The Portland daily press., 1874-11-28

papers reporting miners at work in the Black
Hills 1t is possible the report may have orig
mated from recent discovery of gold 40 miles
north ct Laramie City, on the Union
Pacific Railroad, where MANY miners have
gone. This place is at least 200 miles south
west of the Black Hills
(Siened) p, HI. SHERIDAN 1t Gen.
Encrease of National Bank Circulation.
The actnal increase oe the national bank err
cnlation during the last year was 3,576.297; to-
tai circulation outstanding Nov. 1, including
3. IS, 094 due the banks for mutilaed notes de-
s.royed, was 35l 927 .246; leaving 2,072 754 vet
to be issued of the 534 100000 authorized siSce
the passage of the act of June Goth. 1874.
Forty-siX national banks have been organized
with capital of "a, 09l, 900, to which circula.
ton has been issued
Banking.
Appropriations have been made for the or
ganlzation of sixty-four other national banks
with capital of S., 10000 and a circulation
amounting to 50. 900 has been assigned TO
these observation-disclosures. Under Sec. 4 of
the act of June 90, 1874, 81 ia, $50 of legal ten
der uotes have been deposited for the purpose
of withdrawing from circulation the same
amount of national bank notes.
The Comptroller says that if Congress shoull
provide for the withdrawal of legal tender notes
rs needed in place thereof when the amount of
legal tender notes should be reduced to saw
$3.50 ,000, 900, the legal tender notes would then
be in demand. In proportion as 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 eff legal tender notes outstand-
ing, the national bank notes would themselves
be withdrawn at certain seasons of the wear on
account of the difficulty or expense of obtain.
ing lawful money with which to redeem them,
The gold coin of the country would then make
its appearance in answer to the demand for an
additional amount of lawful money. and specie
payment would follow. Redemption in its
proper sense implies the exchange of a promise
TO pay for the thing promised, namely: Coin or
its Representatives, which is convertible into
coin Oh demand. The effect of such redemp-
ton is to coanne banks OF issue TO legitimate
business which is the discountpg OF CONNER
cal paper. Ii the banks of issue are obliged to
pay their circulating notes once ia sixty OF
ninety days, they must discount such promise
ry notes only as will certainly be paid within
that time. Ii the payment of bank notes be
frequently demanded, banks of issue cannot
safely invest their capital in real estate loans
in doubtful stocks or bends in accommodation
notes which require renewing or
IN IN loans on doubtful security;
all times invested in loans which will be
promptly paid at maturity. Such condition
Of things indicate healthful business and pro
notes sound banking, and the reduction of the
amount of legal tender notes accompanied with
such an increase of national bank notes as may
" ie1AiO", VIII q HlOpsi SySItm Ol re-
demption under free banking practicable and
gradually restore specie payments withop t
necessarily decreasing the amount of the circu-
lating medium.
Amendments.
The following amendments to previous acts
are recommended:
Tristan amendment to section of act
of March 3, 1873, providing that if any share
holders of banks whose capital stock is inn
paired shall refuse, after three months notice.
section, sufficient amount of the capital stock
of such delinquent shareholder or shareholders
may be sold to makefgood the deficiency
Second-An amendment of section 20 of the
national bank act extending the limit of liza
billtles OF any association, person, company or
firm, for money borrowed from 10 per cent Of
the capital paid into Is per cent. of the CAPITAL
and surplus for banks located in the redemption
cities, and tenth of the capital and surplus
for other banks
Third-Also prohibiting the deposit of more
than 10 per cent of the capital of national
bank with any private banker, or any person or
ASSOCIATION otter than national banking
association
Fourth-Tbat no national bank shall be
liable to make good any deficiency which may
hereafter arise in any special deposit made
with such bank, unless receipt shall be pro.
duced by the owner of such deposit, in which
the liability of the bank shall DO distinctly
stated.
9Th. The repeal IF the 2 cent stamp tax OF an
act providing that all bill Of exchange checks
or receipts in place of checks, drawn upon any
bank or banks shall be subject to stamp with
penalty OF S2 for each violation thereof