Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1878-11-27
Annual Report Of the Comptroller
of GuHfANcN.

W xASAAASSuAokNy ANOVs &Vs-tAO SVup'
troller of Currency in his annual re.
port shows the total number OF banks
and private bankers in the country te
be 6,45S, with an aggregate capital oi
1916, 776,0 600, and aggregate deposits
of $l,9l9,9G,OOO. During the pasl
year % banks have been organized
with an authorized capital OF $2,775,.
600, to which 81 ,598, 800 in circulation
notes have been issued; l5 banks
failed within this period, having ar
aggregate capital Of 81, ,7l2, 500, and Al
banks with total capital of %, ,2OO, ,OO(
voluntarily discontinued business
The total amount of United States
taxes collected from the commence.
ment of the system to the present time
is IS follows: On circulation, $50,
1851; on deposits, $40, ,328, ,256; on
capital, IS, ,929,4SO. Total, $S5, 5,O33, ,583
OF the United States bonds held By
national banks ON Novemb Der 1st, 1858
deposited with the Treasurer as secu.
rity for their circulating notes, near
ly three-fourths bore interest at 6 pei
cent. These have been gradually re.
duced until it is now less than one.
fourth of all the bonds held, while
nearly one-fourth of the whole
amount bear interest at the rate OF
~ and 4 per cent.
THE COMPTROLLER DEFENDS THE Ma,
TIoNAL BANKING SYSTEM.
The Comptroller defends the ma.
tional banking system at length, ar.
gues for its continuance and says ma.
tional banks have been of great ser.
vice to the government in the process
of refunding bonds by negotiating
and absorbing a very considerable
part of the new issue. Should thu
national system continue there 10 nt
doubt that the present rapid reduc
tion in the burden of interest viii
continue also. If the national bani
system il to be abolished and an addi
tional amount of United Statel
notes Is to be issued, al
hopo of reducing the rate of interes
on the public debt must be abandon
ed. Twenty-one millions of dollar
yearly will be saved to the Govern
ment by funding 5 and 6 per cents.
while the amounts which it is claim
ed may be annuity savec by the re
peal Of the national bank act and th,
issue of 1920, 600, 900 OF unconvertibl,
treasury notes, is $l3,OO0,O0O only
With the issue of this large smoun
of Government notes, the funding o.
the public debt will be rendered I'm
possible, for the pledge Of the Gov
ar sSt mill knv - - n1
REGARDING RESUMPTION.
In regard to resumption the Comp
troller says: Congress has fixed th,
day for the restoration of . speci,
standard, and the legislation needed
is that which will not overthrow, bu
cooperate with the present well man
aged monetary institutions of The
country in accomplishing this result
When this is done, the present bank
ing system, If II 10 then thought desir
able, may be modified without dan
ger to the creditor or the business anG
commercial interests Of this great M
tion.
If, therefore, the banks of the coun
try cooperate with the treasury, il Il
impossible that resumption shall
fail; but even II the cooperation
should not be universal, it could no
affect the ultimate result, for IL anI
considerable portion Of legal tender
notes can be exchanged for coin .
the treasury, and Withdrawn from
use, the notes will become scarce anl
can be forced into circulation to sup
ply the requirements of business, AND
fill the gap. Tho coin will soon
therefore, be returned to the Treasu
ry in payment of custom duties ant
internal revenue taxes, and offered II
exchange for green back coin certifi
Gates, which will be more general,
acceptable to the people for the sam,
reason that the notes Of the Bank o
England and the Bank Of France ar,
preferred to coin.