The Lake County star. [volume] (Chase, Mich.) 1873-current, 1876-12-14

the previous year of the amount of gold
operated on OF 81, 1927 ,686.
The Secretary argues that the Govern.
ment obligations, to which the faith Of the
nation was pledged in 1859, was gold and
not silver, and thus IL is apparent that our
obligations must be paid In gold.
The report of the Comptroller OF the Cur
rency contains full statistics Of the reserves,
taxation, dividends, earnings, and losses of
the national banks, together with summary
oil their resources and liabilities for each
year, since the system went into operation.
From this report II appears that, up to
October of the present year, 2,342 banks in
oil had been organized, Of which 2,OS7 were
in operation at that date. The
returns of these banks show that they then
had an aggregate capital of $499, 800, ,232 |;
surplus of $i32,202282; circulation out.
standing, 500, ,544, ,020; individual deposits,
$685., 1885,, ,210; loans, $927, ,574, ,979; specie,
Gncluding coin certifcates,) $2l $3.50, ,767 |;
legal.tender notes, (including United States
certificates of deposit,) $l13, 3,420,847; re-
demption fund with the United States
Treasurer, 16,743, ,695.
The act OF June 20, 1874, authorized na.
tional bank which desired TO withdraw their
circulating notes, in whole or In part, to de.
post lawful money with the Treasurer OF
the United States in sums of not less than
nine thousand dollars, and to withdraw q
proportional amount of the bonds pledged as
security for their notes. The act of
January IA, 1875, repealed all the pre-.
visions OF law limiting the aggregate
amount OF national.bank circulation, and
made ii the duty Of the Secretary Of the
Treasury to retire legal.tender notes to the
extent Of eighty per cent OF the sum of
national.bank notes thereafter issued until
the amount Of legal-tender notes outstand.
ing should be reduced to three hundred
millions of dollars. Since the passage OF the
former act, $50, 1858, $50 Of legal.tender
notes have been deposited in the Treas.
ury for the purpose OF retiring circulation,
redeemed and destroyed. The whole amount
of additional circulation issued since the
passage of the latter act, is SIS, ,0S0, 1856; and
legal.tender notes equal to eighty per cent.
thereof, or $14, 4,464,284, have been retired,
leaving the amount of legaltende notes
outstand ding on November 1, 1876, $685., $685..
716. The amount of legal.tender notes on
deposit with the Treasurer on November for
the purpose Of retiring circulation, was
$20,9l0,946. The amount of national bank
notes in circulation November was $780,
143, AGA less than on June 20, 1874; and that
of legal.tender notes was $l4, ,464, ,284 less
than on January IA, 1875; the total decrease
OF legal'tender notes and national bank
notes, under the operation of these acts, be.
ing $43, ,607,74s.
The deposits of gold at the mints and
assay offices amount to $50, ,4S0, 0,270.5O;
silver deposits and purchases, $2S, ,515, ,702.79.
operated upon, $85,995,9 ,973.29. Deducting
re.deposits OF bars made and issued by one
institution and deposited at another, the
deposits were gold, $41 ,943, ,285.42; silver,
1928.
The total gold coinage was $ss, ,l7s, ,962 so.
Total silver coinage, SIS, ,126, ,502.50. of which
$6,132,05O were of trade:dollars. The minor
coinage amounted to $26O,3 The total
number of pieces struck was 87,101 1853.
Total value of coinage, $57, ,575, ,S15.
The report of the Director of the Mint
presents in detail full account of the
operations Of the different mints and assay
Offices, discusses at some length the
question of monetary standards, and
suggests some amendments Of the
laws relating to the silver coinage.
The receipts from customs for the year
ending June 80, 1875, were $157, ,176. .722.25,
and at the corresponding date Of 1876 they
were $148,071 ,9S4.6l, a decline of $685..
1874. The receipts for the first quarter of
the current fiscal year were $35, ,554, 1883,
while for the corresponding period of last
year they were $44, ,233, ,626.25, showing de.
crease of $6.67S, ,S97.72.
In c0mplance with the PROVISIONS OF Sec
tion OF the legislative, executive, and judi.
cial appropriation act, approved August 15,
1876, a " careful scrutiny has been made of
the force employed in the collection OF the
revenue from customs, with view Of re.
ducing the number of the same" Reports
Of special agents assigned to the duty, re.
ceived from seventy-six collection districts,
recommend an aggregate reduction OF
229 employees, involving de-
crease in the annual expense
Of $242, 2,S37.39. 1t is proposed to make re-
iuction of ten per cent. in salaries in Ger.
tain districts, which will amount to $780,.
300. There are twenty-eight districts
from which reports have not yet been re-
ceived. These it is estimated will add to
10 the reduction about $4,000, making
total reduction in annual expenses of col.
Letting the revenue of $467, ,837.39. These
on the 1st Of January proximo,
will be made.