The New Orleans daily Democrat., 1878-11-25
EONTROLLER'S REPORT.
SOME FINANCIAL FIGURES OF GEN
ERAL INTEREST.
Tine Amount Uf Coin I'm the country asaw
the Paper CfrcuEatiom-EHow fRae Cassa
81. Is DHstFHsuted-The Redemption OH tae
~ Notes of Broken Banks


UAsurNeror Nov 2A.--The annual report OF
ahe Controller of the Currency the latter pertIon
ri which hes Just been issued contains the fol-
aoEInR EFoBsnges enya at the Clearing House in New
ssYark city for the year ending October 7, 1878,
were nearly 5000 900, aud the balances paid
& III, money we're about $3.50, 00B. The average
daily exchanges we're ABOUT sos 200, 900 and the tbs
average daily balances paid In money 90, 100 600,
or only 40 per cent of the amount Of settlement
A# Thehelief is very generally enterta1 ned that
d considerable portion Of the circ1 1lating notes
4 of the Exchange National Bank will ultimately
be lost or destroyed. and will therefore never be
presented for redemption. 1t is also frequently
benefit 81, the bank. Neither supposition il Is
sauires that ali national banks Yhich GO int2
gvoluntary liquida'ion. shali within six months
Ct OF iawul money eqaai to The amount Of their
i circulating notes outstandlng., s.,,
The law also provides that full mproyiislon m yisn7,
shall be made for the redemption Of the clfcu"
& latng notes of all insolvent banks before alvl-
tends shall be made to the creditors OF such
ThGf It W Re m sfea as nf ou
! first providing for the payment OF is clrcu
lating notes, and the amount deposited must
remain In the treasury till the last note out"
standing shall haye been presented. It is plain,
therefore. that the government and NOT me
bank receivers are benefiting from lost or un-
1 The greatest amount of circulation issued to
io7 State banks Ia twelve States was s1s.51i stG t
proportion of unredeemed notes is q per cent,
i. It Is probable that under a more complete ma
! tional system of redemption the proportion g 9t
national bank notes redeemed Will be much
greater than that Of the national bank notes
i under old systems.
i fifteen national banks, which failed preylou! to
1870, was ST 554 400 al d the amount outstanding
on November /, 1878, was 81 344o $50; the propor-
/. tion of notes remaining unredeemed being
only OsG per cent of the amount issued. The
total amount Issued to twenty three national
banks which failed previous to the year 1873,
8xTna outstanding
n ltovember l., 1878 was s57 ,074; the proporton OF
gnotes remaining UNI edee,med being but ITS per
Bent of the amount Issued.
On October |. 1873 The aggregate specie held
Y by the banks was s90,fs7 BOG of which the New
York city banks held 1924 COZ and other ma
tiona banks s1,7ss924; Until June %; 1873, the
amount of specie held by banks In New York
city exceeded that of all other national banks at
that date the former holding sl7,66o,2 2o5 and the
] The amount of silver coin held by national
hanks on October /, 1878, was s5387 1885,,
4 anks ia the New England States, in New York
5ew Jersey, Peqnsylyania, Maryland Loqisi. Isl
Ohio and w s2s as Is sh9wn a q 9
I le ba nks in New York city held s2,629,sa9. In
D 10 returns from California the amount of coin
a not given separately. In New York at tn the
a rom estimates made by the director OF the mint,
Il ho1wing, that the probable value of coli coin and
4 1856 1858. of which $50 1876, COB was silver. As
uming this estimate to have been substantially
81 orrect, the movement OF coin ana pulllon 1or
\ he year ending june 80, 1873, and the amount
a b the country at the latter date is, shown from
4 urther estimates Of the Director of the Mint to
Y ave been as follows: Estimated amount of
"A DIN and bullion in the country June 80.
u 877. 242s55,858 estimated product OF mines
N Or the year. s99.0oooO importations
"a Or the year, s2a s21 314; total 1871 1872 De-
"a luct exportations s11 ,697 .555: amount used in
3 as. Total estimated amount Of coin and bull
"a ion in the country June 80 1878, 1924 49, 40
"a )f this amount s244 959 1863 was in gold coin and
bullion and $88 09o 557 in silver coin and bullion
"A The increase for the fiscal year was $50; ;58S oS'
" If which SOL 633 100 was in gold coin and bullion
s$h Ind s37 q54 929 In silver coin and bullion.
81 The director estimates the amount Of gold
sZ DIN and bullion in the country on September
@ o. 1878 at about $3.50 1853 800 and of silver coin
VI md bullion at about s9o, ,09o557, making @ total
4E If S35S, 43.047.
"a Amount of national bAnk and legal tender
8# Totes outstanding on November |. 1S78-TotaI
"a Aational bank notes $3l9 G52 121; legal tender,
$% ept tpiu al