Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1877-12-07
News by Telegraph.
EHOE WASHINGTON.

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40
AshiN'IuN' No'- 'o ihe annual re-
port Of the comptroller ol the currency ~
yoluminous and contains many valuable
,,bIos Tho ra,ort state. tho, rho 90. dosi,-
-, - - =.
hatlhs HAcu Jay i'i ie'unp''on II hot
without precedent. W hen legal tender
notes .hatl be redeemed in coin, the banks
49,. Ill J., -.,,,i-.d o., reJaer, i, con, ~
s'No viii W i'4u'i - - '''' VI
such notes Will then become com eeru-
fcates. 1t is shown that the average
STRENGTH or national hanks for the last eight
IL - =. g., -, d,,r;,,,
YEAR. i 'uiiS e4"A' ~ ''''' ,''nA
the perlOls OF suspension anu resumption
in former times, and if resumption takes
-. .,,,,,. ,,,, fxsa date ,.,;o,,I hankx
- r =.
Will NC cef'"ih d iIasiei VI PieoHu'i'n W
strengthen their reserves beyond the aver
oges piven IL cannot bs dcubtsd the ma
rionaI hanks will be prepared to redeem
,heir CIRCULATING notes at any date of re-
,-I,,,,inn bich NAV be fixad nrnn. Those
,,h,,i.a,, i Mill he imnns-ihle IN nrovide in
tba.aua nov lnr tb,ir danosits nrneeed unon
do s.-,,,,,,t;on that the hanks will he call
- - ~ nov deno.its il snecie This
- no, tr,e dnring any former neriod of
s'e,;a ,,arrr,o,t and il loss likely IN he trne
ID ,ba nationsI bankinp system than il
nnder arv nrevious system of banking
H., L,rk- - ~ aorntrv from thor 6-st
l.,,,ni,a,;o, haze in time of re-pmntion az
ra1I as ensnersion received from their
-, o,rropt b,nt no,es ord have naid
or tho samc The demand f,r snecip
.,n,,oror :, existcd ~ oI,,osr on,iraIv
~, ~ eveess nj cnrrrncv o- wan, of con.
G H., - institutions Which ,s-,ed II p.c-
- ,b-or,bnr, tho c,rrtry NOR krow What
20 Isc2 tl.av c,nId no. tnow FIR il
no ro, .ben trpe thar everv bank
80 ~ Nj bpvond ne-,drentura
~ If ,heir ,ot,s are not maid ar tho cnnn,-
or If Tho hanks which is.ned thqm. thew
,,.,,I no I'D a, tho treasury d.nartmant !,
I,.frJ money and that secnri,;es Mold
,horsc,r orc amnIv srririent for ,tat mr.
$50 Ma reaSnn tberolnra ayi.,s wbv rho
f'oo,Ie wbn have NOT dnring the lat
tonr,oor rcars Inst one dollar fbrnngb tbs
nsa of hank notes sbould decline IN receive
PAYMENT of their depo-Its IN such notes.
Their notes are not only guarar tecG. by the
Government but thew are received by il in
payment of taxes and all other dues except
duties on imports and are dI>burSed by 1t IN
payment OF all demands except interest on
The publice debt and in the redemption of
national bank notes. The national banks
hold eight hundred and eighty millions in
loans made to the people and each
bank is required to receive the notes issued
BY the lawfully organized national
banking association. There are, therefore.
eight hundred and eighty millions OF liabili-
ties of the people due the national banks, a
sum largely exceeding the whole amount of
the deposits. which may be paid in notes of
any or all national banks IN the country
There is no greater bug bear than the Oft re-
pcat,d cry that the treasury and banks
must supply specie for the payment Of two
hundred millions of deposits before resump-
| ton takes place All thought of demand
ing actual payment in specie will vanish as
soon a. resumption is assured Since the
suspension OF specie payment, business