River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1875-12-09

OF gain.
so WOULD THE STATES.
The national bantS, as has been seen,
are disposed to retire their circulation,
and it is probable that during the next
year a very large proportion Of it will be
voluntarily surrendered but if the prop
osition now under consideration should
be adopted, many Of the banks would 20
into liquidation and their loans to very
great extent be called in for the puI poses
of distributing their present capital and
surplus among their stockholders, who
would, without doubt, generally organ.
ize, under State systems, and as private
bankers. By this course large proper.
ton Of the State taxes, now amounting
to an average of about two per cent. upon
capital, would be saved to the banks, as a
result of a conversion of their capital or
deposits into interest bearing notes,
which, like other issues Of the govern
ment, would be subject to taxation
neither by national or State authorities.
1t is very generally acknowledged that
the national banking system is superior
to the systems which preceded it in this
country. and equal, if not superior, to
any other system of banking yet devised;
and the principal reason adduced for de.
string its overthrow is that money can be
saved to the government by authorizing
it to furnish the circulation of the coun.
try. Such course will not result in
true economy, for it will Immediately and
in due time injure our credit abroad and
have the effect of preventing the sale in
foreign markets Of United States bonds
bearing lower rate of interest.
THE MONETARY PROBLEMS
to be solved during the next few years
are the consolidation Of the national debt
into bonds bearing low rate of interest
and the resumption of specie payment.
The conversion of the national debt into
bond bearing As per cent. interest
would save the government nearly 3d..
100000 annually, while the reduction of
interest resulting from the funding of the
debt into 4 per cent. bond would amount
appears no good reason why, during the
next ten years, the public debt should
not be consolidated into bond, bearing
interest at no greater rate than four per
cent. In order to accomplish this most
desirable end it will be necessary to en-
list in its support all of the leading none
tary institutions of the country. This as.
sistance, as we have SEEN was needed
during the war of 1912, and has been
needed from the time of the organization
Of the Bank of North America until the
present. A system of economy in expen.
diture, together with an increased amount
Of revenue, will soon give to the country
credit not excelled by that Of other
countries which readily obtain loans at
less than four per cent.
AMONG AMENDMENTS
Recommended by the Comptroller to the
present banking laws are, the repeal of
the two cent stamp tax upon bank checks
and a requirement that the word "coun-
terfeit, ''or altered" or ''illegal," shall
be stamped on all counterfeit, al tered or
unauthorized bills.
BANK CIRCULATION.
National bank circulation outstand.
ing June 90, 1874 ...... go. -. S349, 1914, 1852
uary IA, 1875 -. 49,. 49,. ABA 500
Redeemed and retired between the
same dates 49,. -. ......... 2,767 ,9s2
Jan. IA, 1876 49,. -. 49,. 1867, 26s
Circulation outstanding January
IA, 1875. 49,. ...... -. ...... 35l ,s6i ,45O
Redeemed and retired from Jan. IA
to Nov. l, 1875 -. -. ....... 1850, 3O5
Surrendered between the same
dates 49,. ...... 80. -. -. 2,69O,9ls
Total redeemed and surrendered. 1881 ,223
Issued between the same dates 80. l0,9S6,675
Decrease from Jan. IA to Nov. I,
1875 49,. -. 49,. -. -. 6,s74,54s
Circulation outstanding November
l,ls75 -. ...... -. ...... s45, $50, 9O2
LEGAL TENDERS.
Balance OF legal tender notes re-
naming on deposit in the treas
ury June 30, 1874, to redeem cir
eulating notes OF insolvent and
liquidating banks ...... 80. ....S 3,8l3,675
Deposited from June 90, 1874, TO
Nov. J, 1876, to redeem national
bank circulation 80. ........ 80, 762, 5O4
Total ...... go. 49,. ...... -. 37,576,l79
Circulation redeemed by the treas
urer from June 20, 1874, to Nov.
!, 1875. 80. 49,. 80. 49,. 1887, 537
Legal tender notes remaining on
deposit Nov. !, 1875 -. -. 1929, 642
Amount of legal tender notes per-
manently retired under the act
of Ian II IS1k TGo TSG