Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1878-12-11
DEPARTMENT REPORTS.
Official Figures and Recommendations
from the Cabinet and other Federal
Officers.
COMITROLLER's REPORT,


The belief is very generally entertained
that considerable portion of the circu.
lating notes Of each national bank will
ultimately be lost or destroyed, and will
therefore never be presented for redemp-
ton. 1t is also frequently stated that the
loss of such notes inures to the benefit of
the banks Neither supposilion is cor
rect. Section 1929 Of the revised stat
utcs requires that all national banks
which go into voluntary liquidation shall,
within six months thereafter, deposit in
the treasury an amount OF lawful money
equal to the amount of their circulating
notes outstanding. The law also pro-
vidcs that full provision shall be made
for the redemption Of the circulating
notes of all insolvent banks, before divi,
dends shall be made to the creditors of
such associations. Thus it will be seen
that no national bank can close up its
business without first providing for the
payment of all its circulating notes and
that the amount deposited must remain in
the treasury until the last note outstand.
ing shalt have been presented. 1t is
plain, therefore, that the government, and
not the bank, receives all the benefit aris-
ing from lost or unredeemed circulating
notes.
In a previous report returns were
given for 2S6 state banks organized I'M
der the authority Of the legislature of the
state of New York. The maximum
amount of circulation issued to them
was $50, 754,51 and the amount of unrc
deemed circulation at the date of the re-
port named was $1,336,337, or 1853 per
cent of the highest amount issued. The
maximum amount Of circulation issued
TO thirty state banks in the city of New
York, which are still in operation, either
as national or state associations, was
f7,763, 01O, while the amount remaining
unredeemed in October, 1915, was $l42,-
365, or only 1.S3 per cent, Of the highest
amount issued The amount of circula-
ton issued 10 240 state banks in Wiscon-
sin was 1885,, 400, and the amount un.
redeemed is $l34,747-the percentage OF
unredeemed notes being l.7S only, The
maximum issue to 210 state banks in the
six New England states was $39, 245, $50
while the amount remaining unredet ed
is but S192, 161-the proportion of the
latter to the former being 2.03 per cent
The returns from 1872 state banks in New
York, New Jersey, Delaware and Mary
land, show their maximum circulation
to have been sos 664,l while the
amount unredeemed is Sl,7O7, 42S, and
the percentage 260. The percentage OF
unredeemed notes of % state banks in
Ohio, having circulation of S2,196,3S1
was 80. The greatest amount of circu
lation issued to 707 state banks, in Il
states, was Sll4,61l ,346, the amount out
standing S2,696,2S2, and the proportion
unredeemed "a per cent.
1t is probable that, under the more
complete national system of redemption
the proportion Of national bank notes re
deemed will be much greater than that OF
the state bank notes under the old sys
tens. The highest amount of CirCula
ton issued to Il national banks which
failed previous to 1870, was 1864, 400
and the amount outstanding on Novem
Der 1, 1878, was Sl3, 440.50, the proportion
of notes remaining unredeemed heinl
only O.S6 per cent. of the amount issued
The total amount issued to % nationa
banks which failed previous to the yeal
1878, was S3,l96,693; and the amoun
outstanding on November /, 1878, wa.
S5,074, the proportion of notes remain
ing unredeemed being but lis per cent
of tie amount issued
or the circulation of 81 national bank:
in voluntary liquidation previous to 1870
amounting to S5,S32 $40, there remains
yet outstanding $l5l ,4S4, or $50 per cent
only of the amount issued and of the cir
Gulation of IS banks in liquidation prio
10 1872, amounting to $S,64S,9S0, there
remains outstanding S227, 4SS, which il
equal to percentage of 2.63; and of thu
circulation of 50 banks in liquidation
prfir to 1873, in amount Sl0,764,0S0
there remains outstanding S303,014, OF
2.S2 per cent of the amount issued.
The amount'of demand treasury note.
issued from July Il, 1861, to Decembe
81, 1868, was &bo,O0O.VOO, in dcnomina
tions of 81 $40 aud so: and the nm oun