The Northern Pacific farmer. [volume] (Wadena, Minn.) 1878-1885, 1879-12-18

specie payments and in the funding of the public
debt. In both Of these important financial opera
lions the cooperation OF the national banks has
been OF essential seryice,to the government. Tho
banks, In the aggregate, have constantly kept on
hand as reserves nearly one-third of the entire
amount OF legal-tender nOtcs outstanding which,
together with the coin, is much in excess of the
amount of the reserves required by law. They
have constantly held security for their circulat
ing notes and for government deposits and Other
purposes moro than onetifth Of the intcrestbear-
ing debt of the Unitad States. They have main.
tanned their legal reserves IN the treasury for tho
redemption has been made, without failure or de-
Jay, at their expense. In this mode exchanges
have been made between all parts Of the country
business depression prevalent from 1873 until the
resumption of specie payments upon the national
BANKS is shoWn in the Losses Which they have
been compelled to pass; also by the noticeable
diminution from year tc year. The aggregate
capital and deposits Of banks other than nationa!
is also given, and such other information in REF
crcnce to those banks as could be obtained from
the officers who have charge Of the execution 0:
large tcxes bal by national banks to the nat,onai
state, and municipal authorities have been great
a'd IN relieving other property from the burden of
interest at per cent. on their entire circulation
Tins the large amount Of non-taxable United
States bonds held by them became taxable, and
these taxes in effect paid for the franchise
they enjoy of issuing circulating notes. The cost
ofliquidating the affairs of national banks VIII Oh
have been placed In the hands Of receivers since
the establishment of the system is, for the first
the impression which has to some extent prevail.
ed, that too great portion Of the assets of such
t banks has been expended IN the settlement Of
loss to depositors, and also other creditors,
through the insolvency of national banks, and
these losses are compared with similar losses in
Cured by the criditors Of insolvent banks other
than national, and the comparison is exceedingly
favorable to the national system. Fhe circulation
OF the banks, which, since the passage Of the &C,
OF JAM "a, 1875, has largely decreased, is now IN
creas'ng in its aggregate amount showing thai
the system responds promptly to the varying re
quirements of business. The advantages of this
are that their circulating notes ate secured be-
yond peradvcnture of loss, they arc of IN vcrsaI
credit In the country wherever issued; they are
more perfectly protected from countcrfe ting:
they equal exchanges between distant parts Of III.
country they are promptly redeemed on demand
at one common place; the banks are subject 10 II
strict and v,gilant surveillance by independcn Of
fcers OF the government; their cond ton Is trc-
quently made known to the public, and they con-
tribute very large percentage Of thei1fproats in
tbs way OF taxes. A system Of banking that,
periods of great imitation and great depression,
has produced such results, may fairly appeal for
the confidence and support OF congress.
RICE.
The total Importation Of rice during the last fis-
col year amounted to Il, 824,9 25 pounds. OF this
quantity 59,43e, So pounds were imported into
San Francisco, and about 5,5v7, COO came from
China large part of which was undoubtedly con.
sumed by the Chinese on the Pacific coast who
have no intention Of becoming such. The article
will bear higher rate Of duty than now imposed
by law, without materially enhancing the cost OF
living to the general consumer.
INTERNAL REVENUE. ssa,a
The receipts from the several souIessof taxation
under the internal revenue laws fosthe fsealgeag
ending June 30, 1879, were as folloyEs:Ss. U
from spirits ................ 1AxS4 60
From ed ionors. "a; - -
From banks and bankcrs... 800. !s4a81DAe83 s.
From penalties, etc. ..... ....... a. 27N.697 81
From adhesive stamps. .:..... ..:. & 6,N63S4 OF
From arrears OF taxes under repeal &@s 1s@ssA
Gu 1a"s... - ~
Total. s11s,Ms, 466 81
EXPORTS AND IMPORTS.
The exports and imports of the United States
during the last fiscal year are as follows:
Exports domestic merchandise.s..$ 6es, 34o, 700
Exports on foreign merchandise. Il, $685. 51
Total s71o. 4as, Al
Imports ofmerchandise .:.....&445, 7'7,'75
Excess of exports over imports. " $685., cs1, $50
Compared with the previous year, the imports
are greater by 49, and the exports BY 49,
imports over exports for The ten years ending
June 80, 1873, is $1O4s706 1922, but during the last
four years there has been en- excess Of exports
over imports, as follows:
In 1S56. 1851, 4s1
IN 4Sll. 15l, l52,oJ4
In 1878 Observation-Disclosures. 257,S1 4,234
In 1879. NEUTRALITY-SUSPICIOUS.. 2G4, 661 1913
The total gold value of exports OF domestic
merchandise from the United States has increas-
ed from $275 697 in 1859 to $69e 34O 79o in 1S9
an increase Of 154 per cent. With one or two IN
important exceptions, the United States stands
alone among the commercial nations in having an
excess Of exports over imports Of merchandise