The Somerset press. [volume] (Somerset, Ohio) 1873-1977, 1878-11-28
Animal Report of the Controller of the
Currency.

The Controller of the Currency, in his
annual report, shows the total number of
banks and private bankers in the country,
6,546, with an aggregate capital of S675, 49,
900, and aggregate deposits of S1,919.954.-
00O During the past year, twenty-eight
banks have been organized, with an author
lied capital of S2,275, 900, to which 81 $685.
800 in circulating notes have been issued.
Fifteen banks failed within this period,
having an aggregate capital of $2,712, 800,
and forty-one banks, with a total capital of
S5,200,000, voluntarily discontinued busi-
ness.
The total amount of United States taxes
collected from the commencement of the
system to the present time is as follows:
On Z56
On capital. 5,929, ,4S0
Total ,033 554
OF United States bonds held by national
banks on November l, 1868, and deposited
with the Treasurer as security for their
circulating notes, nearly three-fourths bring
interest at the rate of six per cent. The
amount of this class of bonds has since
been gradually reduced until it is now
less than one fourth of all bonds held,
while nearly one-fourth of the whole amount
bears interest at the rate of four-and- one
half to four per cent. Only about one.
fifth of the entire issues of the
latter class of bonds is now
held by national banks. The Controller de.
| fends the national banking system at length
| and argues for it's continuance. He says the
| funding of six per cent. bonds into four PEI
cents has made rapid progress during the
last year, and the national banks have been
of great service to the government in this
process of refunding, by negotiating and
absorbing a very considerable part of the
new issues. Should the national bank system
| continue, there is no doubt that the
present rapid reduction in the bur
| den of interest will continue also. If the
national bank system is to be abolished
and an additional amount of United State.
| currency is to be issued, all hope of reduc
ing the rate of interest on the public deb
must be abandoned. $21 100000 yearly
may be saved to the government by fupdin.
the five and six per cent. bonds into
four per cents, while the amount which i
is claimed may be annually saved by the re
peal of the national banking act, ant
the issue of 320,000,000 of unconvertibl
Treasury notes, is $13, 100000 only. Will
the issue of this large amount OF govern
ment notes, the funding of the public deb
will be rendered impossible, for the pledg
of the government will then be violated
and it's credit permanently impaired. Whicl
is wiser course, to continue the work o
funding the debt, which has s.
successfully progressed during tn
present year, thus saving the create
amount of interest nahed, Will
adding to the credit of the country, or to q
tempt by repeal of the national bank act t
save the less amount, and at a loss as well c
reputation and credit? Is there not DANCE
that the attempts to remove any imaginar
evil may be followed by the introductio
of real and much greater evil? Success
in funding the nation debt through the c,
operation of 9, 900 of the principal monetar
institutions of the country may be assure,
but the effects of the issue of large amour
/ of irredeemable government currency ca
, not be foretold.
1t is pot probable that additional leg,
!, tender notes can be constitutionally issue
If, therefore, Treasury notes shall be sabst
< tuted for the present national bank notes,
3 is doubtful if they can be made legal te