Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1874-12-16
2,344, $3.50
3,417,565.35
s 5,762, 447.65

s 5,762, AT IS
/ The Secretary recounts at length the process
of refunding the debt, and dealings with the
| Syndicate, and states that calls have beer
made during August, September. October an6
November for $55, 1000 of $40 bonds OF
1852.
-'- SPECIE PAYMENTS.
The Secretary recommends Congress to pro
vide by law that after an eerly and fixed day
Uuited States notes shall cease to be legal ten
ders as TO contracts thereafter made, thus
reaching specie payments. This question is
presented in the report at great length, and
in language that cannot be mistaken.
THE NATIONAL BANKS.
The report of the Comptroller OF the Cur
rency contains full statistics of the resources
and liabilities. the reserves, dividends, taxa
ton, and earnings of the national banks
since the organization OF the system. The
r. commendduons and suggestions of the
Comptroller In reference to the distribution
of the currency, redemption. and proposed
amendments to the national bank act are
worthy of consideration. / rom this report it
appears that 2 200 banks have been organized
| under the national bank act, of which num-
| Der 2,Oz8 are now IN operation, and 1904
we're Going bu illness on the I'd of October re-
ports of their condition at that date having
been received. AS appears by their retul MS
Of that date: the aggregate capital OF these
banks was S493, 7o5, III. with a surplus in
ADDITION, OF s123,l28 1G6: circulation
outstanding, $685., 225, 298; individual depos-
it's, 1868, O66, 1896; loans, S949, $40, 627 :;
specie s2l, 24o. 945; legal tender notes, Gnclud-
ing United States certificates of deposit, }
sl22, S46, 946: redemption fund with the United
States Treasurer, $40, 349, $50. The capital of
the forty-eight national banks of New York
City was s6S SOC, 900, with surplus of s22 $685.
8Sl: net deposits, S204 go. 28o; loans, S201 III,
d54 Of which 81, 721 ,638 were loans on United
States bonds payable on demand s51,
! 478, 691 were loaned on other stocks and
| bonds payable on demand. and $5,735,
| 1877 were loans payable in gold.
| The act Of June 20, 1874, limits the amonnt
OF legal tender notes to 1882, 000.0 900. The
| authorized amoun5 of national bank notes was
| not changed, but remains at 1854 600, 600
! Ibis act provides, however, for the transfer OF
circulation, from the Eastern and Middle
States to the Western and Southern States, as
may be required to supply applications for
circulation, upon an apportionment based on
population and wealth according to the census
returns OF 1870. The act also provides for the
| deposit or legal tender notes in the ii easurv
and the SUR ender Of bonds deposited with
| the Treasurer as security for the like
amount of circulating notes. Under this pro-
/ vision the banks have voluntarily surrender
ed s7,714, $50 Of their circulation. Sc, 49,, 285
| of the notes Of banks in liquidation are still
| outstanding. and small amount (S2. g72 754)
| of the 1854, 100000 remains unissued. The
whole, amounting to S16,279, 589, is now at
the disposal Of the Comptroller and will be
| hereafter available for distribution as this
! circulation shall be redeemed; so that it is
not probable tn lat it will be necessary to with
| draw circulation from banks located in states
which are IN excess for some time to come.
/ The same act repeats the provision recurring
reserves upon circulation, and requires de.
1 cost equal to five per cent. of the circulation
i in the treasury for the redemption of such
i circulation. The effect of this law upon the
| reserves of the banks, as shown by their last
| report October q, Is the release of $40, $50,
/ 748 of legal-ten notes, which is about one.
4 sixth of the amount that would have been re.
| quired under the law previously IN force
| The amount of cash reserves held bv the
| banks at that time in excess of the REQUIRE.
| ments of the act was s55, 102, 487. and the
! amount held in excess by the New York CITY
| banks was ST., 145, 406.
| The Comptroller suggests that the provis-
ions of the act of June co. 1874, in reference
to. the redistribution OF the currency
reserves and REDEEM atlon be more fully
tested before any changes shall be made
and, accordingly, no amendments are recon
mended to that act, unless notifications sha 4
! become necessary IN adopting measures Tor q
return to specie payment
| The foregoing tables and facts fully estab.
| lish the conclusion that there is large amount
Of currency in excess of the legitimate needs
OF business, and should serve to dlspel the
1 fallaey that greater expansion of CURRENCY il
| the proper remedy for the general depression
and contraction OF the volume of business.
rs ,g8.oH1s. COINAGE. .g3e
| The report of the Director of the Mint pre-.
sents in detail the operation OF the minis anf