The Lake County star. [volume] (Chase, Mich.) 1873-current, 1874-12-17
Report Of the Comptroller Of the Cur.
renew.

TcuCys
The report of comptroller of the cur
rency shows that 1900 national banks have
been organized since the establishment of
and thirty-seven have gone into voluntary
liquidation, by vote of two-thirds of the
shareholders, leaving 2,02S banks in exist
ence on the LIST of November, 1874.
The report contains tables showing the re.
sources and liabilities of the national banks,
at the corresponding periods for the last five
years, on the I'd of October, the date of their
from New York. Boston, Philadelphia, and
Baltimore, and from the other redemption
cities, the remaining banks being arranged
separately. In the statement of October 2,
the loans of the banks in the cities named,
are separated. l. Into loans on United
States bonds 2. On other stocks and bonds
on demand; 3. On commercial and accom-
mediation paper; 4. Loans payable in gold.
Two bills passed the last Congress relating
to the national banking system; the first bill
which, as quoted, failed to receive the appro-
val of the President. The principal points
of the second act are given, which went into
effect June 20, 1874. The amount of cur
rency distributed under this act, and the eff
feet of the act on the reserves of the nation
al banks, are briefly discussed.
The subject of redemption is discussed at
that the present system of exchanging nu-
tilated notes for new paper issues will not
long hence be superseded by true system
of redemption, namely, the payment on de-
mand of national bank notes in coin or its
representative.
During the year ending November LIST,
1874, national banks have been organized,
with an authorized capital aggregating
Sc, 845 800. Circulating notes have been is
cd 10 thaca hop O tipu 10 G.
and during the same year there has been
withdrawn and destroyed 1924 ,019, show
ing an actual increase of national bank cir
culation during the year of $3,567 ,297. The
total circulation outstanding at that date
was 1851 ,927 ,246 leaving 81, 072, 754 yet to be
issued Of the whole amount of 1854, 100000
authorized.
forty six national banks have been author
lied, with capital of $4,018,O00, to which
circulation has been issued amounting to
81 ,S42, $50; and the total amount issued to
all national banks since Jnne 20 is s., 1880, $50.
The amount authorized to be issued to
banks already organized is SIS, 707, 900, and the
amount authorized to be issued to proposed
organizations is "a sos, 900, making total Of
81 ,546, $50. Since the passage of the act in
question, $7,714,550 of the circulation has
been finally surrendered by the deposit of
legal tender notes with the Treasurer. The
amount of national bank notes outstanding
of insolvent banks, and of banks in volun-
tary liquidation which are now redeemable
at the Treasury, is SO, 49,, 1885,
The amount of circulation, therefore, at
the disposal of the Controller, or hereafter to
be placed at his disposal for distribution,
from these different sources is as follows
The portion of the $35O,OO0,OOO remaining
unissued, $2,072,754; the notes of banks
which have deposited lawful money for the
withdrawal of circulation, 7,714,550; notes
in circulation of banks in liquidation, SO, 1922
285, amounting to S16,279, $50. The Control
Ter expresses the opinion that sufficient
amount of this circulation will be redeemed
to supply the applications that may be re-
ceived for some months to come. When the
amounts withdrawn and destroyed from
these sources shall have been reissued, il
| will be the duty of the Controller to make a
requisition upon the banks located in States
having more than their proportion, and their
circulation will be withdrawn, chiefly from
Rhode Island, Connecticut, and Massachu-
sets. The aggregate amount of circulation
hereafter to be placed at the disposal of the
Controller, from all sources, is $47 $3.50, 743.
| The whole amount of legal tender money
required to be held in the vaults of the
banks, under the national bank act, would
have been on October 2, $124,878,751, and
the amount required to be kept on hand and
in the Treasury, under the law now in force,
is $104 ,528,O 900. The amount of legal tender
notes, therefore, released from the reserves
of the banks, under the new act at that date,
November LIST, was 0,35O,000. The amount
of cash reserve held in the vaults of the
banks, at the date of the last report, October
I'd, was $780, 900 in excess OF the require
ments of the present act.
A table is given showing the kinds and
amounts of reserves held by the banks in
New York City, in the other redemption
cities, and in the remaining banks on Octo-
Der I'd, and the amount these banks would
have been required to hold il the reserve
law had remained unchanged.
The amount Of taxes paid into the United
States Treasury by the national banks for
the year ending July LIST. 1874, was 81, 0S3 1893,
Of which So, 4O4, 900 was derived from circu-
lation. The ratio of taxation under the
State laws during the last year, was, in New
York City, ESQ per cent; Boston, 2.34 I;
Chicago, 2.34; Cincinnati, 2.57; st. Louis,
2.44; Charleston, $50.
The average amount of taxation assessed
on the capital of national banks is estimated
at from three to three and half per cent.
Real estate and personal property are gen.
orally assessed at not more than one-third
their actual value, but bank shares are usu-
ally assessed at their full value, and there Is
no doubt that the rate Of taxation of the
national banks Is greater than that Of any
other species of property. The amount of
internal revenue tax derived from the sale Of
the two cent stamps affixed to checks and
sight drafts, fer the year ending July LIST,
1874, was 81 100000.
The Controller recommends the repeal of
the latter tax, and, IL II is not repealed, that
the act shall be so amended, and such a
penalty provided, as shall tend 10 prevent
evasions Of the present law.
table liz given showing the ao0reoate