Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1878-12-11
DEPARTMENT REPORTS.
CONTROLLERS REPORT.

COMPTROLLER , REPOhI.
The belief is very generally entertained
that considerable portion of the circu
lating notes of each national bank will |
ultim ately 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 supposition is cor
rect. Section 1929 of the revised stat
ules 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
vides 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 arts
ing from lost or unredeemed circulating
notes.
IN Il previous 1CpOIb. ISluluS NClC
given for $50 state banks organized un-
der the authority of the legislature of the
state of New York. The maximum
amount of circulation issued to them
was $50, 754, 514, and the amount of unre-
deemed circulation at the date of the re-
port named was 81, 1886, 337, or 1853 per
cent of the highest amount issued. The
maximum amount of circulation issued
10 thirty state banks in the city of New
York, which are still in operation, either
as national or state associations, was
S7163 ,010, while the amount remaining
unredeemed in October, 1875, was $142,-
365, or only 1888 per cent, of the highest
amount issued The amount of circula-
ton issued TO $40 state banks in Wiscon-
sin was 1866, 400, and the amount I'M
redeemed is 1874, 747-the percentage of
unredeemed notes being 17S only, The
maximum issue to go state banks in the
six New England states was $50 ,245, $50,
while the amount remaining unredeemeG
is but $192 767-the proportion of the
latter to the former being s.02 per cent.
The returns from 332 state banks in New
land, show their maximum circulation
to have been S65 664,176, while the
amount unredeemed is $1,7O7,42S, and
the percentage $50. The percentage of
unredeemed notes of 20 state banks in
Ohio, having circulation Of $2,196,3S1,
was 279. The greatest amount Of circu-
lation issued to 707 state banks, in 12
states, was S114671 ,346, the amount out
standing S2,696,2S2, and the proportion
unredeemed "a per cent
It 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 IS national banks which
failed previous to 1870, was 81 ,554, 400,
and the amount outstanding on Novem-
Der 1, 1878, was $13, 44050 the proportion
Of notes remaining unredeemed being
only 0.S6 per cent. of the amount issued.
The total amount issued to % national
banks which failed previous to the year
1873, was So, 196,693; and the amount
outstanding on November 1, 1878, was
$51,014, the proportion Of notes remain
ing unredeemed being but 1.1S per cent.
of the amount issued
Of the circulation of 81 national banks
in voluntary liquidation previous to 1870,
amounting to $685., $40, there remains
yet outstanding 1851, 4S4, or $50 per cent.
only Of the amount issued and OF the cir
culation of rs banks in liquidation prior
to 1872, amounting to $S,64S, $780, there
remains outstanding 1927, 4SS, which is
equal to percentage Of 2.63; and of the
circulation of 80 banks in liquidation
prior to 1878, in amount $10,764OS0,
there remains outstanding $500, O14, or
2.S2 per cent. of the amount issued.
The amount of demand treasury notes
issued from July II, 1861, to December
81, 1858, was $60,000,000, in denomina'
tons of SIS, so and $50; and the amount
remaining outstanding on November 1,
1873, was $62,065, the proportion unre-
deemed being a little more than one-tenth
Of l per cent, S3,627 having been re-
deemed during the last two years.
PUBLIC DEBT AT ITS MANUFACTURERS
CY AND ITS COIN VALUE.
The public debt reached its maximum
on August 81, 1865, when it amounted to
50, 945, 007, 626, composed as follows:
Funded debt ........... S., 1O9 56S, 1872
Natured debit. ......-........ 1, SOB. 020
Temporary loans .......... -. 107. 14S, 713
Certificates of debt .......-....... SIS, 093 600
Five per cent. legal-tender notes. 80, 954, $50
compound interest legal-tender
notes. ....-.--.-.-.-..--. 217, VA. 100
Seven-thirty notes. ..-.......-. $780, coo, 600
United States notes Qegal-tenders) 433, 100, $50
fractional currency. ............ 20, 344, TAP
suspended acquisitions uncaled for 2,l11, 900
VI Inese OollgatlOnS, S6o4,l3o,9 JOY were
a legal tender in the payment Of all debts,
public and private, except custom duties
and interest on the public debt
The amount of legal-tender notes, de-
mand notes, fractional currency and ma
tional bank notes outstanding on August
81, 1865, and annually thereafter, from
January l, 1866 to January 1,1979, and
the amounts outstanding Nov. |, 1878, are
shown by the following table, together
with the currency price Of gold and the
gold price Of currency at each date:
- = - g