National Republican., 1875-12-08

demands and necessities of business. The pyiyf.
leEes which attach to national banks being open
10 toindividuals in all parts of the country capital
will not be slow to establish additional banks, or
to increase the circulation Of those already in ex.
business shall render it apparent that increase
0fcirculation is desirable, But il 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 10 lie idle in commercial centres for want Of
The whole amount of IegaI-tender notes depos-
ited to retire national bank circulation since June
20, 1874 is $37,57 17p (ncluding $SslSoI5 depos-
SAGE q that that actl ct Gf Which sif.ss7,5 has been
paid out for the redemption of national bank
notes leaving s ~ O42 f thereof - on deposit In the
The operation of the acts Of June 20, I5Ti5 and
January A. 1875, may be briefly stated in tabular
form, as follows:
NationaI-bank notes outstanding June
National-bank notes issued
from June 20, 1874, to Jan
uary II, lS15....-----....... s., ,I34, 500
National bank notes retired
from June q, 1874; to Jan
uary 4, ,IS75.....'........ 2767,%2
Amount outstanding january Il, 1875. 1851, ,s5l $50
National bank notes retired
from January II, 1873, 10
November ], lS1j....--..--.S .SlT-e3l-S23
Hationalban notes issued
from January u, 1875, TO
november Aot1----------- lV-1N9uto
-- SS.274,64s
Amount outstanding November l. 1878 345 .9G2
Legal-;ender notes retired being 50 per
cent. of circulation issued from Ian
Hary Il, to October y, lS1J-...--...... Ss763T55
LegaI-tcndcr notes deposited
in the Treasury under act
Of June 20, 1874, together
with So SIS, SIS deposited by
banks in liquidation pre-
TiOus to the passage OF that
Amount paid out for redcmp-
tions s........................ l7,3S7,537
Amount remaining on deposit for re-
demption of national bank notes, No
NCmbcr i, lSIJ.--.-..-..-..-.-..-..... S3O-23S642
The Comptroller recommends that the present
change be made in these two acts so far as they
relate to the national tanks.
The amount of cash reserve held by the nation
al banks. including their redemption fund on de-
post with the Treasurer on October l. 1873, the
date of their last report was Sl4s 452 which is
SIS 365. $40 more than they would have been re-
Quircd to hold upon circulation and deposits prior
40 the passage Of the act Of juno 10 1874, repeal
ing the provision requiring reserve upon circula-
tiOn: and the cash reserve held by New York city
hanks at the last-named date was $50, ,457, ,T59
which also exceeds by q, ,S24, ,657 the amount that
would have been required upon circulation aud de-
Posits previous to the passage of that act; from
which It is seen that, account of the redundancy
of money, the stagnation of business and the con-
SeQuent low rate of interest during the past year
the effect of the act repeating the reserve upon
circulation cannot yet be definitely ascertained.
COINAGE
The report Of the director of the mint presents
in detail the operations Of the mints and assay
offices.
The amount of bullion received and operated
upon during the last fiscal year was:
NTold 5i so
lsiSO4,+ ,+Oo W
...........-.-..-..... o., ,455,99O 81
Deducting rcdeposIts, bars made and issued by
one institution and deposited in another the de-
posits were:
Gold ........... s3S ga Oh on
SllNer...-..------..- lo,O70,625 81
Total. 5i62j,92O ~
The coinage for the fiscal year was as follows:
No. ofpieces Value.
Gold-..................i 1,T3eO62 $40, $50 g55 90
ZA-SLAZlo lO.Of0,36S 20
Minor. l4,6G9 500 80 ,375 90
TOtal................i 39,lgl,77s 43s54,7Os ca
The siycr coinage consisted Of
No. of pieces Value.
Trade-dollars. ........ 1851, 500 S5 5gT 500 20
subsidiary silver coin. l7.I2j.7l6 4,3T2 S5s %