The Portland daily press., 1875-12-08

to protect and keep in circulation the silver
coin now authorized to be issued.
The act last referred to is au express recog-
milton OF the duty and obligation of the gov
ernmtnt to resume specie payment at the day
therein named; aud, however widely different
may be the views of INTEL gent persons upon
the means adopted by Congress, il is gratifying
to know that the end sought to be reached has
met the concurrence of the country, and that
majority OF the people, wherever the matter
has been publicly and fully discussed, have sig
mined their approval OF The discrimination of
Congress to be faithful to its pledges, and 10
relieve them of the ills o. an irredeemable pa
per currency.
The act in question makes express provision
tor resumption at a fixed date, but commits the
government TO the use of all such means as
may be needful to that end. If experience
Shall show that the means provided by Con-
gress need to be supplemented by further legis-
lation for the easier and more certain accom-
plishment of the end it must be assumed that
Congress will not suffer the great purpose to be
lmpeded for want of such additional legisla-
ton. The act confers large powers on the Sec
rotary OF the Treasury, touching the issue of
Onltea states ponds for the purpose of procur-
ing the supply of gold necessary to execute
such OF its provisions as go into immediate op-
GRAFTON, and to provide for the redemption in
gold of United States notes outstanding on
and after the LIST of January, 1879 In this re
spect the power conferred on the Secretary is
ample; but it, for any cause, it should be found
impracticable to accumulate in the treasury a
sufficient amount of gold to carry out the pro-
visions of the act, the Secretary is left without
the choice of other means to accomplish the
end. 1t may, perhaps, be doubted whether the
process OF accommodating a large amount of
gold BY given time could 60 on without meet
ing opposition from the financial powers of the
world. 1t is safe to say that SO large an amount
OF gold as would be required to carry out the
purpose and direction of the act cannot be sud-
dQn1U ao ha lnn oy,1u hxrc I,,
al processes, and by taking advantage of fav-
orable conditions of the money market from
time to time.
The loss of interest on large sums boarded in
the treasury for a considerable period in ad-
vance of January, 1879, is consideration not
to be disregarded, although it should not be
permitted to outweigh the benefits to result
from full and complete execution of the act.
The Secretary regrets that the condition of
the treasury has been such as to render it nee
essary to make sales of gold coin from time to
time to meet current expenditures payable in
currency. Such sales have been made in New
York city, upon public notice, in accordance
with the plan previously adopted, and have
been limited from month to month to the
amount necessary to keep on hand suficiency
of currency to meet probable demands upon
the treasury under existing appropriations 1t
is the desire of the Secretary to retain in the
treasury so far as practicable, the gold received
from customs, and sales are discontinued when
sufficient to meet currency payments.
THE NATIONAL BANKS.
The number of banks organized from the au.
thorization of the system to November 1, 1876
is 2,3O7, of which 2,0S7 were doing business on
the LIST of October last. From the reports of
the date last named, it appears that the aggre-
gate capital of these banks was $504, 1928. 769;
surplus $134, 356076; circulation outstanding,
$685. 1850 379; individual deposits 1864, $40 ,6l9;
loans, $3.50. 222, 95l specie, including coin GER
tificates, $8,050 ,329; legatender notes, includ-
ing United States certificates of deposit, 1925
268 734; and on deposit with the United States
Treasurer, $19.686,9 $50. tfs
The amount of single-name paper, with the
other security, was SIG, 255, 100. The amount
OF business paper, time notes secured by col
lateral, and accommodation paper, combined,
was $780, 720,575. The amount of accommoda-
tion paper (the issue of which has been one of
the leading causes of the disasters that have
occurred during the last two years. is much
less than heretofore; and the sharp discrimina-
ton now being exercised ty the banks, super
induced by severe losses through the purchase
of this kind of paper is rapidly bringing about
more honest and healthy use Of credit by the
commercial classes.
Under the operation of the act of June 20,
1874, for the retirement of the circulation of
national banks and the surrender of bonds held
as security therefor by the deposit of legal
tender notes in the treasury for the amount of
circulation thus retired; and the act of January
IA, 1876 for the issue of circulating notes to
national banks, subject to the provisions of law
and the reduction of the legal tender notes at
the rate of eighty per cent. $15,7 21 175 of ma
tional bank notes have been issued, upon
which amount SIS, 1876 Of legal tender notes
have been retired.
Banking having been made free by the act of
the last Congress, without restriction as to the
amount of circulating notes that may be issued
to any part of the country, it is believed that
such currenco will distribute itself according
to the demands and necessities of business.
The privileges which attach to national banks
being open to individuals in all parts of the
country, capital will rot be slow to establish
additional banks, or to increase the circu lation
of those already in existence, wheceAer and
whenever the exigences of business shall rem
der it apparent that an increase of circulation
is desirable But it does not seem probable
that such demand will arise to any considerable
extent while the volume of legal-tender notes
continues SO great as to cause large sums to lie
idle in commercial centres, for want of safe and
profitable investment ---e---------
The amount of national bank notes outstand-
ing Jan. H. 1875, was 1851 1861 ,450, while the
amount outstanding Nov 1, 1875, was S345,.
586,902. Legal tender notes have been retired
since Jan. IA 1875, to the amount of SIS, 1853 756.
The cash revenue of national banks, includ-
ing their redemption fund on deposit with the
Treasurer Oct l, was $149, AGO, 49, which is
1875 ,565,379 more than they would have been
required to hold on circulation and deposits
prior to the passage of the act of June 20, 1874
repeating the provision requiring reserve upon
circulation.
The amount of bullion received and operated
upon during the last fiscal year was
Gold 43152,584 so
ShVer. IS304,4 O6 W
Total. ..........".............S 81 ,456,9sO 81
Deducting redeposits, bars made and issued
by one institution and deposited at another,
the deposits we're
Gold ......... ......."..$ 38,556,293 80
silver. 16O70,626 81
The coinage for the fiscal year was as fol-
lows:
S0ld......, .......'...... 1739,O6Z $33,553, 900
silver. 22,623,2l6 10,070,36S
Ainor. ''..r.'.'.'........... l4,6zS,50O 23U,3I5
Iotdl' '...,.''.'tt..,. oS,ISl,Iio fo,o0f,tU
The silver coinage consisted Of
No. of pieces. Value
Trade dollars. ............ 5697, 800 5,697 800
subsidiary silver coin- .... H,125,716 4,372,86
REVENUE FROM CUSTOMS.
After noting the receipts from customs dur
ing the past fiscal year and the falling off in
duties on account of the decrease of importa-
tions, the Secretary states that this decrease
was occasioned principally by the falling off
in two classes of importations, viz:
Iron and steel and manufactures thereof. O66