Dodgeville chronicle. [volume] (Dodgeville, Wis.) 1862-current, 1874-12-04
Currency Statistics.
WASHINGTON, Nov. 27.

| The COMPTROLLER of the Currency has fin
| ished his report and it is now in the hands OF
| the printer It shows that 2,2OO National
| Banks have been organized since the estab-
| lishment of the system. Thirty-five OF these
| have failed and thirty-seven have gone INTO
voluntary liquidation by vote OF .two-thlrds
| of the shareholders, leaving 2,02o banks IN
| existence on the 1st of November, 1874. The
report contains tables showing the resources
| and liabilities of the National Banks at cor
responding periods for the last flve years
| also table of their condition on the ga OF
| October, the date OF thelr last report tne re-
! turns from New York, Boston, Philadelphia
and Baltimore and from the other redemption
| cities and the remaining banks being ar
ranged separately. In the statement OF Oct:
| 2 the loans of the banks in the cities named
are separated, first, into loans on United States
bonds; second, on other stocks and bonds on
demand: third, on commercial and accommo-
| dation paper; and fourth, loans payable IN
Two bills passed the last Congress relating
to the National Banking system. The first
bill, which is quoted, failed to receive the ap-
proval of the President. The principal points
of the second act are given, which went into
| effect June 20, 1874.
The amount of currency distributed under
| this act, and the effect of the act on the re-
serves of the National Banks, are briefly dis
cussed.
| The subject of redemption is discussed at
| great length, and the hope expressed that the
present system of exchanging mutilated notes
| for new paper issues will, not long hence, be
superseded by true system of redemption,
| namely: The payment, on demand, OF Ma
| tional Bank notes in coin or its representa-
| tive.
The amount of National Bank notes out
| standing of insolvent banks and OF banks IN
| voluntary liquidation, which are redeemable
at the Treasury, is $642,2 ,2S5. The amount OF
circulation, therefore, at the disposal of the
Comptroller, or to be placed at his disposal,
for distribution from these different sources is
as follows: The portion of the $3.50, ,OOO, ,000
which have deposited lawful money for the
withdrawal of circulation, $7,714, $50; notes in
| circulation of banks in liquidation, 80, ,492,2o5
amounting to $16,279, $50.
The Comptroller expresses the opinion that
a sufficient amount of the circulation will be
redeemed to supply the applications that may
| be received for some months to come. w hen
the amount withdrawn and destroyed from
these sources shall have been issued it shall
be the duty of the Comptroller to make
acquisitions upon banks located in States
having more than their proportion. This
circulation will be withdrawn chiefly from
Rhode Island, Connecticut and Massachu-
sets.
The aggregate amount of circulation here
after to be placed at the disposal OF the
Comptroller from all sources is S47, $50, TAB.
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 Oct. 2, S124, ,S7S, Isl, and the amount
required to be kept on hand in the Treasury
under the law now in force is $1O4, ,52o, 200.
The amount of legal-tend notes, therefore,
released from the reserves of the banks under
the new act of that date, Nov. l, was $50,
$50, 900. The amount of cash reserve held in
the vaults of the banks at the date of the last
report, Oct 2, was $4,000, 900, and the tota
reserve S94, ,700,000 in excess of the require
ments of the present act.
A table is given, showing the kinds ano
amounts of reserves held by the banks III
New York city, in the other redemption
cities, and in che remaining banks on Oct.
and the amount these banks would have beer
required to hold if the reserve laws had re
manned unchanged.
The amount of taxes paid into the United
States Treasury by the National Banks fortht
! year ending July 1, 1874, was S7,0S3,39
, which So, ,404, 900 was derived from circulation
The rates of taxation under the State laws
during the last year were: In New York city
i2 S0-100 per cent; Boston. 2 34-100; Chicago
2 34-100; Cincinnati, 57-100; st. Louis, 2 A
100; Charleston, 315 The average amount o
taxation assessed on the capital of NatiOna
+. Banks is estimated at from 3 to 3115 per cent
Real estate and personal property are gener