The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1878-11-21
WASHINGTON.

WASHINGTON. Nov, 20,-The comp
troiler of the currency, in his annual re-
port shows the total number of banks and
private bankers in the country to be 6,55S,
with an aggregate capital of $675, ,776, 900,
and aggregate deposits of $l,9l9, 954, 900
During the past year twenty-eight banks
have been organized with an authorized
capital of $2,775, 600, to which $l,59S, 800
in circulation notes have been issued.
Fifteen banks failed within this period,
having an aggregate capital Of $2,7l2, 500,
and forty banks with total capital of
S., 100000 voluntarily discontinued bust
ness. The total amount of United States
taxes collected from the commencement of
the system to the present time is as fol-
lows: On circulation, $39,775,Sl7; on
deposits, $40,32S 256; on capital, SIS, ,929,-
4S0; total, $50, ,554, Of United States
bonds held By national banks on Nov. l,
1868, and deposited with the treasurer as
security for their circulating notes, nearly
three-fnurths bore interest at the rate of
per cent These have been gradually re-
duced until it is now less than oue-fourth
Of all the bonds held, while nearly one
! fourth Of tie whole amount bears interest
at the rate of d and 4 per cent The
national banks have been of great service
| to the government in the process of re-
| funding bonds by negotiating and absorb
| ing very considerable part ol new issues,
Should the national system continue there
| is no doubt that the present rapid reduc-
| tien In the burden OF interest 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 rate of interest on
the public debt must be abandoned.
Twenty-one million dollars yearly may be
saved to the government by funding the
five and six per cent. bonds with four per
cents, while the amounts which it is
claimed may be annually saved by the
Irepeal of the national bank act and the
issue of $320,000. 600 OF uuconVertible
treasury notes is $I3,O00,000 only. With
the issue of this large amount of govern.
ment notes, the funding of the public debt
will be rendered impossible, for the pledge
!, of the government will then be violated
In regard to resumption the Comptrol
ler says: Congress has fixed day for The
restoration of the specie standard and the
legislation needed is that which will not
overthrow but cooperate with the presen
we'll managed monetary institutions of tn,
, country in accomplishing this result. WheI
f this is done the present banking system, i
, then thought desirable, may be modified
without danger to creditor or business anC
commercial interests of this great nation
= If therefore the banks Of the country CO
operate with the Treasury, it is impossibl
a that.resumption shall fail, but even if th,
4 corporation should mot be universal j
could not effect the ultimate result, for i
: any considerable portion of legal-tendel
notes be exchanged for coin at the Trea
sury and withdrawn:from use, the notes wi
become scarce and can be forced into cir
0 culation to supply the requirement 0
= business and fill the gap. The coin wi
soon therefore be returned to the Treasur
4 IN payment of custom duties and interna
: revenue taxes and offered in exchange fo
q greenback coin certificates, which will b
more generally acceptable TO the people
G for the same reason that the notes of th
e Bank of France are preferred to coin.
d Postmaster General Key to-day ordere
d the Spring Garden, Ala, post-ofice to th
o discontinued and the mails for that pIac
e be sent to the neighboring post Office 4
q Ladiga, on account of riotous demonstr;
o tions and threats made by portion of th
D, inhabitants against the special agent {
is the department, who has discovered gros
% frauds in the stamp sales of the Viiap
It Postmaster. and procured the latter
arrest upon a warrant from the Unite
70 States Commissioners The agent repor
,e that in the consequences of this action /
a was himself speedily arrested on chars
of libel and bound over for trial De.
April. After night spent in detentiC
r. by the Sheriff he procured bail and is no
D. at liberty. but be informs the departme
ss that friends of the Postmaster decla
v that they will fix the jury when the ca
e. comes to trial, and are exultipg over b
le nrnsnaefipe nnnishment