The daily gazette., 1879-11-29
Report Of the CsmptrsAlsr Of a
Co4A enCy.

Report Of she CsmDtreAler sf the
CaFA ency.
The report OF the Comptroller Of the
Currency, to be tIansmitted to Congress
by the Secretary Of the Treasury, con.
tsins the following paragraph Of general
interest:
The total numter OF National banks
organized from the establishment Of he
National-banking N system, February 70,
1853, to November OF the present year,
10 243S. OF these 307 have gone ibto
voluntary liquidation by the vote of
shareholders owning two-thirds Of their
respective capitals, and 81 have been
placed In the hands Of receivers for the
purpose Of closing up adairs, leaving
2O50 in operation at the date last
named.
Since my last annual report thirty
eight banks have been organised, with
an aggregate authorised capital Of
So, 500, 900, to which 81 1890, ,44O in circu-
lating notes have been issued. Thirty
eight banks, with an aggregate capital Of
81, ,450, ,00O, have voluntarily discontinued
business within the same period, and
eight banks have failed, having total
capital of $l,030,000. The insolvent
banks include two with . capital Of
100000, which failed after having pre-
viously gone into voluntary liquidation.
The aggregate capital Of the various
classes OF banks has diminished from
$7l9 400, 900 In 1876 TO $3.50, 500, ,OUO in
1879, and the aggregate deposits have
fallen of from $2,U75,3OO,OOO in 1915 to
81 1893 500, 900 in le79-a reduction OF
$62 200, 900 in capital aud $lSl 100000
10 deposits during the last four years.
The national banking capital has di-
minished x45, 100, 900, but the deposits
Of the national banks are almost pro-
cisely the same that they were in 1875.
Savings banks with capital show reduc-
ton of about one million in capital and
the came amount In deposits. The CAPT
tai and deposits of State banks and pri
vate bankers are less by seventeen mil
lions and eighty-three millions, respec-
lively. The greatest reduction, how
ever, 10 In the deposits Of savings bank:
without capital, which have diminished
s97, 10000
RKTUNDIEo THE PUBLIC DEBT.
The great war debt OF the United
States was contrac ed in loss than fou'
and bali " ars. In 1885 the country VA
entirely out of debt, aud on January l.
| 1861, the whole debt of the Union
amounted TO but s66 ,243. .72i. During
| the next six months it in creased 1T the
rate of about four milliors per month
being, on the frat day Of j uly, 1861, $50,
5SO,S73. During the next year II increased
ut the rate Of more than thirty. six mil.
lions per month, and at the close VI the
fiscal year ending July !, 1862. 1t ha'
reached S524, ,176, ,4l2. At the end Of thu
more than twice the amount. being OF
July l, 1868, 81 lis, ,772,l38. During III,
following year IL increased nearly sever
hundred millions, reaching on July LIST
1868, the sum Of 81 .8l5, 784 $40. DurinI
the next nine months, to the close Of tn
war, April !, 1865, the debt Increased a
the rate OF about two millions per day
OF about sixty millions . month, and 70
the five months next thereafter, At tn
rate of about three millions per day, O
about ninety millions q month, rsaoi
ing its maximum on August 81. 1865, q
which date 1t amounted to 81, ,845 .y07
626.
This immense amount Of Lemporar
obligations was funded within the thrt
! years which followed the close of II
, war, and tho skill and good judgmel
: displayed In SO doing can only be full
e appreciated by those who are famili
n with the difficulties and delicate CO
diuons under which this great work "
+ accomplished.
= The temporary loans certificates
indebtedn ess, seven. thirty notes, and
II the other items of the debt, except t
,r legal tender notes and fractional CT
rency, which have been largely reduce
Il have been paid, have Datared q
| n kaa iot. he
n funded into nve-twenty six per cents,
which more than one thousand six hu
5. dred millions 81 Coz, ,oS3, ,350) were
,e sued.
Tue sales of q nited States bonds SIT
1871, under the refundinR acts, ha
I'd been Ave hundred millions Of fives, @
,u hundred and eighty-tive millions Of II
y and halfs, and S7l0, SAG, $50 of four
ut cents in all, more than one thousa
IL three hundred and ninety Ave Million
dollars. There have also been sold
70 resumption purposes, since March
II. 1877, under the authority of the resuu
non act of January II, 1875, twenty-i
millions of fOurs, and sixty-tve M III
re- of four and a half per cents ; the la
10 being at premium Of one and half
"a cent.
,ia I The reduction on the interest bear
re- debt of the United States, from its hi
est point, on A ugust 81, 1868, to Nov,
at Der /, 1879, 10 1888 ,866, ,694, Of wh
nt, amount $l06, 100 700 was accomplis
'es since the refnnding operations were c.
or o menced on May l, 1871.
d. At the highest point the annual in
.ar est on the debt was Sl50, ,977 ,697, whi
by is now s83 ,773 ,778 only. There has tn
'ur fore been total reduction In this cha
ost of s67 ,203, ,919.
,ur The total annual reduction Of inte
ice ice under these refundinR operations Vi
lis. March, 1877, has been S14, ,2y7 ,l77, "
as the saving on this account, growing
'ou Of the operations of the present
nd alone, is nearly nine millions (S8 .8O3,
life. and the total annual saving in all The
ery funding operations OF the 6overnn
aed aoi since1871 is nearly twenty millions {,
the o07 ,6OJ These funding transactions
cad belle, ed to be without parallel in fl
ion oial history.
,m-
was