New-York tribune., 1876-08-18

rea,,v been more closely indicated by the with
drawal of bonds deposited than by the clfeuia-
tion as reported by the banks, since thclc
remains outstanding many millions-on inc
Goth of June over $4,000, ,O00-fOr when
legal tenders have been deposited ana oohds
witbarawp, though they have not yet come Ill
for redemption. Stree the report OF Sep'eih-
Der, 1873, just before the panic, the amount
of bonds withdrawn has been over Tlo,ooo'-
600, representing circulation OF $lbooo'-
600. But only since last October has there
been any shrinkagc OF loans or OF de-
posits. From September, 1873. to October,
1875. though the circulation decreased
nearly sol .0OO, 900, the loans did not de-
crease, but on the contrary increased
SiO,OOO,OOO TO those who fancy, as the
Democratic platform and Gov. Tiidens letter
show that some persons do, that the increase
or decrease of bank credits depends upon the
increase or decrease of circulation, tins Tact
will be surprising and should be instructive.
Those who are not wholly bcf0gged on the
subject know that there is no necessary con-
ncction between circulation and credits, and
that contraction of circulation by no means
necessarily produces any decrease III credits
but, on the contrary, naturally tends 10 an
increased use of those commercial substitutes
by which 90 per cent of all business is trans
acted, and through which credit is made to
take The place of cash.
Individual deposits are less by $23,OOO,o0O
than they were last October, but larger by
nearly S19,O00,000 than they were before
the panic The amount of legal tenders he!d
was 500, ,3i7 1858 before the panic and is now
800. .S3G, ,S7G. In October last the legal
tenders were $14,OOO,OOO less than they are
now, but the banks held nearly 2l,OO0oOo
more in certificates, so that they had Il larger
available reserve, and the deposits to be
protected were much larger. 1he pro-
portion of lcgal-tcndcr reserves, including
certificates to individual deposits, mas
not materially changed; it was above
IS per cent and less than 10 per cert at eacii
of the four statements compared. lhe specie
reserve, however, has varied greatly. At the
statement of 1873 1t was Sl9,SOO0Oo, III
1874 it was S2l 200 900, last October it was
only 5000, 900, and it is now $25,2OO'OOo.
Coupling this with the statement OF bonds
held 10y the banks. it appears that an Increase
of reserve amounting tO S2i,OUO,OOO has been
placed in specie or bonds since last October,
the proportion of legal tenders to deposits re-
naming about the same.
The amount due from reserve AGENTS Is
somewhat smaller than it has been at tins
season of late years. In this item, Is all know
is indicated the magnitude of the chief danger
to our banking system. The banks OF the
country keep over $50 900, 600 on deposit in the
reserve cities, and the banks of the other re-
serve cities keep usually over 'S3Oooo,oOo Oh
deposit in Ncw-Iork, so that whatever re efveoi
cash is held 10y the Ncw-lorl, banks Is pracuraIIy
the ONLY considerable reserve in the country.
Ii is liable in any emergency to be drawn ont,
not only by the dcpostors here, but, at the
slightest alarm, by the two thousand banks all
over the country. The following gives the
amount due to other banks by those of the re-
serve cities, and duc to those OF TIE reserve
cities by those of NcwYOrk, with the totals,
at the dates named: