New-York tribune., 1876-07-11
NETWORK DAILY TRIBUNE, TUESDAY, JULY H. 1876.

rather to temporary arrangements thah 10 any
general Improvement i'll the demand Tor capi-
tai In all the items except specie, the STATE
mcnt is much below that OF the corresponding
week last year. the store OF specie Is larger
by $G.713,3 500, but the legal tenders are less
by S17,2SO,0OO the loans by $25,213,5OO,
and the deposits by $2G,70l, 100; and there
has also been a decrease Of $3,2ol 200 during
the year in the circulation OF the New ork
banks. From these figures it is eyi 'ent That
the legal-tendcr reserve is unusually low Tor
this season.
Whether there is or is not any ground for
apprehension in this fact, it cannot be claimed
that the low lcgal-tendcr reserve Is an EVIL
dcncc of health. a portion OF the banks take
occasion at this season TO accumulate large re-
serves, which sustain them during the pressure
incident to Fall operations. Unfortunately,
some are satisfied to hold large sums Ill coin
certificates. More prudenty III view or the
fact that the tendency of Fall operations Is to
draw heavily upon the only large reserve OF
cgal tenders III the country, Others strengthen
themselves in that particular. According To
the statement of Saturday, eleven banks hold
in legal tenders over 80 per cent OF tier de-
posits namely, the Fulton, Chemical, Gaia
tin National, American Exchange, Com
mcrce, Pacific, Manufacturers ana Mer-
chants Ninth National, Ncw-lorii Exchange
Tenth National, and Dry Goods. These
hold in the aggregate reserves oi
&II.545, 500 III legal tenders, and $3,"4t,-
900 in specie, against deposits OF S42, 4Oo'
At the opposite extreme are found elght bahA5
which hold less than 20 per cent III legal
tenders, but more than 20 per cent IN all, ana
ci,yht others which hold both III legal tenders
and spccjc less than the legal requirement.
The New-York, Manhattan, Union, Trades
mems. Leather, Mechanics Banking Associa-
zion, First National, and German American
each hold more than the legal reserve but less
than 20 per cent III legal tenders, ana THESE
eight banks. with S3l l,72S,lOO In deposits,
hold only $i,S13,6OO in legal tenders, and
S6O3S, 400 III specie. Here the lcgai-tcndeF
reserve is only 10 per cent. But elght Others
hold less than 20 per cent III all. vi
these the Park and Fourth Nationa'
hold considerable specie reserves; the
Greenwich, North America, Nassau, Market,
Oriental, and Broadway hold liItie specie ana
deficient reserves in legal tender These eight
banks have in the aggregate S39,324,SOO Ill
deposits, and only 95,465,O00 in legal tenders
about l3 per cent. Deducting the Fourth
National, winch holds II per cent in legal
tenders, the others have S2G272,6OO in de-
poSits and only 50, i0l 800 III legal tenders.
The Park, with only Z per cent III legal
tenders, holds over - per cont in specie, Dht
the six banks remaining have Sll ,3G6,lOO IN
dcposits, only $2,l6J, 900 i'll legal tenders, ana
only 1910, 500 in sVecc. Ii will not be sur
prisin. if, ut a time not far distant, some OF
these banks have to I've nUrsed by other lnsu-
utions more rcgarlful Of their duty to de-
pOsitors.
The July statement Of the Controller shows
that since June / there has been Il decrease
of 81. .igG,ljl in legal tenders on deposit with
the Treasurer, the amount deposited having
been by that sum less than the amount or
National bank notes retired during the month
-%i,1j3,9Gi. Since January, 1910, The bank
circulation has decreased S20,9G2,304 Dur
inc tho same time, $26,9O9,332 in legal
tenders have been deposited for retirement OF
bank notes not yet redeemed, and Sl2,22' -
ZIG in legal tenders have been retired mus
the practical decrease in currency in actual
| Use has been 500. .OJ9, ,352-a Fact which may
be commended to the attention OF those di'-
honest dcmagogues who assert that the act ol
January last has been q hindegance to rcsump-
ton, and that 1t should be repealed.
The tendency of Government securities has
/ been toward higher prices, and closing quota
tons in June for new iiycs were within an
cirhth OF the highest ever reached. In view
! of the steady improvement thus far tins year
| in the credit of the Government and in the
market for its securities it is mach to b. re-
| GREETED that Congress has refused thus lar 70
adopt the legislation proposed, by which
the funding cf the debt might have been
continued on advantageous terms. The
steady reduction OF the debt, iii spite OF
| great commercial depression, and at a
time when all European nations are increas-
! lug rather than diminishing Indebtedness, the
retirement of part of the fractional currency,
! the contraction of the lcgil-tcnder and bank
| issues, and the defeat of many attempts to re-
/ peal the Resumption act, have done much to
! improve the credit OF the Government il
! would bc an act of wanton folly now to impair
that credit by repeal Of that pledge Of the
| public faHh.
UOV TO GO TO THE ENUlBiVON