The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-12-06

IL Is respectfully sur mtltCt IN u tue coin y y
ment TO which the faith ~ the tion was
pledged In 1859 gold and not silver, and
that any other view 81 IT, wnatev + technlcd
construction the language may De SUBSCRIPTIONS
Of, would be regarded a. IT. dguitinl good faith,
nnd rs probable effect prcJhdietal to the pubic
ISSUE or SILVER com.
Immedliiely uron the passage Of the act of
April II, 1876 the department. through ts seve-
raj indepe nIent- treasury Offices heR IN 10 issue
in redemption OF tue nt.taudtns fractional cur
rency, lie suOsidilrv silver which hal been
coined under the autro ity " the RESUMPTION
at OF Jan "A. 1875. To iurtner relieve the press
.crt demand throu shuut the coun ~ for money
p, small denomin .tiOn' the silver com IN the
Treasury, previous to til. passage OF the act
above mentioned, was also issued ~ payment Oi
currency obligations " tie Gnyernment
Under the authority fet the issue Of silver coin
granted 10y the act OF Julv -. 1870 Tue uepatt,
menL in addition to redeeming iiactonal
currency, whenever presented Tor that put-
pose has also issued silver coin IN ex mango
Tor legal. tender notes ~ rapidly as tue coinage
at the minis would permit ,...,,..,..,,..
From the Il ,te FIRST mentioned 10 ana lnclunlng
coin, as above stated. $@,J99,7l2l6, Of when
amount there has peen issued Tor ttcuonal cur
renoy redeemed and dc-tro,ei tl2 O532b9 81.
The demand for silver coin tor circulation,
though growing less urgent. sull continues FUZZY
equal TO the capdciiy Of the ntnts to supply 1t.
Until THIS demand snail haye ceased, the coinage
tho limit authorized by law.
Owins to the exhaustion OF the appropriation
for TRANSPORTATION Ut United : .ates notes and
securities, tue eXptcss charges on legal tender
and fractional notes sentt to thl, department for
been paid Uy the Government since the lst of
March last. In consequences the redemption OF
such notes has greatly decreased, and the paper
currency OF the Government Is rapidly becoming
bcent to meet tue payment Of such express
charges Is earnestly recommended.
THE NArIONAL BANKS.
The report OF the Comptroller Of the Currency
contain fun statistics ui tue reserves taxation,
dividends. earnings. and lOsset 81 the national
banks, together with summary Of their re-.
sources and iiabihiies fHr each YEAR since tho
Il appears that up l. or. , If the present year
s.3i2 oat X IN all hal uern orsanzed. Oi wni h
2oo7 were IN olera,ion at that dotc. the returns
of these Uanksshgw ~ - tney thea hal az ssere-
gate can't 1 Of $499 sC2 30; surplus II tl3a.2R-
vdual deposits. S05l,5sj go; Io.ns. se.;,5,4e51;
specie Uncluoins e. iu cerIlc ites), s2l.abJ.iOi
legai-tender notes uncludi. United states Ger
thcates OF deposiu. Sli3iso.si7; reuemp,ion
fund with the United States treasurer. sl6,Ii3Ce5.
The act of June ~. ls,i, authpuZsd national
banks which desired To withdraw their clrcu-
lating notes IN whole or IN part. TO d.. pO-ie law
ful money win tie treasurer Of the United
States In sums Of not les to IA 5000 aud to
withdraw proportional amount Of The bonds
pledged ~ security fnr their notes. Ina act OF
Jan. II, ls,s, rep. aicd all provisions OF la~ iimt
Ing the aaarsgate amouht - national bank .ir-
OF the Treasury 10 retire ieal.-teudcr notes to
the extent OF eighty Der cent Of the sum q ma
tiona bank notes thor after is-ued, until the
amount OF leg l-ten 4er notes outstanding
should be reduced To- sNo.. 100. Since the
passage of the former ari. Sj..stjjO OF legal
tenuer notes have been ucpo-ited In the Treas
and s:I7 .is2isa of tanA notes nave been rs-
deemed aud DESTROYED. TIE whole mount Of
additional Circulating i-sqsa since ,ns pa.sass
Of the latter act Is Sls"Sl1si and letal-tendsr
4,sei. have been retired, leaving The amount Of
legal-tender notes out standing on November !,
1876. S-ib,.SSlslI. The amount ~ lesll-tcnder
notes on doppst with the Treasurer on Noycm-
was $2unlO.pi6. The amount of national bank
notes In circulation ON November was -; M
W less than on June "a. ls'i and that of legal
tender notes was siiiGl-Sl les than on Janu-
AIRY IL, ISIS, the total decrease 81 legal-tender
notes and national hank notc-. under the opera
a hos moi hahn a
The CemptrOier. considering the present year
especially appropriate Tor that purpose. dcyotes
considerable portion ~ ms reg ori To review
OF the banking systems uudcr whith circulating
notes were is sued otesi5ns 10 tnc oieanizAtion
OF the national banking stem. and 10 the pro-
sentation. IN concise AMI Convenient form, OF
the statistics OF the too Banks OF the United
States and Uf the former state banks u the
country 80 far - they could be oh aimed from
oniciai and OTHER rs'ayle sonrces.
Mr. Galiti in leil, give toe cApit IL circulation.
aepos,,s ana sptcie 81 'ns ,anhs 2t the com
States, for the Nes. ISL. 1915, 1916 $50 and
is%s; al.o' siniior in,,'nAtion - t. tne st-te
since tue organization II the system.
GROWTH OF BANNING.
The Compi roller al-o presents, 10y geographical
divsions. the capital and deposits 9i the state
banks, private bankers and ~a,iugs banks Of the
country. which have been compiled from re.
turns made 10 N Commissioner 81 internal
Revenue. daring the present. year for purposes
The +, hlc- exhibit the growth ~ banking in
this country since 1911. and show the total bank
capital. AZ he present lime. t. be not loss than
y72O,0p."sl and the total bank deposits 10 he not
Tue amount ~ additi nal circll'tlon issued
from II, II ls,5, q y y. l. ls'i. "-a slla~id75.
], 1879. was a. w ASH m king ,o,ai from Jan.
IA, 1875. To- Nov. l. 1870 lone year aud nine ami a
half mOuiASl, Of Sls,uSJ,3J5. OF tbs amount
x73l3,2ll WIS issued To one hundred nd TWEEN
~ nve ban 3 orl.nizei Juiia- q ~ period. vi
Ing circulation, lnlouuiinl 10 5000, lU5, was
Issued g. banks previously wtanlzei. The
amount " leehl-tender notes retiI 80 under ine
operation OF the ACT 81 Jan. H. 1870 WAS ala
48f2st me net decrease in Tie ampu ni ~ Ia l.
tional bank note- from JHAe ~ 1874, 10 Nov. |,
1875, was s2Llio,ibl; and the amuun-on deposit
with the Treasurer ior ths pune gi re,iring
The large reduction Ia bank rlrcul Nion may be
attributed 10 a. desire 20 realize ne premium
upon The bonds at their present high value in
the market. the margin between the circulation
and the bonds being carried To- lf9ht account,
or Tor rharens N io.-,. or paving diyidends
Ifthe marK-t lue ui United states bonds
that tue amount II Aiditiohal cir,ula ion to DO
issued ffOm Nov. |, l,,G. To 40. l. 1873 CWu
years aud Two months). would exceed SlsOW,-
boz. II. however, there should be a material de-
cline IN the value OF bonds, II Is t. he presumed
that n considerable amount thereof would be
redepusited " tue o'nh. VIM = nave Wi,hdrawn
ponds amounting to sos lo2sD since June 20,
1874. The uroht on cir 'ulati"n Oe. ends upon
the price phd for the nonds and upon the rate
OF interest. II the business OF the country
shouli r give. or the value - bonds decline,
the amount u cireulAtion must DO largely In,
creased. Ine prpiit ON circulation 10 estimated
At ABOUT two aDd agu6Itrr per cent. Ia local.
ties where the rate Of interest is seven per cent,
tue value IL clreGi ion is acnIt ,wo and hr n
profit Is ahout one aud half per cent. AZ the
present valuation Of the bonds.
COINAGE.
The deposits 81 gold M the m ints and assay
oiiices amount To shiicO210j0; silver deposits
aud purchases. $2o5lj5Dc.,g. iotti amount Il
bullion received aud oteraied upun, 80 '9o,yj@J
Deducting redcposits Of oars mhCe and issued
Ssnns, xeIeo s4l "a 2.5 -; s,ysr. ~
~ MAXI IgI 4 al