The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1878-12-07
Report Of the Comptroller Of the
Currency.

The Comptroller of the Currency in his an
nual report shows the total number of bank,
and private bankers in the country to b,
sosS, with an aggregate e. eaP p az, o. s
ing the past year twenty eight banks have
been organized with an authorized capital o
.eCO. to which 81 .5ss 600 in circulating
within this period, having an aggregate cap
tai OF =, 1l2It o., and forty banks with q
total capital OF s 100 voluntarily dise0ntin
States taxes collected from the commence
ment of the system to the present time is q.
fellows: On circulation, $50, as, SIT; on depOs
Is 81. Of United States bonds held BY Ma.
tiOnal banks on November l, 1855, and depOs
tied with the Treasurer as security fol
their circulating notes, nearly three-fOurths
bore interest ut the rate of per cent
rhe amount of this class of bonds has since
been gradually reduced, until 1t is now les.
| than one.fOurth of all bonds held. while
| interest. One fifth OF the entire issues of the
after class of bonds is not held by National
banks.
The Comptroller defends the National bank
ing system at length; argues for its cOntin
dance, and says the fund ng OF per cent.
bonds into per cent. bonds mas made rapid
progress during the past year, and National
| banks have been of great service to the Gov
eminent in the process of refnnding. by ne
yotiating and absorbing very considerable
part Of new issues. Should the national sys
ent rapid reduction in the burden of interest
will continue also. II the National bank bust.
ness is to he abolished, and an additional
amount of United States notes is to be issued,
the public debt must be abandoned. Twenty
one mil ions of dollars yearly may be saved to
the Government by funding and per cent.
which 1t is claimed may be annually saved by
the repeal of the National bank act and issue
Of go OOO co. of inc0nvertible Treasury notes
~s.rI
amount of notes, the funding of the public
debt will be rendered impossible, for the
pledge of the Government will then be vfo-
lated and its credit permanently injured.
Which il the wisest course, to continue the
work of funding the debt, which has so sue
cessfully progressed during the present year,
thus saving the greater amount Of interest
named while adding to the credit of the coun
try, or to the attempt, by the repeal of the
National bank act, ~ save the less amount,
and at q loss as well OF reputation and credit:
any imaginary evil may be followed by the
introduction of q real and much greater evil?
Success In funding the national debt through
the CO. operation of s.ooo OF the principal
assured, but the effect of the issue Of large
amount OF irredeemable Government cur.
rehcy can not be fOretOld.
tender notes can be c0nstfiutiOnally issued
II, therefore. Treasury notes shall be substi.
tuted for the present National bank notes 1t
der in payment 81 all al debts Two Kinds Of
Treasury notes will then be in circulation,
one of which will be full legal tender and
as is now the case with their own notes, the
full legal tender notes will be of greater val
ne than other class, unless they are both
in ESa ::
the proposed substitution Is imprac.
ticable; and that the repeal Of
the National bank act viii result
but In the restoration OF State systems SINH
lar to those which were previously in opera
ton. In regard to resumption, the Comp
the restoration Of the specie standard. and
the legislation needed is that which will not
overthrow, but cooperate with the present
country in sccompiishing this result. When
this is done the present leasing system; Il
that might be desirable, may be modified
commercial interests of this great nation.
Then follows table, showing that the
amount of reserve held ON the LIST OF October
last was greater than thst required by law.
coin, which is equal TO more than 10 per cent
Of the entire issue Of legal tender notes, and
Is a. available for their redemption, while the
asd ass Se shs
country cooperate with tho Treasury. It fs
impossible that resumption shall fail, but
even 4 the So-opsr.ssion n. 'hoT mid. not
BE portion q ieeal.tender notes be
exchanged for coin &C the Treasury and with
and can be forced into circulation 70 supply
the requirements Of business and I'LL the gap.
The coin will soon thereafter 10 returned 20
IN O. n
exchange for greenback coin certificates,
which Will be morr generally acceptable 70
Re- <nf Ron inf