The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-11-21
WASHINGTON.


istered stock, whether held abroad or IN
the United States, OF the 5per cent funded
= loan OF 81, ~ per cent funded loan ot VI
and 4 per cent cOnsuls OF 1907. II the
bonds forwarded for transfer are not re-
ceived prior to the date for closing the
transfer books, interest checks will be
drawn in favor OF the party in whose name
the bonds stood at the closing, and the as
signee must look TO the assignor for the ac-
crued interest for that quarter.
ANNUAL REPORT OF THE COMPTROLLER oPTHE
CURRENCY.
The Comptroller OF the Currency, in his
annual report, shows: Total number OF
banks and private bankers in the country,
G,45G, with an aggregate capital Of $685.
776, 900, and aggregate deposits OF $780,
054, 700. During the past year 2S banks
have been organized, with an, authorized
capital OF s, ,775, 900, to which 81, Dos. 800 in
circulating notes have been issued. Fifteen
banks failed within this period, having an
aggregate capital Of S2,7l2, 500, and Al
banks, with an aggregate capitalof s. 200.
600, voluntarily discontinued business.
The total amount Of United States taxes
collected from the commencement OF the
system to the present time il us follows:
On circulation S39,775,Sl7; on deposits,
SIC, ,!39oS, ,25G; on capital, S5,920, ,4S0; total,
$50 ,O3S,554. OF the United States bonds
held by the National banks on November
II. lS8SIand deposited with the Treasurer,
as surity for their circulating notes, nearly
three.qarters bear interest at the rate OF 0
per cent. The amount Of this class OF bonds
has since been gradually reduced until it
n now less than one.iourth OF all the
bonds held, while nearly one-fourth OF the
whole amount bears interest at the rate oil
A and 4 per cent. Only a bout one.tiith oi
the entire isuues OF the latter classes OF
bonds is now held by the National banks.
The Comptroller defends the National
Banking System at length, argues for its
continuance and says: The funding OF
@ per cent bonds into ! per cents,
has made q rapid progress during
the last year or SO, and National
banks have. been Of great service to the
government in this process OF refunding
BY negotiating and absorbing very con:
siderable part OF the new issue. Should
the national system continue there Is no
doubt that the present rapid reduction in
the burden OF interest will continue also.
II the national bank system Is to be abol-
ished and an additional amount OF United
States notes is to be Issued, all hope Of re.
dncing the rate OF interest: on the public
debt must be abandoned. Twenty.one
million dollars may be saved to the gov
ernment yearly by funding five and six
per cent bonds into four per cents. While
the amount, which it is claimed, may be
annually saved by the repeal OF the ma
tional bank net and the issue Of three hun
dred and twenty million OF unconyertible
treasury notes is thirteen millions,
only. With the issue OF this large
amount OF government notes the
funding Of the public debt will be rem
dered Impossible, for the pledge OF the
Government will then be violated and It's
credit permanently injured. Which is
the wiser course, to continue the work OF
funding the debt which has so successful.
" progressed during the present year,
thus saving thegreater amount OF interest
named, while adding TO the credit OF the
country, or to attempt by the repeal oil the
National Bank act to save the less amount
and at loss as well OF reputation and
credit? Is there not danger that attempts
to remove nm imaginary evil, may be fol.
lowed by the Introduction OF q real and
much greater evil? Success in funding
the national debt through the co.opera-
ton OF 1000 OF the principal monetary in.
stitutions OF the country may be assured,
but the effect OF the issue OF large
amount OF irredeemable government cur
rency cannot be foretold. isnot probable
that additional legal tender notes can
be constitutionally issued. II, therefore,
Treasury notes shall be substituted for the
present national bank notes, 1t is doubt
iul II they can be made legal tender in
payment OF debts. Two kind OF Treasury
notes will be in circulation, one OF which
will be full legal tender, and the other
not even between national banksas is now
the case with their own notes. The full
legal tender notes will be OF greater value
than the other class unless both are alike
redeemable in gold at commercial centres.
tits believed by the Comptroller that
this proposed substitution Is impracticable,
and that the repeal OF the National Bank
act will result, not in an additional issue
of Treasury Notes, but in the restoration
of the State systems, similar to those which
were previously in operation. In regard TO
resumption, the Comptroller says: Con
gress has fixed the day for the restoration
OF the specie standard, and the legislation
needed is thatwhich will not overthrow, but
cooperate with hepresent well managed
monetary institutions OF the country In ac-
complishing this result. When this is
done the present banking system, II then
thought desirable, may be modified with
out danger to creditors or business and the
commercial interests OF thisgreat nation."
Then follows table, showing that the
amount OF reserve held on the 1st OF Oct.
last was greater than that required by law.
The Treasury Department owns Sl4O, ,0OO,-
900 in coin, which is equal TO more than
40 per cent OF the entire issues OF legal
tender notes and is available for their re-
demption, while the banks hold nearly
one.third OF the legal tender notes. il,
therefore. the banks OF the country co.
operate with the Treasury. 1t Is impossible
that resumption shall fail, but even II the
cooperation should not be universal, i
could not affect the ultimate result, for II
any considerable portion OF the legal ten
der notes he exchanged for coin from the
Treasury and withdrawn from usee,' the
notes will become scarce and can be forced
into circulation to supply the requirements
OF business and Gil thegap. The coin will
soon he returned TO the Treasury In pay
mcnt OF customs duties and internal reye-
nuc taxes, and offered In exchange for
grecnbacks and coin certificates, which
will be more generally acceptable to the
people for the same reason that notes Of
the Bank OF England and the Bank OF
France are preferred to coin.
HIdIr HANDED OUTRAGE AGAINST PosTOFFicE
-''-ls'' OFFICIALS.
Postmaster General Key to-day ordered
the Spring Garden lAla.) postotfice to be
discontinued, and the mails for that place
be sent to the neighboring postottice, at
Ladiga,, on account OF riotous. demonstra.
tions and threats made by portion oi
, the inhabitants against the special agent oi
tho Department, who has discovered
gross frauds in the stamp sales Of the
Village Postmaster and procured the lat
tiers arrest upon warrant from the U. s.
I. Al