The New York herald., 1878-11-21
Report OF the Comptroller OF the
Currency.

Currency.
The annual report Of the Comptroller of
the Currency is mainly devoted to an
elaborate treatise on the national banking
system and defence, or, more properly
speaking, yindication, of the national
banks from the objections sometimes urged
against them. 1t is sought to be shown that
the alleged special privileges and heavy
profits of the national banks are purely
imaginary, and that their capital stock
instead of being largely in the hands
Of capitalists is well divided among
the people for small investments,
statistical information gathered two years
ago showing that the average amount Of
national bank stock held by the share
holders was then only trife over three
thousand dollars. The total number Of pri-
vate bankers and banking institutions in
the United States other than national banks
for the six months ending May 81 last, rs
shown by the semi-annual returns
made to the Commissioner Of Internal
Revenue, was 4,4OO, with s2O5 $50, 900 of
capital and $1,242, 100000 of deposits.
On June 80 1878, there We're 2,056 national
banks in opera ion, with capital OF
s470, 100000 not inc uding surplus, or
greatly more than double the capital of the
private banks. The surplus Of the national
banks amounted in addition to more than
s11S,O0O,C00, while their deposits were at
the date named S677, 10000. Savings
banks, 668 in number, having no capital
stock, held a. the same period SSQ1, ,290, 600
Of deposits so that the total deposits in all
banks and banking institutions in June last
averaged over $2,723, 23O, 600. During the
past year twenty-eight national banks have
been organized, having an authorized capi-
tai of So 775, 900 and 81, $685. 800 of circulating
notes. Fifteen banks havssailed and forty
one have discontinued during the year.
Withdrawing capital to the amount of
1912, 600. The amount Of surplus held by
the national banks on June of the present
year was S11s, 17S 900. which was decrease
of So, 389, 900 since December 81, 1877. The
maximum surplus was reached in june
1875, when the total was S133, 169, 900, and
there has been n steady decrease since,
amounting in the aggregate up to June last
to about SIS, 5,OO0 900. :.
The sound policy Of continuing the pro-
cess of refunding the national debt is
strongly urged in the report, and it is
argued that the abolishment of the ma
tional bank system would end all hope Of
reducing the rate OF interest on the public
debt by depriving the government of the
co-operation Of two thousand of the princi-
pal monetary institutions of the country.
The report has strong confidence in the
practicability of resumption at the time
fixed by Congress and shows that the banks
are in condition to cooperate with the
government to that end, with advantage to
themselves and to the business interests
of the whole country. That the banks are
well prepared to redeem their circulating
notes in legal tender notes in accordance
with law is shown by their condition on
October l. The amount Of legal tender
funds held by the banks in New York
city at that date was $50, $40. 900. The
total cash reserve of all the national
banks was then s142, Abs. The amount
of coin now held by the Treasury Depart
ment is $50, 600, 600, and the total amount
Of coin and bullion in the country is esti-
mated at more than 1858, 000, 900. s'This
amount" says the Comptroller, "is con-
stantly increasing, and is to-day solid basis
for circulation. Congress has fixed the day
for the restoration of the specie standard,
and the legislation needed is that which will
not overthrow, but cooperate with, the
present well managed monetary institutions
Of the country in accomplishing this result.
When this is done the present banking sys-
TEN, if then thought desinble, may be
modified without danger to the credit or
the business and commercial interests of
this great nation"