Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1878-11-27
FINANCE.

per.
The comptroller of currency sub.
mitted his annual report on the Goth
inst. From this report it appears
that the total number of banks
and private bankers in the country at
6,45S, with an aggregate capital Of
$675,776,0 900, and an aggregate of de-
posts Of $1,Sl9,954,OOO. During the
past year twenty-eight banks have been
organized, with an authorized capital Of
1915, 900, to which 81, sos, 800 in circu-
lating notes have been issued. Fifteen
banks failed within this period, having
an aggregate capital of $2,712, 500; and
Al banks with total capital of $780,
600, voluntarily discontinued.
Total amount of U. S. taxes collected
from the commencement of the system
to the present time Is as follows:
On circulation. ................ $40, 7,5, ST.
IN deposits .,............ Az, ~, 30
on capital. ., e29, 4sO
Total ACKNOWLEDGEMENTS $50, Oss, $50
OF U. S. bonds held by national
banks, on Nov. l, 1868, and deposited
with the treasurer as security for their
circulating notes, nearly three-quarters
bore interest at the rate of per cent.
The amount of this class of bonds has
since been gradually reduced until it is
now less than one-fourth Of all the
bonds held, while nearly one-fourth of
the whole amount bears interest of a
and per cent. Only about 1.5 of the
entire issue of the latter class Of bonds
is now held by national banks.
The comptroller defends the national
banking system and at length argues
for its continuance, anu says the fund
ing of six per cent. bonds into per
cents. has made rapid progress during
the last year; and national banks have
been of great service to the govern
ment in this process of refunding by
negotiating and absorbing a very con-
siderable part Of the new issues. Should
the national system continue, there is
no doubt that the present rapid reduc-
ton in the bonded debt will continue
also. If the National bank system is
to be abolished, and an additional
amount of United States notes is to be
issued, all hope of reducing the
lUtC Va lIlICiCSt ol IlIC puDllC ucDU
must be abandoned. Twenty
one millions of dollars, yearly, may be
saved to the government by funding
the 5 and 6 per cent. bonds into per
cents, while the amounts which it is
claimed may be annually saved by the
repeal Of the national bank act, and
the issue of $50 millions of uncontro-
vertible treasury notes is $13,000,OO0
only. With. an issue of this large amount
of government notes, the funding of
the public debt will be rendered i'm
possible, for the pledge Of the govern
ment will then be violated, and its
credit permanently injured. Which is
the wiser course, to continue the work
of funding the debt, which has so
successfully progressed during the pres
ent year. thus saving the greater
amount of interest named. while add
ing to the credit Of the country, CT by
tie repeal of the national banking act
to save the less amount and a. loss as
we'll of the reputation and credit? Is
there not danger that the attempts to
remove an imaginary evil may be fol-
lowed by the introduction of real and
much greater evil? Success in funding
the national debt, through the cooper
alton of 1900 of the principal moneta-
ry institutions of the country may be
secured, but the effect OF the issue Of a
large amount of irredeemable govern
ment currency canno. be foretold. 1t
is not probable that additional legal
tender notes can be constantly issued.
If the treasury notes shall be substi-
tuted for the present national bank
notes, it is doubtful if they car be made
legal tender in payment of all debts,
Two kinds Of treasury notes will then
be in circulation, one Of which will be a
full legal tender, and the other, notes
between national banks, as is now the