The New York herald., 1876-12-06

above stated s22 0oS ~ of which amount there
been issued Tor fractional currency redeemed and
destroyed. ST., ,e53 $50
The demand Tor silver coin for circulation though
growing less urgent st continues July equal 10 the
capacity Of the minis 70 supply H. unti this de-
as rapidly as practicable 10 the limit authorized by
Law.
CURRENCY REDEMPTION.
Owing to the exhaustion oil the appropriation Tor
transportation OF United States notes and securities,
the express charges legal tender and fractional
notes sent to this for ptior aud the
rcIurns therefor, have not been paid by tho govern
men since the ls Of March last In consequence the
redemption OF such notes has greatly decreased and
coming unit Tor circulation An appropriation suit
cent 20 meet the payment OF such express charges is
earnestly recommended
THE NATIONAL DASKa
The report OF the Comptroller of tho Currency Is re-
ferred 70 as containing full statistics OF the reserves
taxsion dividends earnings and losses OF the national
banks together with summary OF their resources and
liabilities Tor each year since the system went into
operation From this report appears that up 10 DC
tober OF the present year 3s2 banks all had been
organized OF which 2.0S7 in operation at that
date The Of these banks show that they then
had an aggregate capital Of xl99 s0o 232 surplus OF
$l32 2J2 2s2 circulation outstanding SOL 5i4 020 In
divdua deposits St5l 3s5, 30; loans, $927.549'9
specie ncludhg coin certincatcsl $2l 800 767 legal
tender notes unclndng United States certificates OF
deposiu. sll3s2o,si'; resumption iund with the
United States Treasurer, SIG sl3,J95.
The act Of June 20 1874 authorized national lbanKs
which desired to withdraw their circulating notes. In
whole or IN puFt 10 deposit lawful money with the
Treasurer OF United States in OF not less than
$4,000, and 10 withdraw proportional amount
OF The bonds pledged as security for their
Visions OF law limlting the aggregate amount OF
national bank circulation, and made II the duty OF the
Secretary OF the Treasury TO retire legal tender notes
the of eighty per OF the sum OF national
bank notes thereafter issued until the amount Of legal
lender aoo notes outstanding should be reduced to
ac., So, s53 500 or legal tendor notes have bson
deposited the Treasury Tor the purpose
notes have been redeemed and destroyed. The whole
amount OF additional circulation issued since the pas
sage OF the latter act Is $S 1885, and legal tender
cqua! 10 cihty per cont thereof or $l !6i 2Sl
have been retired leaving tho amount OF legal tender
notes outstanding on November l. 1876 1861 535 1l6
The oi loyal tender notes deposit with the
Treasurer November Tor the purpose Of retiring
circulation was s2oyl0.9i6. The amount OF national
bank notes in circulation November l
SD lI3 464 less than Juno 90 1874. and that OF
legal tender notes S4 46I Isl less than January
H. 1876 the total decrease OF legal sonder notes and
national bank notes. undcr the operation VI these acts
being $43, Coz, IiS
These tables exhibit the growth OF banking In this
country since 1871 aud SHOW Tho total bank capital,
a. the present tme to bc not less than 3720 900 00O,
and the total bank deposits to be not less than
Tho amount OF additional circulation issued from
January IA. 1875, 10 November !, 1875, was
$l0.9S667a. Tho amount issued during tue
tho year ending November l. 1875. was $7.osa, ,0s0;
making total from January IA, 1875, 10 November l.
1916 ,ono- year and n'no and half monthsh Of
SIS 0S0355 uf this amount 81, ,3l3 2l0 was issued 10
gate capital of sl4 900 Tho remaining clrculston
smounns to $40 S1 los was issued . ed 70 banks n,s pre-
retired under the operation OF the act Of January H.
1875. SlA 2s4 Tho net decrease in the amount
oi national tank from June 20, 1874 10 Novem
Der 1, 1875, so. l43, ,464 and the amount de-
post with the Treasurer Tor the purpose OF retiring
large reduction in bank circulation may be attributed
to desire TO realize tho premium upon tho
bonds at their present high value IN the
market, the margin between tho circulation aud tho
bonds being carried 10 pron account and used either
in loans other or for charging OF losses
or paying dividends II the market vnluo of United
States bonds should remain unchanged " is not prob
able that tho amount oil additional circulation TO bo
issued from November l. 1876 10 January l. 1879 two
years ard Two monthsL would exceed SIS, ZOO, 900.
H. however, thcre should be material decline In tho
valuc OF bonds II Is 10 be presumed that
tied by tho banks which have withdrawn bonds
amounting to $65, ,I02 800 snce Juno 20, 1874 The
lie bonds ana upon the ratio of interest ir he bust
ness OF the country should revive or the value OF
bonds decline the amount OF circulation must Go
largely Increased. The profit on circulation ID est
mated ut about two and quarter per cent In localities
where the OF interest seven cent tho vauc Of
circulation is about Two and halt cent; where the
ratio is ten per the profit s about ono and halt
per cent, At tho present valuation Of the honda
The deposits Of gold al tho mnts and assay ofnccs
amount TO So, ,lSo 30; silver deposits and purchases
s2s5l5, 702. Total amount OF bullion received aud
bars made and issued by ono institution and depostcd
at another, tho deposits wcre:-Gold, Sal. .0l3 2S5
The total cold coinage was sss17s pS2 Total silver
coinage $40 502. OF which So 1872 $50 OF trade
dollars. The minor coinage amounted to $500 SSa rho
total number Of pieces struck was 81 l0l 40S Total
value Of coinage, $57.565,Sla
DUTIES on IMPORTS
receipts from customs for the year end ny June
60 1876 $751; lg7 1872 and at the corresponding
date OF 1876 they were SI4S 07l, ,9s4 a docllnc Of
The receipts - 10r tas 1ss rs; quartz, Of The
responding period Of last year they werc $ 626
showing decrease Of SCOTS, SOL
srl.. a.
receipts were s2 247 and for the samo months of
last year were $23. $50, 800
About threc-fourths OF the from customs is
collected at the port OF New York. aud tho htgat,on
arising therefrom has crowded The dockets OF the
courts the southern district Of that Slaie that grcat
delay in the decision Of tariff questions has unavuid-
ably arisen. Suits arc brought tor tho reversal OF do
cisions OF the department, pending which importers
subjected the pay yment Under protest. Of dutIes
which, after yeurs oi litigation, may appear 10 have
been wrongfully assessed In this way SUITS arc
multiplied and trade Is subjected 70 uncertainties
and losses which speedy final decision might
obviate Two methods Ct obviatlng such de-
lays suggested. The nrst is tho organization o
the Chamber Of Commerce oi New York, with or with
out the power TO render final Judgment might DO
thought best The second IL the establishment vi
revenue court In the southern district of New YORK,
exclusively or the trial OF customs revenue anal
ogcus 10 tho Court OF Exchequer III England, which
originally had only Jurisdiction oil cases arising In con-
ncction with tho Kings revenue Under eiincr sys-
tenn tho highest expert SKILL both in law and fact
might be secured for tho speedy determination oil .
peculiarly embarrassing class Of Irrigated cases.
There rs reason 10 believe that tho has sui
Tered great loss by excessive allowances for damages
to imported merchandise occurring on tho voyage,
which allowances are made under section 2,v27 Of
tho Revised Statues. Fraud on the revenue by tho
coiiusion Of dishonest subordinatcs tho Custom
House easily be pracsed under this system, but
even honest officers liable to be deceived through
inadvcrtence and the intrinsic difficulty oi estimating
the alleged damage BY any practicable examination.
The fact that many importers seriously object to hxv.
ing mercnandisc on which such allowance has been
made marked ''damagcd" somewhat sug-
keSt1vc. Incfc seems good reason
why damage OF this charastcr should not
be made tho subject OF Insurance, well
other risks which readily assumed by underwriters
III X. NO l,7l2) TO simplify The Epprasement Of
goods. wares, anu merchandise imported into tho
United States and subject to ad valorcm duties" Tho
questions arising under the PROVISIONS of tho statute
relating TO Charges aud COMMISSIONS have been and
must over be numerous and difficult, and u IS certainly