lation outstanding, s2l5l0o Ono god bank was
organized in Massachusetts. but it has been
closed. The total circulation outstanding on
Nov. /, 1874, including the amount, s,l3G,-
O9i, due to banks fOr nutllated notes destroyed
6 leaving s2O25i yet TO be issued OF tao
act OF jane 20, 1874. 46 National Banks have
been organized with capital OF a,0l9ce)
to wlich circulation has been issued
these banks aud 10 other banks previously organ
ized $37O7OOJ Applications have been made for the
organic .dOn ~ G. Oter National Blnhs' VITA capital
Ct $1,000, ana circulation amounting 10 SI0oJVJO ls
been assigned to these proposed oIg,.GiLItiOAS
TIE WITHDRAWAL OF CIRCULATION
Under Section OF the act Of jane 20 1874 .7i5j0
Of egaItender have been deposited Tor the pur
pose Of Withdrawing from circulation the samo amount
OF National bank notes. The amounts issued to banks
Tn fnil,u