South Branch intelligencer. [volume] (Romney, Va. [W. Va.]) 1830-1896, 1879-11-28
Report ofthe Comptroller OF the
Currency.

AslINOToN, Nov. 24.-Mr. John
Jay KNOX, comptroller of the currency,
completed to-day his snnaal report. the
seventeenth since the Office was created.
In that period there have. been 2,43S
national banks organized in all, of
which 307 have hecn voluntarily liuui-
dated and 81 pu. into the bands OF re.
/ ceivcrs, leaving 1850 in actual opera
ton on Nov. !, 1879. Since tho last
report 80 banks have been organized.
with capital OF $685., 900, TO which So
$50, currency has been issued In
tue same time 80 banks have
heen discontinued, capital S445O,0OO
and have failed, capital UrSl ,030, 900.
BY table No. it wilt he seen that the
number OF banks OF all kinds has fallen
from G.6ll in 1876 10 $3.50 in 1879,
the capital having fallen from S7l9,-
100000 in the former year to $685.
100000 in 1879. the deposits decreas-
ing in the same peroi from 5000
100000 TO 1888. 100000. .,
The war debt of the intel States
was contracted in less than four and a.
hal: years. January l, 1861. the total
debt was set, 243.72l Aueust3l. 1865,
1t was S2,S45.907.626 Then began
the systematic reduction of principal
and interest, tie interest bearing debt
on November l, 1879. having heen di-
minished S5S3,8s6, 594, and the annual
interest charge having been reduced
from Sl5O,o77,697 TO ,$S3.773,778, a
total reduction in interest per annum
OF SCI 203.9l9. The reduction ofinttr.
est since Match. 1877, has been STA.
4
these vast and successful funding op-
erations with the parallel operations
| of Great Britain and France, and shows
! how superior our iinancering has been
TO theirs. He says that cit is certain
that il tie national banking system had
not existed, and United States notes
had been issued in place OF bank notes.
the rcfunding operations here dcscr,b.
ed and the consequent large reduction
of interes: upon the public debt wou ld
not have been possible.
The comptroller further states thst
1.-The government has still outstanding
S273,GSl, $50 in six per cents, and more
than 800, 600, 900 in Eve per cents. all
OF which Will ma' ure III 1881. The re-
funding Of these bonds into four per
cents Will save $lO,i73, 0OO i'm interes,
annually. Tho credit OF the government
Is NOW such that it is not improbable
that long before ITS maturity the pres
ent debt may be refunded into three and
a-half per cent. bonds, which is one half
per cent. more than the rate of tie En-
glish consols, thus saving TO government
large additional amount Of interest
The comptroller gives succinct and
intelligent history Of resumption and tic
canscs which promoted il.
The circulation Oh November 1879
is estimated to have been "a follows ::
Treasury notes outstanding, $3i6, 6S -
OILS; national bank notes outstanding.
1887. Sl,ilS; gold in the treasury, loss
certificates bel hy The hanks, ?lj7 500. e
l93; silver in The treasury, $50, 078. G2C ::
coin in the banks. October J Si2,l75,-
al; estimated amount of coin hold by
the people, $2}l,478.5ij4-iotal, $l,1G5.-
553,50t, Tie comptroic, thinks that
the volume OF business now calls for
more currency than Mt any Other period
~ our history since suspension. He
urges the national banks 20 take atvant.
age OF the present intldV Of gold TO con.
vert all their reserves into coin