Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1878-11-29
Report of the Comptroller of the Cur
renoy.

WASHINGTON, Nov. 20.
The Comptroller of Currency, in his annual
report, shows that the total number of banks
and private bankers in the country is 6,456,
with an aggregate capital of S675, 776, 600, and
aggregate deposits of 81 ,919, $4,000. During
the past year twenty eight banks have been
organized with an authorized capital of S2,-
775,000, to which S1,59S, 800 in circulating
notes have been issued. Fifteen banks have
failed within this period, having an aggregate
capital of 81 112,5 800, and forty-one banks,
with a total capital of S5,200,000 vol
UNFAIRLY discontinued business. The total
amount of United States taxes collected from
the commencement of this system to the pres
ent time is as follows: On circulation, $780,
115,Sl7; on deposits, $40, ,329, 256; on capital,
s5,929, 4S0; total, $S6,033, ,554. OF United
States bonds held by National Banks on No
vember 1st, 1865 and deposited with the Treas
urer as security for their circulating notes,
nearly three-fourths bore interest at rate of
6 per cent. The amount of this class of bonds
has since been gradually reduced, until it is
now less than one-fourth of all the bonds
held, while nearly one-fOurth of the whole
amount bears interest at the rate of AZ and
4 per cent. Only about one fifth of the en-
tire issues of the latter classes of bonds is
now held by National Banks.
The Comptroller defends the National bank
ing system at length, argues for its continu-
ance, and says: The funding of six per cent.
bonds into four per cents has made rapid pro-
gress during the last year, and the National
Banks have been of great service to the Gov
ernment in this process Of refunding by nego-
tiating and absorbing a very considerable part
of the new Issues. Should the National sys-
tenn continue, there is no doubt that the pres
ent rapid reduction in the burden of interest
Will continue also. If the National Bank sys-
TEN 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 into four per cents,
while the amount which, it is claimed, may
be annually saved by the repeal of the Ma
| tional Bank act, and issue 1920, 100000 of un-
| convertible Treasury notes is Sl3,000000 only.
With the issue of this large amount of Gov
ernment notes, the funding of the public
debt will be rendered impossible, for the
| pledge of the Government will then be vio-
lated and its credit permanently injured.
In regard to resumption, the Comptroller
! says: Congress has fixed the day for the res
| toration of the specie standard, and the leg
islation needed is that which will not over
| throw but cooperate with the present we'll
managed monetary institutions of the coun-
| try in accomplishing this result. When this
| is done, the present banking system, if then
thought desirable, may be modified without
danger to the creditor or business aud COM
mercial interests of this great nation.
| Then follows a table showing that the
amount Of reserve held on the 1st of October
The Treasury Department owns $40, 100000
coin, which is equal to more than 40 per cent.
of the entire issues of legal-tender notes, and
is available for their redemption, while the
banks hold nearly one-third of the legal-ten-
der notes. If, therefore, the banks of the
country cooperate with the Treasury, it is
impossible that resumption shall fail; but
even if the cooperation should not be
universal, it could not affect the ultimate
| result, for if any considerable portion of legal
tender notes be exchanged for coin at the
| Treasury and withdrawn from use, the notes
will become scarce and can be forced into cir
culation to supply the requirements of busi-
ness and fill the gap. The coin will soon
thereafter be returned to the Treasury in pay
ment of customs duties and internal revenue
| taxes, and offered in exchange for the green
| back and coin certificates, which will be more
| generally acceptable to the people for the
same reason that the notes of the Bank of En-
gland and Bank of France are preferred to
coin.